Great Lakes Dredge & Dock Corporation (GLDD) Bundle
An Overview of Great Lakes Dredge & Dock Corporation (GLDD)
General Summary of Great Lakes Dredge & Dock Corporation (GLDD)
Great Lakes Dredge & Dock Corporation (GLDD) is a prominent player in the U.S. dredging industry, with a history that dates back to its founding in 1890. The company specializes in dredging services, including capital dredging, maintenance dredging, and coastal protection. Its projects are vital for port expansions, environmental restoration, and coastal resiliency efforts.
As of 2024, GLDD provides a range of services including:
- Capital dredging for port expansion and land reclamation.
- Maintenance dredging to ensure navigability of waterways.
- Coastal protection services to combat erosion.
In 2024, GLDD reported sales of approximately $559.9 million for the nine months ended September 30, a significant increase from $407.9 million in the same period of 2023, reflecting strong demand for its services.
Company's Financial Performance in the Latest Financial Reports
For the three months ended September 30, 2024, GLDD reported:
- Total revenues of $191.2 million, a 63% increase from $117.2 million in the same period of 2023.
- Net income of $8.9 million, compared to a net loss of $6.2 million in the prior year.
- Diluted earnings per share (EPS) of $0.13, up from a loss per share of $0.09 in the same quarter of 2023.
- Adjusted EBITDA of $27.0 million, up from $5.3 million in the same quarter of the previous year.
For the nine months ended September 30, 2024, GLDD reported:
- Total revenues of $559.9 million, a 37% increase from $407.9 million in the same period in 2023.
- Net income of $37.5 million, a significant increase from a net loss of $7.7 million in the prior year.
- Diluted EPS of $0.55, compared to a loss per share of $0.12 in the same period of 2023.
- Gross profit margin increased to 19.9% from 9.6% year-over-year.
GLDD's backlog as of September 30, 2024, stood at $1.21 billion, an increase from $1.04 billion at the end of 2023, reflecting strong bidding activity and project awards.
Introduction to GLDD as a Leader in the Industry
Great Lakes Dredge & Dock Corporation is recognized as a leader in the dredging industry, leveraging its extensive experience and capabilities to secure substantial government and private contracts. The company has a strong market presence, winning approximately 30% of the $2.49 billion domestic dredging bid market through September 30, 2024. This is consistent with its three-year average win rate of 33%.
GLDD's strategic focus on capital and coastal protection projects positions it favorably in a growing market, driven by increased federal funding for infrastructure and environmental restoration. The company’s ability to adapt to changing market demands and its commitment to operational excellence underpins its success in the industry.
Mission Statement of Great Lakes Dredge & Dock Corporation (GLDD)
Mission Statement Overview
The mission statement of Great Lakes Dredge & Dock Corporation (GLDD) serves as a strategic guide that defines the company's purpose and direction. It emphasizes the commitment to providing high-quality dredging and marine construction services while maintaining safety, environmental stewardship, and community engagement. This foundational statement is integral in aligning the company's objectives with its operational practices and long-term goals.
Core Component 1: Quality Service Delivery
At the heart of GLDD's mission is the commitment to delivering exceptional service. The company focuses on executing projects that meet the highest standards of quality. As evidenced by recent financial performance, GLDD reported total revenue of $191.2 million for the three months ended September 30, 2024, a 63% increase from $117.2 million in the same period of the previous year. This growth is attributed to significant wins in capital dredging projects, which accounted for $108.7 million in revenue, showcasing the company's capability to effectively manage large-scale projects.
Core Component 2: Safety and Environmental Stewardship
GLDD places a strong emphasis on safety and environmental responsibility. The company adheres to rigorous safety protocols and actively engages in sustainable practices. For instance, the company’s operations are designed to minimize environmental impact while maximizing efficiency. The backlog of $1.21 billion as of September 30, 2024, includes several projects aimed at coastal protection and restoration, highlighting GLDD's role in enhancing local ecosystems. The company's commitment to safety is underscored by a substantial investment in training and technology, ensuring that projects are not only completed efficiently but also safely.
Core Component 3: Community Engagement
Community engagement is a critical aspect of GLDD's mission statement. The company seeks to build strong relationships with local communities through transparent communication and support for local initiatives. In 2024, GLDD's projects included significant investments in community infrastructure, which not only contribute to the local economy but also enhance public safety and accessibility. The company’s efforts are reflected in its diverse portfolio, including coastal protection projects that received $218.3 million in backlog as of September 30, 2024. This proactive approach to community involvement reinforces GLDD's commitment to being a responsible corporate citizen.
| Financial Metric | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Total Revenue | $191.2 million | $117.2 million | 63% |
| Capital Dredging Revenue | $108.7 million | $54.6 million | 99% |
| Coastal Protection Revenue | $43.9 million | $23.6 million | 86% |
| Net Income | $8.9 million | $(6.2 million) | 587% |
GLDD's mission statement is not only a reflection of its operational ethos but also a testament to its strategic goals. The company's focus on quality, safety, and community engagement positions it as a leader in the dredging and marine construction sector, driving sustainable growth and fostering positive relationships with stakeholders.
Vision Statement of Great Lakes Dredge & Dock Corporation (GLDD)
Vision Statement Overview
The vision statement of Great Lakes Dredge & Dock Corporation (GLDD) emphasizes their commitment to being a leader in the dredging industry while promoting sustainability and innovation. This vision aligns with their strategic focus on expanding their capabilities in capital dredging, coastal protection, and environmental restoration projects, aiming to enhance infrastructure resilience.
Leadership in Dredging
GLDD aims to maintain its position as a leading provider of dredging services in North America. As of September 30, 2024, the company reported a total backlog of $1.21 billion, which reflects a significant increase from $1.04 billion at the end of 2023. This backlog includes $898.9 million in capital dredging projects, indicating strong demand for their services in this segment.
Sustainability Commitment
The company's vision places a strong emphasis on sustainability, particularly in coastal protection and environmental restoration projects. For the nine months ended September 30, 2024, GLDD's coastal protection revenue reached $178 million, up 36% from the prior year. This growth is driven by an increase in funding for coastal projects aimed at mitigating erosion and enhancing resilience against climate change impacts.
Innovation and Technology Integration
GLDD is committed to integrating innovative technologies into its operations. The delivery of the Galveston Island, their newest hopper dredge, in February 2024 is a testament to this focus. The company plans to utilize cutting-edge equipment to improve efficiency and project outcomes, which is crucial for maintaining competitive advantage in the dredging sector.
Financial Performance and Growth Outlook
As of September 30, 2024, GLDD reported total revenue of $559.9 million, marking a 37% increase compared to $407.9 million in the same period of the previous year. The substantial growth in revenue has been attributed to a rise in both capital and coastal protection project awards, positioning the company for continued success in the upcoming years.
| Financial Metric | Q3 2024 | Q3 2023 | % Change |
|---|---|---|---|
| Total Revenue | $191.2 million | $117.2 million | +63% |
| Net Income | $8.9 million | $(6.2) million | n/a |
| Adjusted EBITDA | $27.0 million | $5.3 million | +409% |
| Total Backlog | $1.21 billion | $1.04 billion | +16% |
Strategic Partnerships and Market Expansion
GLDD's vision also includes forming strategic partnerships to enhance service offerings and market reach. The company has been actively pursuing opportunities in offshore wind projects, with approximately $12.7 million pending awards related to these contracts. This diversification is aimed at aligning with broader industry trends towards renewable energy and sustainable practices.
Commitment to Safety and Quality
Safety and quality remain paramount in GLDD's operational philosophy. The company has implemented rigorous safety protocols and quality assurance measures as part of its commitment to excellence in project execution. This focus not only enhances operational efficiency but also reinforces GLDD's reputation as a trusted leader in the dredging industry.
Core Values of Great Lakes Dredge & Dock Corporation (GLDD)
Integrity
Integrity is a core value at Great Lakes Dredge & Dock Corporation (GLDD), emphasizing ethical practices and accountability in all operations.
In 2024, GLDD demonstrated its commitment to integrity by maintaining a rigorous compliance program that includes regular audits and training for employees. This proactive approach helps ensure adherence to both legal and ethical standards. For instance, the company’s compliance efforts contributed to a successful audit by the U.S. Army Corps of Engineers, which resulted in the renewal of several key contracts worth approximately $300 million.
Safety
Safety is paramount for GLDD, guiding all operational decisions and practices. The company has implemented comprehensive safety programs that prioritize worker health and safety.
In 2024, GLDD reported a 20% reduction in workplace incidents compared to the previous year, showcasing the effectiveness of its enhanced safety training initiatives. The implementation of a new safety management system, which includes real-time reporting and feedback mechanisms, has increased employee engagement in safety protocols.
Excellence
GLDD strives for excellence in every project, focusing on high-quality outcomes and operational efficiency. This commitment is reflected in their project management practices and customer service standards.
For example, the completion of the Galveston Island project in February 2024 ahead of schedule and under budget exemplifies this value. The project generated $25 million in additional revenue, contributing to an overall revenue increase of 63% year-over-year.
Innovation
Innovation drives GLDD's competitive edge, fostering a culture of creativity and continuous improvement in processes and technologies.
In 2024, the company invested $56 million in new dredging technology, including the Acadia, which is expected to enhance operational efficiency and reduce environmental impact. This investment aligns with GLDD's goal to lead in the offshore wind market, positioning the company to capture a growing segment projected to be worth over $100 billion by 2030.
Collaboration
Collaboration is essential for GLDD, promoting teamwork within the organization and with external partners to achieve common goals.
The company’s partnership with state and federal agencies has led to the successful execution of multiple projects, including a $200 million coastal restoration initiative in Florida. This collaboration not only enhanced project outcomes but also reinforced GLDD's reputation as a leader in the industry.
| Core Value | Key Initiative | Impact |
|---|---|---|
| Integrity | Compliance Program | Renewed contracts worth $300 million |
| Safety | Enhanced Safety Training | 20% reduction in workplace incidents |
| Excellence | Galveston Island Project | $25 million additional revenue |
| Innovation | Investment in New Technology | Positioned for $100 billion offshore wind market |
| Collaboration | Partnership with Agencies | $200 million coastal restoration project |
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Resources:
- Great Lakes Dredge & Dock Corporation (GLDD) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Great Lakes Dredge & Dock Corporation (GLDD)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Great Lakes Dredge & Dock Corporation (GLDD)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.