![]() Notwithstanding, the stock has rallied in the quarter reflecting the progress to start 2023.” There remain concerns that the government is not yet “back to normal” in its ability to…function and award these contracts. government for these projects in 2023, and our investment was predicated on a return of the aforementioned “bid market.” Domestic dredging has seen a $600m bid market for the first 4 months of the year, which is both 3x what it was for the comparable period last year and 160% of the comparable 5-year average. Great Lakes ultimately operates downstream from a record $2.3 billion fund budgeted by the U.S. These big projects did not go away but were delayed. Ultimately, these are projects that have to get done both for national security and economic purposes – ports have to be a certain depth for shippers and other vessels to enter. GLDD’s margins in 2022 got crushed, as did the stock price. When your dredgers aren’t at work because you didn’t get your bid, you send them to the shipyard for maintenance, causing a “double-whammy” of less revenue and higher costs. government, the “bid market” of projects for which GLDD competes evaporated in the first half of 2022 due to some combination of an extra-long Continuing Resolution, overly complicated budget authorization and allocation processes, and frankly, work-from-home inefficiencies. Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) has a market capitalization of $545.946 million.Ĭove Street Capital made the following comment about Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) in its second quarter 2023 investor letter:Īt the end of 2022, we initiated a position in Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) in the midst of a significant decline in the company’s results. ![]() One-month return of Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) was 8.32%, and its shares lost 30.09% of their value over the last 52 weeks. On July 11, 2023, Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) stock closed at $8.20 per share. Headquartered in Houston, Texas, Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) is a dredging services provider. Cove Street Capital highlighted stocks like Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) in the second quarter 2023 investor letter.
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