Great Lakes Dredge & Dock Corporation Upgraded to B- Rating
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Great Lakes Dredge & Dock Corporation Receives S&P Upgrade
Great Lakes Dredge & Dock Corporation ("Great Lakes" or the “Company”) (NASDAQ: GLDD), the largest provider of dredging services in the United States, has announced a significant upgrade to its issuer credit rating by S&P Global Ratings. The rating has been increased to “B-” from “CCC+,” indicating a positive shift in the Company's financial standing.
Factors Influencing the Upgrade
The upgrade by S&P is attributed to several key factors, including the Company’s improved revenue and profitability reported during the first half of the year. S&P highlighted the strength of Great Lakes' backlog and recent project awards, which contribute to the expectation of enhanced cash flows through the coming years. This stable rating reflects confidence in the Company’s ability to continue expanding revenue while improving profitability throughout the upcoming periods.
Leadership Comments on the Upgrade
Scott Kornblau, Senior Vice President and CFO of Great Lakes, expressed satisfaction with the credit rating upgrade. He noted, “This upgrade not only validates our efforts but also positions us for future growth and success.” His remarks emphasize the Company's focus on enhancing its balance sheet, cash flows, and overall operational performance.
Company Overview and Mission
Great Lakes Dredge & Dock Corporation stands out as the largest provider of dredging services in the United States. In its mission, the Company is actively expanding its core business into the emerging offshore wind energy industry. With over 134 years of history, Great Lakes has an impressive track record, having never failed to complete a marine project. The Company is equipped with the largest and most diverse fleet in the U.S. dredging industry, featuring around 200 specialized vessels.
Focus on Employee Safety and Training
Great Lakes commits to a disciplined training program for its engineers, ensuring that their performance is rooted in experience as they navigate through various Company operations. The Company prioritizes safety through its Incident-and Injury-Free® (IIF®) safety management program, which is integrated across all facets of its culture. This initiative promotes a work environment where employee safety is paramount.
Conclusion
The recent credit rating upgrade from S&P Global Ratings serves as a strong endorsement of Great Lakes' operational improvements and strategic direction. With a focused approach to expanding into new business areas and maintaining high safety standards, the Company is well-positioned to foster growth and enhance profitability going forward.
Frequently Asked Questions
What recent change occurred regarding Great Lakes Dredge & Dock Corporation?
The Company received an upgrade to its issuer credit rating from S&P Global Ratings, moving from “CCC+” to “B-.”
Who is the CFO of Great Lakes Dredge & Dock Corporation?
Scott Kornblau serves as the Senior Vice President and CFO of Great Lakes Dredge & Dock Corporation.
How does the upgrade impact the Company?
The upgrade reflects improved revenue and profitability and positions the Company for future growth and success.
What is the focus of Great Lakes in the energy sector?
Great Lakes is focusing on expanding its core business into the offshore wind energy industry.
What is the size of Great Lakes' operational fleet?
The Company operates the largest and most diverse fleet in the U.S. dredging industry, comprised of approximately 200 specialized vessels.
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