Great Lakes Dredge & Dock Corp (GLDD)

[jaxstraw]

Morgan Joseph Reiterates a 'Buy' on Great Lakes Dredge & Dock Corporation (GLDD)

February 22, 2010 8:18 AM EST

Morgan Joseph reiterates a 'Buy' on Great Lakes Dredge & Dock Corporation (Nasdaq: GLDD), price target $8.

Morgan analyst says, "We expect 4Q09 EPS of $0.10 vs. $0.03 last year and the Street consensus of $0.08. On the call, we will be looking for updates on: how Great Lakes is holding on to market share, particularly from the Army Corps of Engineers (ACE); whether the Middle East and other international geographies have stabilized; and any further developments with the Harbor Maintenance Trust Fund...We are looking for total revenues to be down 5.2% Y/Y to $154.6mm as strength in the domestic dredging market is offset by the winding down of Foreign Capital work in the Middle East...We anticipate the operating margin to be 7.3%, up 260 basis points Y/Y, reflecting higher utilization, positive mix, and the expectation that no major dry dockings of vessels impacted the quarter."