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Great Lakes (GLDD) Joins Project Vesta for Carbon Removal Process
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In an effort to address coastal erosion and climate change impacts, Great Lakes Dredge & Dock Corporation (GLDD - Free Report) has teamed up with Project Vesta.
Project Vesta is a clean technology startup that is inventing ways to use sand to remove excess carbon dioxide from the atmosphere. It uses a natural rock, turned into carbon-removing sand, to accelerate the earth’s natural carbon removal process. Per the National Academy of Sciences’ report, this new sustainability approach has the potential of removing billions of tons of carbon dioxide from the atmosphere and reducing ocean acidification.
Great Lakes is the first member of the global dredging industry to join Project Vesta’s initiative that is recognized by universities and major scientific institutions, and has been highlighted in some famous newspapers as well as magazines.
Great Lakes’ senior vice president, Bill Hanson, said, “This partnership will help make Great Lakes a more effective participant in the effort to address coastal erosion and climate change impacts. We are proud to raise the bar on climate-change fighting technologies, and invite others in the coastal resilience industry to join this important cause.”
U.S. Dredging Operation Bodes Well
Great Lakes, which shares space with Dycom Industries, Inc. (DY - Free Report) in the Zacks Building Products - Heavy Construction industry, is the largest provider of dredging services in the United States. The company mainly banks on strong domestic dredging operations, high equipment utilization, solid project execution and savings from restructuring.
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Shares of this Zacks Rank #5 (Strong Sell) company have significantly outperformed the industry in the past three months. Its shares have gained 4.6% against the industry’s 9.3% fall in the said period.
Recently, it received multiple major dredging contracts for $261.3 million. Again in May, it was awarded several major dredging works in Alabama, Louisiana, Florida, Arkansas, Kentucky, Mississippi, Missouri and Tennessee. These contracts — which incorporate deepening, coastal protection and maintenance dredging work — are valued at $112.8 million.
We believe the company’s strong bidding ability, and project execution will boost its performance in 2021 and beyond. The Zacks Consensus Estimate for third-quarter 2021 earnings is currently pegged at 29 cents, indicating a 52.6% year-over-year improvement.
Some better-ranked stocks in the same industry include Granite Construction Incorporated (GVA - Free Report) and Sterling Construction Company, Inc. (STRL - Free Report) , each carrying a Zacks Rank #2 (Buy). Granite Construction and Sterling are expected to generate earnings growth of 40% and 30.3% for the current year, respectively.
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Great Lakes (GLDD) Joins Project Vesta for Carbon Removal Process
In an effort to address coastal erosion and climate change impacts, Great Lakes Dredge & Dock Corporation (GLDD - Free Report) has teamed up with Project Vesta.
Project Vesta is a clean technology startup that is inventing ways to use sand to remove excess carbon dioxide from the atmosphere. It uses a natural rock, turned into carbon-removing sand, to accelerate the earth’s natural carbon removal process. Per the National Academy of Sciences’ report, this new sustainability approach has the potential of removing billions of tons of carbon dioxide from the atmosphere and reducing ocean acidification.
Great Lakes is the first member of the global dredging industry to join Project Vesta’s initiative that is recognized by universities and major scientific institutions, and has been highlighted in some famous newspapers as well as magazines.
Great Lakes’ senior vice president, Bill Hanson, said, “This partnership will help make Great Lakes a more effective participant in the effort to address coastal erosion and climate change impacts. We are proud to raise the bar on climate-change fighting technologies, and invite others in the coastal resilience industry to join this important cause.”
U.S. Dredging Operation Bodes Well
Great Lakes, which shares space with Dycom Industries, Inc. (DY - Free Report) in the Zacks Building Products - Heavy Construction industry, is the largest provider of dredging services in the United States. The company mainly banks on strong domestic dredging operations, high equipment utilization, solid project execution and savings from restructuring.
Shares of this Zacks Rank #5 (Strong Sell) company have significantly outperformed the industry in the past three months. Its shares have gained 4.6% against the industry’s 9.3% fall in the said period.
Recently, it received multiple major dredging contracts for $261.3 million. Again in May, it was awarded several major dredging works in Alabama, Louisiana, Florida, Arkansas, Kentucky, Mississippi, Missouri and Tennessee. These contracts — which incorporate deepening, coastal protection and maintenance dredging work — are valued at $112.8 million.
We believe the company’s strong bidding ability, and project execution will boost its performance in 2021 and beyond. The Zacks Consensus Estimate for third-quarter 2021 earnings is currently pegged at 29 cents, indicating a 52.6% year-over-year improvement.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Stocks to Consider
Some better-ranked stocks in the same industry include Granite Construction Incorporated (GVA - Free Report) and Sterling Construction Company, Inc. (STRL - Free Report) , each carrying a Zacks Rank #2 (Buy). Granite Construction and Sterling are expected to generate earnings growth of 40% and 30.3% for the current year, respectively.