Final award on Regional Atlantic Harbor totals $25.8 million. The final award of $25.8 million on South Atlantic Regional Harbor Dredging (W912PM21B0008) was posted after the market closed. The project, which includes work at five harbors along the east coast, is attractive since it fits environmental windows and hopper dredge availability. When bids were opened on October 5th, GLDD was the low bid at $29.4 million so we estimate that there are options of $3.6 million.4Q2021 Bidding off to good start. Recent awards to be added to 4Q2021 backlog include the South Atlantic Regional Harbor for $25.7 million (excluding options of $3.7 million) and the Oak Island Renourishment Project 2021/2022 of $17.1 million. Per a recent note, the Port Houston pending award of $95.4 million should be final shortly and add to 4Q2021 backlog.Announced 3Q2021 awards totaled $308.0 million. 3Q2021 backlog will include the recent awards of $71.0 million for Sea Bright to Manasquan, Portsmouth Harbor, South Hutchinson Island, and Mobile Harbor projects. Combined with the previously announced 3Q2021 awards of $237.0 million, 3Q2021 awards totaled $308.0 million. Other awards are likely beyond the announced awards.3Q2021 Operating results out on November 2nd and call with management is scheduled for 10am EST. Number is (877) 377-7553 and code is 1187471. We are looking for a strong finish to the year and our 3Q2021 estimates are revenue of $195 million, gross margin of $44.8 million and EBITDA of $40.8 million, or gross margin of 23.0% and EBITDA margin of 20.9%. Please see page three for a list of important topics for the call.Maintain Outperform rating and price target of $17.05/share due to new awards, fleet renewal program and disciplined capital allocation. While the stock is up 14% this year, softer 2Q2021 results have dampened stock price performance over the past three months and the stock is off 1% in 4Q2021. We think the 2Q2021 results shortfall should be transitory, and the risk/reward profile remains favorable. Trading at an EV multiple of 8.3x 2021E EBITDA, the stock is attractive due to recent awards and successful 2Q2021 debt refinancing. Read More >>