At the end of the day, this led me to rate the business a ‘hold’ to reflect my view that shares should generate performance that would more or less match the broader market for the foreseeable future. Having said that, I felt as though it's decision to focus more on the offshore wind turbine market was promising and the stock looked quite cheap at the time. And what could be more unique in this day and age than a company that makes most of its money off of dredging services? At that time, I acknowledged that financial performance for the firm had been lackluster and I was dismayed by the continued decline in backlog that the business was seeing. I really like companies that have unique operating models. Tough timesīack in September of last year, I found myself very interested in Great Lakes Dredge & Dock. But if the picture continues as it has, even that will eventually have to change. But there's only one catalyst for the firm that is still keeping me optimistic to the point of granting it a more neutral rating. In most circumstances, I would rate a company like this rather bearishly.

What's more, backlog for the company continues to decline. Revenue, profits, and cash flows have all taken a hit.

Shares have taken a beating over the past several months, but this decline was not necessarily unwarranted. Some of its work also includes coastal restoration and land reclamation, trench digging for pipelines, and more. Its work spans government projects, projects for private industry, and even touches on newer industries like the offshore wind market. As its name suggests, the company is involved in the business of providing dredging services. One company that just cannot seem to catch a break is Great Lakes Dredge & Dock ( NASDAQ: GLDD).

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