HOUSTON, March 14, 2025 (GLOBE NEWSWIRE) -- Great Lakes Dredge & Dock Corporation (“Great Lakes” or the “Company”) (Nasdaq: GLDD), the largest provider of dredging services in the United States, today announced that its Board of Directors has authorized a share repurchase program pursuant to which the Company may repurchase up to $50 million of its common stock. “Our business is strong, as we delivered in 2024 the second best results in our Company’s history,” said Lasse Petterson, President and Chief Execu ...

In the latest trading session, Great Lakes Dredge & Dock (GLDD) closed at $7.84, marking a -1.01% move from the previous day. This change lagged the S&P 500's daily loss of 0.91%. Elsewhere, the Dow saw a downswing of 1.5%, while the tech-heavy Nasdaq depreciated by 1.96%.The the stock of provider of dredging and dock-contracting services has fallen by 29.41% in the past month, lagging the Construction sector's loss of 7.5% and the S&P 500's loss of 7.38%.Analysts and investors alike will be keeping a close ...

HOUSTON, March 12, 2025 (GLOBE NEWSWIRE) -- Great Lakes Dredge & Dock Corporation ("Great Lakes" or the “Company”) (NASDAQ: GLDD), the largest provider of dredging services in the United States, announced today that its Senior Vice President and Chief Financial Officer, Scott Kornblau, will be presenting and hosting one-on-one meetings with investors at the Sidoti Small Cap Virtual Conference on Wednesday, March 19, 2025. The presentation will begin at 10:00 AM ET on Wednesday, March 19, 2025, and can be ac ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-33225 Great Lakes Dredge & Dock Corporation (Exact name of registrant as specified in its charter) Delaware 20-5336063 (State or oth ...

Financial Data and Key Metrics Changes - Great Lakes Dredge & Dock Corporation reported Q4 2024 revenues of $202.8 million and adjusted EBITDA of $40.2 million, marking a significant increase from the previous year [7][16] - Full year 2024 revenues reached $762.7 million, with adjusted EBITDA increasing to $136 million, the second highest in the company's history [7][20] - Net income for Q4 2024 was $19.7 million, down from $21.6 million in Q4 2023, while full year net income increased over four times to $57.3 million [19][20] Business Line Data and Key Metrics Changes - The company focused on large and complex port deepening and coastal protection projects, which now account for 94% of the backlog [8][9] - Capital and coastal protection revenue significantly increased, contributing to the overall revenue growth [20] - Gross profit for the full year more than doubled to $160.6 million, driven by higher margin projects [20] Market Data and Key Metrics Changes - The bid market reached a historic level of $2.9 billion, with Great Lakes winning 33% of this market, resulting in a dredging backlog of $1.2 billion [8][26] - The U.S. Army Corps of Engineers budget for 2025 is expected to be nearly $10 billion, supporting strong market conditions for dredging projects [27][28] Company Strategy and Development Direction - The company is broadening its target market for the Arcadia vessel to include international offshore wind projects and subsea infrastructure protection [12][29] - A strategic focus on coastal protection projects is expected to drive future growth, with a strong backlog providing revenue visibility into 2026 [10][31] - The company plans to enhance its fleet with new vessels designed for specific project needs, such as the Amelia Island and Arcadia [11][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the backlog and project execution for 2025 and 2026, despite potential delays in the bid market due to government funding processes [39][28] - The outlook for LNG projects in the U.S. is positive, with expectations for strong demand following the lifting of export permitting freezes [90] - The geopolitical situation is seen as a driver for growth in subsea protection markets, particularly in Europe and Asia [75][29] Other Important Information - The company entered into a $150 million second lien credit agreement to support its new build program, enhancing its financial position [13][22] - S&P Global Ratings upgraded the company's credit rating to B minus, reflecting improvements in cash flows and overall performance [14] Q&A Session Summary Question: Impact of DoD efforts on Corps and work awards - Management indicated that the strong backlog is funded and will be executed in 2025, with minimal impact expected from potential delays in the bid market [38][39] Question: Adverse court ruling on non-Jones Act vessels - Management clarified that the ruling does not change their position regarding the Jones Act and that they are evaluating next legal steps [42][46] Question: Update on Arcadia construction and delivery - The Arcadia is expected to be delivered towards the end of 2024 or early Q1 2025, with strong international market opportunities available if U.S. contracts are canceled [53][56] Question: Expected backlog liquidation in Q1 - Management expects Q1 to be a strong revenue quarter, with high utilization from ongoing projects [60] Question: Guidance on revenue and margins for 2025 - Management indicated that 60% of the backlog is expected to convert into revenue, with additional opportunities for revenue growth throughout the year [65][71] Question: Opportunities in subsea protection markets - Management highlighted significant growth potential in protecting critical infrastructure, particularly in Europe and Asia, driven by geopolitical factors [75][74]

CREAT CONSTRUCTING AND PROTECTING COASTAL AND MARINE INFRASTRUCTURE SUPPORTING THE OFFSHORE ENERGY INDUSTRY 1890 INVESTOR PRESENTATION FEBRUARY, 2025 Forward-Looking Statements This presentation includes "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, the Private Securities Litigation Reform Act of 1995 or in releases made by the SEC, all as may be amended from time to time. Such statements include declarations ...

Core Viewpoint - Great Lakes Dredge & Dock (GLDD) reported quarterly earnings of $0.29 per share, exceeding the Zacks Consensus Estimate of $0.21 per share, and showing an increase from $0.25 per share a year ago [1][2] Financial Performance - The earnings surprise for the quarter was 38.10%, with the company previously expected to post earnings of $0.18 per share but actually reporting $0.13 per share in the prior quarter, resulting in a surprise of -27.78% [2] - Revenues for the quarter ended December 2024 were $202.77 million, which missed the Zacks Consensus Estimate by 4.26%, compared to $181.73 million in the same quarter last year [3] - Over the last four quarters, the company has surpassed consensus EPS estimates three times and has also topped consensus revenue estimates three times [2][3] Stock Performance and Outlook - Great Lakes Dredge & Dock shares have declined approximately 2.6% since the beginning of the year, while the S&P 500 has gained 4% [4] - The company's future stock performance will largely depend on management's commentary during the earnings call and the earnings outlook [4][5] - The current consensus EPS estimate for the upcoming quarter is $0.13 on revenues of $192 million, and for the current fiscal year, it is $0.88 on revenues of $841.1 million [8] Industry Context - The Building Products - Heavy Construction industry, to which Great Lakes Dredge & Dock belongs, is currently ranked in the top 27% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [9] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [6]

Financial Performance - Fourth quarter net income was $19.7 million, with Adjusted EBITDA of $40.2 million[1] - Full year net income reached $57.3 million, and Adjusted EBITDA totaled $136.0 million, marking the second-highest metrics in the company's history[3] - Revenue for the full year 2024 was $762.7 million, an increase of $173.1 million from 2023[12] - Gross margin percentage improved to 21.1% for the full year 2024, up from 13.2% in 2023[12] - Contract revenues for Q4 2024 reached $202.774 million, a 11.8% increase from $181.729 million in Q4 2023[28] - Gross profit for the year ended December 31, 2024, was $160.576 million, compared to $77.732 million in 2023, reflecting a significant increase[28] - Net income for Q4 2024 was $19.716 million, a decrease from $21.558 million in Q4 2023, while the annual net income increased to $57.265 million from $13.906 million[28] - Adjusted EBITDA for the year ended December 31, 2024, was $135.964 million, up from $72.977 million in 2023[30] Dredging Backlog and Contracts - The dredging backlog stood at $1.2 billion at the end of 2024, an increase from $1.04 billion at the end of 2023[12] - The company won 33% of a historic bid market totaling $2.9 billion in 2024, contributing to revenue visibility into 2026[3] - Total dredging backlog as of December 31, 2024, was $1.194 billion, an increase from $1.039 billion in 2023[35] Capital Expenditures and Assets - Capital expenditures for 2024 were $135.7 million, including $72.7 million for the construction of the Acadia vessel[13] - Total assets increased to $1.255 billion in 2024 from $1.110 billion in 2023[33] - The company reported a total long-term debt of $448.216 million as of December 31, 2024, compared to $412.070 million in 2023[33] Offshore Energy Initiatives - The company is expanding its subsea rock installation initiative to include international offshore wind projects and protection of critical subsea infrastructure[17] - The 2025 budget for the U.S. Army Corps of Engineers is expected to be a record $9.96 billion, supporting growth in the dredging industry[15] - The Acadia vessel has secured contracts for offshore wind projects and is expected to work in various international markets starting in 2026[5] Expenses - General and administrative expenses for the year ended December 31, 2024, were $70.769 million, up from $57.056 million in 2023[28] Cash and Cash Equivalents - Cash and cash equivalents decreased to $10.216 million as of December 31, 2024, down from $22.841 million in 2023[32]

Core Insights - Great Lakes Dredge & Dock Corporation reported strong financial results for the fourth quarter and full year 2024, with a net income of $57.3 million and Adjusted EBITDA of $136.0 million, marking the second-highest metrics in the company's history [2][3][11] - The company ended 2024 with a dredging backlog of $1.2 billion, with an additional $282.1 million in low bids and options pending award, indicating strong revenue visibility into 2026 [3][11][30] - The bid market for 2024 reached a historic level of $2.9 billion, with Great Lakes winning 33% of the bids, contributing to the substantial backlog [3][12] Financial Performance - Fourth quarter revenue was $202.8 million, an increase of $21.1 million from the same quarter in 2023, driven primarily by higher revenues from capital and coastal protection projects [11][30] - Full year revenue reached $762.7 million, up $173.1 million from 2023, with gross profit improving to $160.6 million, a significant increase of $82.9 million year-over-year [11][30] - The gross margin percentage for the full year improved to 21.1% from 13.2% in 2023, reflecting better project performance and higher-margin capital and coastal protection revenues [11][30] Operational Highlights - The company is actively diversifying its project portfolio, including two Liquified Natural Gas (LNG) projects awarded in 2023, which are the largest projects in Great Lakes' history [4][5] - The Acadia, the first U.S.-flagged Jones Act compliant subsea rock installation vessel, is under construction and has secured contracts for offshore wind projects, indicating a strategic expansion into the offshore energy sector [5][6] - Great Lakes continues to pursue additional LNG projects to broaden its client base and enhance growth opportunities [4][5] Market Environment - The U.S. government has shown strong support for the dredging industry, with the 2024 Energy and Water Appropriations Bill providing a record $8.7 billion to the U.S. Army Corps of Engineers [12][13] - The 2025 Corps' budget is expected to be another record appropriation, further supporting the market for dredging services [13][14] - The Water Resources Development Act (WRDA) 2024, signed into law, includes funding for various capital projects aimed at enhancing flood protection and coastal resilience [14] Balance Sheet and Capital Expenditures - As of December 31, 2024, the company had $10.2 million in cash and cash equivalents and total long-term debt of $448.2 million [11][28][29] - Total capital expenditures for 2024 were $135.7 million, slightly down from $144.8 million in 2023, with significant investments in the construction of the Acadia vessel [11][30]

Company Overview - Great Lakes Dredge & Dock (GLDD) closed at $11.22, down 1.84% from the previous trading session, underperforming the S&P 500 which lost 0.27% [1] - Over the past month, GLDD shares decreased by 2.06%, lagging behind the Construction sector's gain of 3.67% and the S&P 500's gain of 4.27% [1] Upcoming Earnings - The earnings report for Great Lakes Dredge & Dock is anticipated on February 18, 2025, with projected earnings per share (EPS) of $0.21, indicating a 16% decrease from the same quarter last year [2] - Revenue is expected to reach $211.8 million, reflecting a 16.55% increase compared to the year-ago quarter [2] Analyst Estimates - Changes in analyst estimates for Great Lakes Dredge & Dock are crucial as they often reflect short-term business dynamics, with positive revisions indicating analysts' confidence in the company's performance [3] Zacks Rank and Performance - The Zacks Rank system, which ranges from 1 (Strong Buy) to 5 (Strong Sell), currently rates Great Lakes Dredge & Dock at 3 (Hold) [5] - There has been no change in the Zacks Consensus EPS estimate over the past month [5] Valuation Metrics - Great Lakes Dredge & Dock has a Forward P/E ratio of 12.99, which is a discount compared to the industry's average Forward P/E of 18.68 [6] - The company also has a PEG ratio of 0.37, significantly lower than the average PEG ratio of 1.25 for the Building Products - Heavy Construction industry [7] Industry Context - The Building Products - Heavy Construction industry, part of the Construction sector, holds a Zacks Industry Rank of 43, placing it in the top 18% of over 250 industries [8] - Research indicates that the top 50% rated industries outperform the bottom half by a factor of 2 to 1 [8]