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Great Lakes Dredge & Dock (GLDD) - 2024 Q4 - Annual Results
GLDDGreat Lakes Dredge & Dock (GLDD)2025-02-18 14:00

Financial Performance - Fourth quarter net income was 19.7million,withAdjustedEBITDAof19.7 million, with Adjusted EBITDA of 40.2 million[1] - Full year net income reached 57.3million,andAdjustedEBITDAtotaled57.3 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 762.7million,anincreaseof762.7 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 202.774million,a11.8202.774 million, a 11.8% increase from 181.729 million in Q4 2023[28] - Gross profit for the year ended December 31, 2024, was 160.576million,comparedto160.576 million, compared to 77.732 million in 2023, reflecting a significant increase[28] - Net income for Q4 2024 was 19.716million,adecreasefrom19.716 million, a decrease from 21.558 million in Q4 2023, while the annual net income increased to 57.265millionfrom57.265 million from 13.906 million[28] - Adjusted EBITDA for the year ended December 31, 2024, was 135.964million,upfrom135.964 million, up from 72.977 million in 2023[30] Dredging Backlog and Contracts - The dredging backlog stood at 1.2billionattheendof2024,anincreasefrom1.2 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 2.9billionin2024,contributingtorevenuevisibilityinto2026[3]−TotaldredgingbacklogasofDecember31,2024,was2.9 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 1.039billionin2023[35]CapitalExpendituresandAssets−Capitalexpendituresfor2024were1.039 billion in 2023[35] Capital Expenditures and Assets - Capital expenditures for 2024 were 135.7 million, including 72.7millionfortheconstructionoftheAcadiavessel[13]−Totalassetsincreasedto72.7 million for the construction of the Acadia vessel[13] - Total assets increased to 1.255 billion in 2024 from 1.110billionin2023[33]−Thecompanyreportedatotallong−termdebtof1.110 billion in 2023[33] - The company reported a total long-term debt of 448.216 million as of December 31, 2024, compared to 412.070millionin2023[33]OffshoreEnergyInitiatives−Thecompanyisexpandingitssubsearockinstallationinitiativetoincludeinternationaloffshorewindprojectsandprotectionofcriticalsubseainfrastructure[17]−The2025budgetfortheU.S.ArmyCorpsofEngineersisexpectedtobearecord412.070 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 70.769million,upfrom70.769 million, up from 57.056 million in 2023[28] Cash and Cash Equivalents - Cash and cash equivalents decreased to 10.216millionasofDecember31,2024,downfrom10.216 million as of December 31, 2024, down from 22.841 million in 2023[32]