Great Lakes Dredge & Dock (GLDD) - 2024 Q4 - Annual Results

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]