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HOUSTON - Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD), the largest provider of dredging services in the United States, announced a new share repurchase program on Friday. The company’s board has approved the buyback of up to $50 million of its common stock, signaling confidence in the firm’s financial health and future prospects.
This decision comes on the heels of a strong performance in 2024, which President and CEO Lasse Petterson described as the second-best in the company’s history. The company achieved impressive revenue growth of 29.35% in the last twelve months, with total revenue reaching $762.69 million. Petterson cited a robust backlog of $1.2 billion as of December 31, 2024, and the anticipated completion of the company’s new build program in 2025. He stated that the current share price does not reflect the company’s business strength, suggesting that the repurchase program would benefit shareholders. InvestingPro subscribers can access detailed financial health scores and additional insights through comprehensive Pro Research Reports, available for over 1,400 US stocks.
The repurchase of shares may occur through open market purchases, privately negotiated transactions, or other methods, potentially utilizing Rule 10b5-1 trading plans under the Securities Exchange Act of 1934. The timing and volume of the buybacks will be subject to market conditions, corporate requirements, stock prices, and other factors. The program is set to expire on March 14, 2026, but the company reserves the right to modify, suspend, or discontinue it at any time. Despite a year-to-date decline of 30.56% in share price, the company maintains a healthy current ratio of 1.22 and generated EBITDA of $134.4 million in the last twelve months.
Great Lakes Dredge & Dock, with a history spanning over 135 years, has never failed to complete a marine project. The company boasts the largest and most diverse fleet in the U.S. dredging industry, with approximately 200 specialized vessels. It is also expanding into the offshore energy industry and emphasizes safety with its Incident-and Injury-Free® (IIF®) safety management program.
The press release also included cautionary language regarding forward-looking statements, which are subject to various risks and uncertainties that could cause actual results to differ materially from expectations.
This share repurchase authorization is based on a press release statement from Great Lakes Dredge & Dock Corporation.
In other recent news, Great Lakes Dredge & Dock Corporation reported better-than-expected earnings for the fourth quarter of 2024. The company achieved an earnings per share (EPS) of $0.29, surpassing the forecasted $0.21, and recorded revenue of $202.8 million, exceeding the anticipated $197.2 million. Despite these positive earnings, the company’s stock fell in pre-market trading, reflecting investor concerns over future market conditions and strategic investments. Great Lakes Dredge & Dock has a strong backlog of $1.2 billion, with 60% expected to convert to revenue in 2025. The company is also expanding its presence in international markets, particularly with its Acadia subsea rock installation vessel. Furthermore, S&P Global upgraded Great Lakes’ credit rating to B-, acknowledging improvements in the company’s balance sheet and cash flows. The company anticipates capital expenditures between $140 million and $160 million for 2025, focusing on projects like the Acadia and the Amelia Island. These recent developments indicate a robust operational performance and strategic growth initiatives for Great Lakes Dredge & Dock.
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