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Christopher Gunsten, Senior Vice President of Project Services & Fleet Engineer at Great Lakes Dredge & Dock Corp (NASDAQ:GLDD), recently acquired 3,875 shares of the company’s common stock. The shares were purchased at a price of $7.75 each, totaling $30,031. Following this transaction, Gunsten now directly owns 61,532 shares in the company. This acquisition reflects a continued investment by company executives in Great Lakes Dredge & Dock, a prominent player in the heavy construction sector.
In other recent news, Great Lakes Dredge & Dock Corporation reported a strong performance for the fourth quarter of 2024, surpassing earnings expectations. The company achieved earnings per share of $0.29, exceeding the forecasted $0.21, and generated revenue of $202.8 million, which was higher than the anticipated $197.2 million. The company also revealed a substantial backlog of $1.2 billion, with 60% expected to convert to revenue in 2025. Despite these positive financial results, the company’s stock saw a notable decline, reflecting investor concerns over future market conditions and planned capital expenditures.
Additionally, Great Lakes Dredge & Dock is expanding into international markets, focusing on its subsea rock installation vessel, the Acadia. The company aims to broaden its target market to include international offshore wind projects and protection of critical subsea infrastructure. Analysts from S&P Global upgraded Great Lakes’ credit rating to B-, recognizing improvements in the company’s financial position and performance. The company plans to invest between $140 million and $160 million in capital expenditures in 2025, including potential upgrades to existing equipment. These developments indicate a strategic focus on international growth and infrastructure investments.
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