Great Lakes Dredge & Dock ( (GLDD) ) has released its Q4 earnings. Here is a breakdown of the information Great Lakes Dredge & Dock presented to its investors.
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Great Lakes Dredge & Dock Corporation, the largest provider of dredging services in the United States, has reported strong financial results for both the fourth quarter and full year of 2024, reflecting its strategic growth and diversification efforts.
In the fourth quarter of 2024, Great Lakes Dredge & Dock Corporation achieved a net income of $19.7 million and an adjusted EBITDA of $40.2 million. The full year results were equally robust, with a net income of $57.3 million and an adjusted EBITDA of $136.0 million, marking one of the highest performances in the company’s history. The company also reported a dredging backlog of $1.2 billion.
The company’s financial strength was driven by increased revenues in capital and coastal protection projects, which offset a decrease in rivers and lakes and maintenance project revenues. The company witnessed a significant increase in gross profits and operating income compared to the previous year, attributed to improved project performance and higher-margin projects. Additionally, Great Lakes secured significant projects such as the Sabine-Neches Contract 6 Deepening project and LNG projects, bolstering its backlog and revenue visibility.
Looking ahead, Great Lakes Dredge & Dock Corporation remains optimistic about its future prospects, supported by a strong project pipeline and strategic diversification into offshore energy markets. The company is actively expanding its offshore energy division, with the construction of the Acadia vessel and several offshore wind and subsea infrastructure projects in the pipeline. These initiatives align with the company’s long-term strategy aimed at maximizing growth opportunities and enhancing operational performance.
Overall, Great Lakes Dredge & Dock Corporation is well-positioned for continued success, leveraging its enhanced fleet, exceptional project delivery, and strategic initiatives to drive future growth and profitability.
