GLDD posts full year 2024 results

Great Lakes Dredge & Dock Corporation today reported financial results for the fourth quarter and year ended December 31, 2024.

Commenting the news, Lasse Petterson, President and Chief Executive Officer, said: “Great Lakes had an outstanding 2024, with strong project performance and exceptional financial results. We capped off the year with another strong quarter and ended 2024 with revenue of $762.7 million, net income of $57.3 million, and Adjusted EBITDA of $136.0 million, the latter two metrics being the second-highest in Great Lakes’ history.” 

“The bid market for 2024 hit a historic level of $2.9 billion of which Great Lakes won 33%. This further added to our substantial dredging backlog which as of the end of 2024 stood at $1.2 billion, with an additional $282.1 million in low bids and options pending award, providing expected revenue visibility well into 2026.”

“At the end of the year, capital and coastal protection projects accounted for 94% of our backlog, which typically yield higher margins. The largest capital project bid in the year was the Sabine-Neches Contract 6 Deepening project, won by Great Lakes, with awarded base and open options totaling $235 million.”

Fourth Quarter 2024 Highlights

• Revenue was $202.8 million,
• Total operating income was $30.0 million,
• Net income was $19.7 million,
• Adjusted EBITDA was $40.2 million.

Full Year 2024 Highlights

• Revenue was $762.7 million,
• Total operating income was $92.8 million,
• Net income was $57.3 million,
• Adjusted EBITDA was $136.0 million.