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Dec 31, 2024
Great Lakes Q4 2024 Earnings Report
Reported strong Q4 2024 results with notable net income and adjusted EBITDA.
Key Takeaways
Great Lakes Dredge & Dock Corporation reported strong Q4 and full year 2024 results, driven by robust project performance. The company ended the year with a substantial dredging backlog of $1.2 billion and an additional $282.1 million in low bids and options pending award.
Net income for the fourth quarter reached $19.7 million.
Adjusted EBITDA for the fourth quarter was $40.2 million.
Dredging backlog stood at $1.2 billion at the end of 2024.
The bid market for 2024 hit a historic level of $2.9 billion, with Great Lakes winning 33%.
Forward Guidance
Great Lakes is confident in its growth and diversification plans, particularly in subsea rock installation and offshore energy markets. The company expects continued strong support from government funding and anticipates growth in global offshore wind and telecommunications markets.
Positive Outlook
- Strong support from the Administration for the dredging industry.
- Record $8.7 billion provided to the U.S. Army Corps of Engineers in the 2024 Energy and Water Appropriations Bill.
- WRDA 2024 signed into law, including funding for flood protection, dredging, and ecosystem restoration projects.
- Global offshore wind market expected to grow tenfold by 2040.
- Pursuing SRI vessel projects with work planned for 2026 and beyond.
Challenges Ahead
- Potential reduction in government funding for dredging contracts.
- Risk of cost overruns and potential claims for liquidated damages.
- Project delays related to the impacts of climate change or unusual weather patterns.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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