Great Lakes Announces $50 Million Share Repurchase Program
Great Lakes Dredge & Dock (GLDD) has announced a $50 million share repurchase program authorized by its Board of Directors. The company, which is the largest dredging services provider in the United States, reported its second-best results in 2024 and maintains a strong outlook with a $1.2 billion backlog as of December 31, 2024.
The repurchase program, set to expire on March 14, 2026, allows the company to buy back shares through various means, including open market purchases and private transactions. The program's implementation will depend on market conditions, regulatory requirements, and stock prices. The company believes its current share price undervalues its business strength, and the buyback will be accretive to shareholders.
The company's new build program is expected to be substantially completed in 2025. GLDD operates the largest U.S. dredging fleet with approximately 200 specialized vessels and has maintained a perfect record of marine project completion throughout its 135-year history.
Great Lakes Dredge & Dock (GLDD) ha annunciato un programma di riacquisto di azioni del valore di 50 milioni di dollari autorizzato dal suo Consiglio di Amministrazione. L'azienda, che è il principale fornitore di servizi di dragaggio negli Stati Uniti, ha riportato i suoi secondi migliori risultati nel 2024 e mantiene una forte prospettiva con un portafoglio di 1,2 miliardi di dollari al 31 dicembre 2024.
Il programma di riacquisto, che scadrà il 14 marzo 2026, consente all'azienda di riacquistare azioni attraverso vari mezzi, tra cui acquisti sul mercato aperto e transazioni private. L'implementazione del programma dipenderà dalle condizioni di mercato, dai requisiti normativi e dai prezzi delle azioni. L'azienda ritiene che il suo attuale prezzo delle azioni sottovaluti la forza del suo business e che il riacquisto sarà vantaggioso per gli azionisti.
Il nuovo programma di costruzione dell'azienda dovrebbe essere sostanzialmente completato entro il 2025. GLDD gestisce la flotta di dragaggio più grande degli Stati Uniti con circa 200 navi specializzate e ha mantenuto un record perfetto di completamento dei progetti marini nel corso dei suoi 135 anni di storia.
Great Lakes Dredge & Dock (GLDD) ha anunciado un programa de recompra de acciones por valor de 50 millones de dólares autorizado por su Junta Directiva. La empresa, que es el mayor proveedor de servicios de dragado en los Estados Unidos, reportó sus segundos mejores resultados en 2024 y mantiene una perspectiva sólida con un fondo de 1.2 mil millones de dólares al 31 de diciembre de 2024.
El programa de recompra, que expirará el 14 de marzo de 2026, permite a la empresa recomprar acciones a través de diversos medios, incluidos compras en el mercado abierto y transacciones privadas. La implementación del programa dependerá de las condiciones del mercado, los requisitos regulatorios y los precios de las acciones. La empresa cree que su precio actual de las acciones subestima la fortaleza de su negocio y que la recompra será beneficiosa para los accionistas.
Se espera que el nuevo programa de construcción de la empresa se complete sustancialmente en 2025. GLDD opera la flota de dragado más grande de EE. UU. con aproximadamente 200 embarcaciones especializadas y ha mantenido un récord perfecto de finalización de proyectos marinos a lo largo de sus 135 años de historia.
그레이트 레이크 드레지 & 독 (GLDD)는 이사회의 승인을 받아 5천만 달러 규모의 자사주 매입 프로그램을 발표했습니다. 미국에서 가장 큰 준설 서비스 제공업체인 이 회사는 2024년에 두 번째로 좋은 실적을 기록했으며, 2024년 12월 31일 기준으로 12억 달러의 미결주를 보유하고 있어 강력한 전망을 유지하고 있습니다.
2026년 3월 14일에 만료되는 이 매입 프로그램은 회사가 공개 시장 구매 및 사적 거래를 포함한 다양한 방법으로 주식을 다시 사들일 수 있도록 합니다. 프로그램의 실행은 시장 상황, 규제 요건 및 주가에 따라 달라질 것입니다. 회사는 현재 주가가 비즈니스 강점을 과소평가하고 있으며, 자사주 매입이 주주에게 긍정적일 것이라고 믿고 있습니다.
회사의 새로운 건설 프로그램은 2025년까지 상당히 완료될 것으로 예상됩니다. GLDD는 약 200척의 전문 선박으로 구성된 미국 최대의 준설 함대를 운영하고 있으며, 135년의 역사 동안 해양 프로젝트 완료에서 완벽한 기록을 유지해왔습니다.
Great Lakes Dredge & Dock (GLDD) a annoncé un programme de rachat d'actions d'une valeur de 50 millions de dollars, autorisé par son conseil d'administration. L'entreprise, qui est le plus grand fournisseur de services de dragage aux États-Unis, a annoncé ses deuxièmes meilleurs résultats en 2024 et maintient une solide perspective avec un carnet de commandes de 1,2 milliard de dollars au 31 décembre 2024.
Le programme de rachat, qui expirera le 14 mars 2026, permet à l'entreprise de racheter des actions par divers moyens, y compris des achats sur le marché ouvert et des transactions privées. La mise en œuvre du programme dépendra des conditions du marché, des exigences réglementaires et des prix des actions. L'entreprise estime que son prix actuel des actions sous-évalue la force de son activité et que le rachat sera bénéfique pour les actionnaires.
Le nouveau programme de construction de l'entreprise devrait être considérablement achevé d'ici 2025. GLDD exploite la plus grande flotte de dragage des États-Unis avec environ 200 navires spécialisés et a maintenu un bilan parfait en matière d'achèvement de projets maritimes au cours de ses 135 ans d'histoire.
Great Lakes Dredge & Dock (GLDD) hat ein von seinem Vorstand genehmigtes Aktienrückkaufprogramm im Wert von 50 Millionen Dollar angekündigt. Das Unternehmen, das der größte Anbieter von Baggerdiensten in den Vereinigten Staaten ist, berichtete 2024 über seine zweitbesten Ergebnisse und hat mit einem Auftragsbestand von 1,2 Milliarden Dollar zum 31. Dezember 2024 eine starke Perspektive.
Das Rückkaufprogramm, das am 14. März 2026 ausläuft, ermöglicht es dem Unternehmen, Aktien auf verschiedene Weise zurückzukaufen, einschließlich Käufen auf dem offenen Markt und privaten Transaktionen. Die Umsetzung des Programms hängt von den Marktbedingungen, den regulatorischen Anforderungen und den Aktienkursen ab. Das Unternehmen ist der Meinung, dass der aktuelle Aktienkurs die Stärke seines Geschäfts unterbewertet und dass der Rückkauf für die Aktionäre vorteilhaft sein wird.
Das neue Bauprogramm des Unternehmens soll bis 2025 weitgehend abgeschlossen sein. GLDD betreibt die größte Baggerflotte der USA mit etwa 200 spezialisierten Schiffen und hat in seiner 135-jährigen Geschichte eine perfekte Bilanz bei der Fertigstellung von maritimen Projekten aufrechterhalten.
- Authorization of $50 million share repurchase program to enhance shareholder value
- Second-best financial results in company history for 2024
- Strong $1.2 billion project backlog as of December 2024
- New build program nearing completion in 2025
- Share price currently trading below company's perceived value
- Repurchase program may be modified or suspended at company's discretion
- Program implementation subject to market and regulatory constraints
Insights
Great Lakes Dredge & Dock's announcement of a
The timing aligns strategically with the expected completion of the company's capital-intensive new build program in 2025, suggesting a pivot from growth investment toward shareholder returns. Management's explicit statement that the current share price "does not reflect the strength of our business" signals strong confidence in their operational outlook and indicates they view their shares as undervalued.
The company's disclosure of a
From a financial perspective, share repurchases can enhance earnings per share by reducing the outstanding share count, potentially creating a favorable tailwind for valuation metrics. The program's one-year timeframe (expiring March 14, 2026) provides management flexibility to execute repurchases opportunistically based on market conditions rather than committing to a rigid schedule.
HOUSTON, March 14, 2025 (GLOBE NEWSWIRE) -- Great Lakes Dredge & Dock Corporation (“Great Lakes” or the “Company”) (Nasdaq: GLDD), the largest provider of dredging services in the United States, today announced that its Board of Directors has authorized a share repurchase program pursuant to which the Company may repurchase up to
“Our business is strong, as we delivered in 2024 the second best results in our Company’s history,” said Lasse Petterson, President and Chief Executive Officer. “The outlook for 2025 and 2026 is also strong with
The Company may repurchase shares of common stock from time to time through open market purchases, in privately negotiated transactions, or by other means, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, in accordance with applicable securities laws and other restrictions. The timing and total amount of stock repurchases will depend upon business, economic and market conditions, corporate and regulatory requirements, prevailing stock prices, and other considerations. The share repurchase program expires on March 14, 2026, may be modified, suspended, or discontinued at any time at the Company’s discretion, and does not obligate the Company to acquire any amount of common stock.
The Company
Great Lakes Dredge & Dock Corporation is the largest provider of dredging services in the United States, which is complemented with a long history of performing significant international projects. In addition, Great Lakes is fully engaged in expanding its core business into the offshore energy industry. The Company employs experienced civil, ocean and mechanical engineering staff in its estimating, production and project management functions. In its over 135-year history, the Company has never failed to complete a marine project. Great Lakes owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprised of approximately 200 specialized vessels. Great Lakes has a disciplined training program for engineers that ensures experienced-based performance as they advance through Company operations. The Company’s Incident-and Injury-Free® (IIF®) safety management program is integrated into all aspects of the Company’s culture. The Company’s commitment to the IIF® culture promotes a work environment where employee safety is paramount.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release may constitute “forward-looking” statements, as defined in Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”), the Private Securities Litigation Reform Act of 1995 (the “PSLRA”) or in releases made by the Securities and Exchange Commission (the “SEC”), all as may be amended from time to time. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of Great Lakes and its subsidiaries, or industry results, to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements that are not historical fact are forward-looking statements. Forward-looking statements can be identified by, among other things, the use of forward-looking language, such as the words “plan,” “believe,” “expect,” “anticipate,” “intend,” “estimate,” “project,” “may,” “would,” “could,” “should,” “seeks,” “are optimistic,” “commitment to” or “scheduled to,” or other similar words, or the negative of these terms or other variations are being made pursuant to the Exchange Act and the PSLRA with the intention of obtaining of these terms or comparable language, or by discussion of strategy or intentions. These cautionary statements have the benefit of the “safe harbor” provisions of such laws. Great Lakes cautions investors that any forward-looking statements made by Great Lakes are not guarantees or indicative of future performance. Important assumptions and other important factors that could cause actual results to differ materially from those forward-looking statements with respect to Great Lakes include, but are not limited to: a reduction in government funding for dredging and other contracts, or government cancellation of such contracts, or the inability of the Corps to let bids to market; our ability to qualify as an eligible bidder under government contract criteria and to compete successfully against other qualified bidders in order to obtain government dredging and other contracts; the political environment and governmental fiscal and monetary policies; cost over-runs, operating cost inflation and potential claims for liquidated damages, particularly with respect to our fixed-price contracts; the timing of our performance on contracts and new contracts being awarded to us; significant liabilities that could be imposed were we to fail to comply with government contracting regulations; project delays related to the increasingly negative impacts of climate change or other unusual, non-historical weather patterns; costs necessary to operate and maintain our existing vessels and the construction of new vessels, including with respect to changes in applicable regulations or standards; equipment or mechanical failures; pandemic, epidemic or outbreak of an infectious disease; disruptions to our supply chain for procurement of new vessel build materials or maintenance on our existing vessels; capital and operational costs due to environmental regulations; market and regulatory responses to climate change, including proposed regulations concerning emissions reporting and future emissions reduction goals; contract penalties for any projects that are completed late; force majeure events, including natural disasters, war and terrorists’ actions; changes in the amount of our estimated backlog; significant negative changes attributable to large, single customer contracts; our ability to obtain financing for the construction of new vessels, including our new offshore energy vessel; our ability to secure contracts to utilize our new offshore energy vessel; unforeseen delays and cost overruns related to the construction of our new vessels; any failure to comply with the Jones Act provisions on coastwise trade, or if those provisions were modified, repealed or interpreted differently; our ability to comply with anti-discrimination laws, including those pertaining to diversity, equity and inclusion programs; fluctuations in fuel prices, particularly given our dependence on petroleum-based products; impacts of nationwide inflation on procurement of new build and vessel maintenance materials; our ability to obtain bonding or letters of credit and risks associated with draws by the surety on outstanding bonds or calls by the beneficiary on outstanding letters of credit; acquisition integration and consolidation, including transaction expenses, unexpected liabilities and operational challenges and risks; divestitures and discontinued operations, including retained liabilities from businesses that we sell or discontinue; potential penalties and reputational damage as a result of legal and regulatory proceedings; any liabilities imposed on us for the obligations of joint ventures and similar arrangements and subcontractors; increased costs of certain material used in our operations due to newly imposed tariffs; unionized labor force work stoppages; any liabilities for job-related claims under federal law, which does not provide for the liability limitations typically present under state law; operational hazards, including any liabilities or losses relating to personal or property damage resulting from our operations; our substantial amount of indebtedness, which makes us more vulnerable to adverse economic and competitive conditions; restrictions on the operation of our business imposed by financing terms and covenants; impacts of adverse capital and credit market conditions on our ability to meet liquidity needs and access capital; limitations on our hedging strategy imposed by statutory and regulatory requirements for derivative transactions; foreign exchange risks, in particular, related to the new offshore energy vessel build; losses attributable to our investments in privately financed projects; restrictions on foreign ownership of our common stock; restrictions imposed by Delaware law and our charter on takeover transactions that stockholders may consider to be favorable; restrictions on our ability to declare dividends imposed by our financing agreements or Delaware law; significant fluctuations in the market price of our common stock, which may make it difficult for holders to resell our common stock when they want or at prices that they find attractive; changes in previously recorded net revenue and profit as a result of the significant estimates made in connection with our methods of accounting for recognized revenue; maintaining an adequate level of insurance coverage; our ability to find, attract and retain key personnel and skilled labor; disruptions, failures, data corruptions, cyber-based attacks or security breaches of the information technology systems on which we rely to conduct our business; and impairments of our goodwill or other intangible assets. For additional information on these and other risks and uncertainties, please see Item 1A. “Risk Factors” of Great Lakes' Annual Report on our most recent Form 10-K and in other securities filings by Great Lakes with the SEC.
Although Great Lakes believes that its plans, intentions and expectations reflected in or suggested by such forward looking statements are reasonable, actual results could differ materially from a projection or assumption in any forward-looking statements. Great Lakes' future financial condition and results of operations, as well as any forward-looking statements, are subject to change and inherent risks and uncertainties. The forward-looking statements contained in this press release are made only as of the date hereof and Great Lakes does not have or undertake any obligation to update or revise any forward-looking statements whether as a result of new information, subsequent events or otherwise, unless otherwise required by law.
For further information contact:
Eric M. Birge
Vice President of Investor Relations
EMBirge@gldd.com
313-220-3053
FAQ
How much is GLDD's share repurchase program worth and when does it expire?
What is GLDD's current project backlog as of December 2024?
How will GLDD execute its share repurchase program?
What was GLDD's performance in 2024?
When will GLDD complete its new build program?
