Great Lakes Announces $50 Million Share Repurchase Program

Company Overview - Great Lakes Dredge & Dock Corporation is the largest provider of dredging services in the United States, with a history of completing significant international projects [3] - The company operates approximately 200 specialized vessels, making it the owner of the largest and most diverse fleet in the U.S. dredging industry [3] - Great Lakes has a disciplined training program for engineers and a strong commitment to safety through its Incident-and Injury-Free® (IIF®) safety management program [3] Financial Performance - In 2024, the company achieved the second-best results in its history, indicating strong business performance [2] - As of December 31, 2024, Great Lakes reported a backlog of $1.2 billion, suggesting a robust outlook for 2025 and 2026 [2] Share Repurchase Program - The Board of Directors has authorized a share repurchase program allowing the company to repurchase up to$50 million of its common stock [1][2] - The share repurchase may occur through open market purchases or privately negotiated transactions, with the program set to expire on March 14, 2026 [2] Strategic Outlook - The company believes its current share price does not reflect its business strength and views the share repurchase program as accretive to shareholders [2] - The new build program is expected to be substantially completed in 2025, further enhancing the company's operational capabilities [2]