On this page of StockholderLetter.com we present the latest annual shareholder letter from Great Lakes Dredge & Dock CORP — ticker symbol GLDD. Reading current and past GLDD letters to shareholders can bring important insights into the investment thesis.

 •  3/14/2025 Letter Continued (Full PDF)
 •  3/6/2023 GLDD Stockholder Letter
 •  2/28/2024 GLDD Stockholder Letter
 •  More "Construction" Category Stockholder Letters
 •  GLDD Benford's Law Stock Score = 75

GLDD Shareholder/Stockholder Letter Transcript:

2024
A N N U A L
R E P O R T
GREAT
LAKES
DREDGE & DOCK CORPORATION

NORTH AMERICA   S
LEADER
For over 130 years, Great Lakes Dredge & Dock
Corporation (   Great Lakes    or the    Company   ) has
been the leading provider of dredging services in
the United States owning and operating the largest
and most diverse    eet in the U.S. dredging industry,
comprised of approximately 200 specialized vessels.
With a strong portfolio of major dredging projects, a
strong safety record, and our extensive experience,
we specialize in projects that help improve and protect
our nation   s infrastructure and coastlines. In addition,
Great Lakes is fully engaged in expanding its core
business into supporting the offshore energy industry.
The Company also has a long history of performing
signi   cant international projects. Our Incident & InjuryFree   (IIF  ) safety management program is integrated
into all aspects of the Company   s culture. Great Lakes
had an outstanding 2024, marked by strong project
execution, exceptional    nancial results, and signi   cant
project wins. Our focus is on the future of Great Lakes,
and we believe with our substantial backlog, improved
   eet, and strategic growth initiative, we can maintain
our position as the leader in the dredging industry
while continuing to provide quality work to our clients,
a safe work environment for our employees, and
positive returns for our shareholders.
TH
HIS
S PAG
AGE
E: Tr
E:
T ai
aililing
ail
ling Succti
t on
on Hop
oppe
p r Dr
pe
Dred
edge
ed
ge
ges
es Ga
Galv
lves
lv
esto
es
ton
to
n Issla
la
and
nd,, El
nd
E liliss Is
Isla
sla
and
n , an
and
d Liibe
bert
ert
rtyy Issla
land
nd
d wo
orrk
kiing
n on th
he Sa
S bi
bine
ne
eNe
ecch
hes
es Water
ater
at
erwa
erwa
wayy Ch
Chan
a ne
an
nell Im
Impr
mprrov
ovem
emen
em
entt Pr
en
Proj
ojec
oj
ectt in
ec
i Tex
exa
exas
ass dee
e p
pe
eni
n ng
g the
e cha
hann
nnel
nn
ell to ac
a co
comm
mm
mmod
mod
odat
atte la
arg
ger
e vessse
sels
lss, re
redu
duce
ce
tran
tr
a sp
an
spor
orta
tati
ta
ati
tion
on cossttss,
s, en
e ha
h nc
nce cha
nce
ch
han
anne
anne
n l effi
effici
c en
ci
ncyy, an
nd impr
im
mpr
p ov
ove sa
ove
safe
fety
fe
t forr loc
ty
o al
a por
ortt stak
ssttak
keh
ehol
o de
ol
ders
rss. Th
rs.
The
he cl
clie
ient
ie
nt on th
this
is pro
roje
ject
ct is
t e Sa
th
Sabi
b ne
bi
e-N
-Necche
hess Na
Navi
v ga
vi
ati
tion
on Dis
istr
tric
tr
ict.
ic
t
t.
CO
OVE
VER:
R: Grrea
e t La
ake
kes   
s new
s   
e es
e t Tr
Trai
a liing Suc
ai
u ti
tion
o Ho
on
op
ppe
perr Dr
Dred
ed
dge Ga
Galv
lves
lv
essto
ton
n Is
Isla
l nd
la
d wor
ork
kiing
n on th
t eS
Sa
abi
b ne
ne-N
Nec
e he
h s Waterway
Chan
Ch
anne
nel Im
Impr
prov
ovvvem
o
em
men
entt Pr
P ojjec
ectt in
i Tex
exas
a dee
as
epe
p ni
ning
n the
ng
he cha
ann
n el for the
e Sab
abin
in
nee-Ne
Nech
Ne
ches
ch
e Nav
es
a ig
igat
a io
at
on Dist
Diisttri
r ct.
ctt. On October 25,
20
024,
24 we cel
eleb
ebra
rate
t d th
te
the
e offi
offici
cial
al nam
amin
ing
in
g ce
cere
remo
mony
ny of th
the
e Ga
Galv
lvves
e to
ton
n Is
I la
land
nd, at
nd
a Pie
er 21
21 in Ga
alv
lve
essto
ton,
n, Texxas
a .

FINANCIAL HIGHLIGHTS
( n th
(I
thou
ousa
sand
sa
nd
ds, exc
x ep
pt pe
p r sh
har
are
e am
amou
ou
unt
nts)
s))
2024
Revenue

762,693
Net Income (Loss)

Adjusted EBITDA*
2022
20
22
$ 58
589,
89,
9 62
6 5
$ 64
648,
648,
8 781
78
81
57,265

13.9
13
.9
90
06
6
$ (3
34
4,,05
055)
5)
5)

135,964

72,9
72
,977
,9
77
7

16,9
16
,9
966
6
Diluted earnings (loss) per share**

0.84

0.21
0.
211

(0
0.5
.52)
2))
2
Total assets
$ 1,255,103
$ 1,
1,11
110,
11
0,84
0,
8 0
84
$ 98
981,
1,78
78
7
80
ussi
s on
si
o and reccon
o ci
cililiat
atio
ioon of adj
djus
ussteed EB
E ITTDA
A to ne
n t in
inco
c mee (lo
co
loss
sss) at
attr
trib
tr
ibbuttab
able
l to Gr
le
Grea
e t La
ea
Lake
kees Dr
Dred
edge
ed
gee & Doc
ock is inc
n luudeed un
unde
d r It
de
I em
em 7 of ou
o r 10
0--K
K
* Diisccus
Dilu
luutteed ea
earn
rnnin
i gss per sha
hare
ree att
ttri
ribu
ri
buta
bu
tabl
ta
blee to net
bl
et inc
ncom
om
me (l(los
oss)
os
s
s)
*** Di
2024 ANNUAL REPORT 1

LASSE PETTERSON
President &
Chief Executive Officer
LETTER TO SHAREHOLDERS
Great Lakes had an outstanding 2024, marked by
strong project execution, exceptional    nancial results,
and signi   cant project wins which further strengthened
our impressive dredging backlog to $1.2 billion at
December 31, 2024, with work expected to extend
through 2026. We concluded the year 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 the history of Great Lakes.
A record 2024 U.S. Army Corps of Engineer   s (   the
Corps   ) budget of $8.7 billion supported a historic
level bid market of $2.9 billion of which Great Lakes
won 33% which added to our substantial dredging
backlog which stands at $1.2 billion, with an additional
$282.1 million in low bids and options pending award,
providing expected revenue visibility well into 2026.
The dredging market saw thirteen bids for major
capital projects of which Great Lakes was awarded
the largest, the Sabine-Neches Contract 6 Deepening
project with awarded base and open options totaling
$235 million. At the end of the year, capital projects
and coastal protection projects accounted for 94% of
our backlog, typically representing higher-margin work.
Also included in our backlog are two Liqui   ed Natural
Gas (   LNG   ) projects that were awarded in 2023, the
Port Arthur LNG Phase 1 project and the Brownsville
Ship Channel project for Next Decade Corporation   s
Rio Grande LNG project, which is the largest project
undertaken in Great Lakes    history. Dredging began
on both capital projects in the third quarter of 2024
2 GREAT LAKES DREDGE & DOCK CORPORATION
with work on one of the projects expected to continue
through 2026. We continue to tender bids on several
pending LNG projects in an effort to diversify and
expand our client base.
We expect the 2025 dredging bid market to remain
strong and the Company   s outlook for the upcoming
year is very positive with a large portion of our planned
revenue secured with higher-margin capital and coastal
protection backlog. We continue to make progress
on our new build and    eet renewal program which
we believe will allow us to continue to be the leading
dredging contractor in the U.S. for years to come
and keep us well positioned to meet future market
demands. Our newest 6,500 cubic yard capacity
hopper dredge, the Galveston Island, was successfully
placed into operation in the    rst quarter of 2024 and
has shown solid project performance. Her sistership,
the Amelia Island, is expected to be delivered in the
second half of 2025. These dredges will work on
projects that redevelop and improve our shorelines,
which are subject to continual damage due to storms,
rising waters, and the effects of climate change. These
new hopper dredges, together with the 15,000 cubic
yard capacity dredge Ellis Island, Liberty Island, Dodge
Island and Padre Island, comprise the largest and
youngest hopper    eet in the U.S. dredging industry.
We remain steadfast in our commitment to executing a
long-term strategy that maximizes growth opportunities
for the Company. The Acadia, the    rst U.S.-   agged

ABOVE: The Great Egg Harbor Inlet Beach
Renourishment Project, New Jersey for the U.S.
Army Corps of Engineers, Philadelphia District.
RIGHT: Mechanical Dredge 54 maintenance
dredging of the St. Lucie, Florida entrance
channel and impoundment basin for the U.S.
Army Corps of Engineers, Jacksonville District.
Jones Act compliant subsea rock installation vessel, is
currently under construction and has secured offshore
wind rock placement contracts for Equinor   s Empire
Wind 1 and   rsted   s Sunrise Wind projects to protect
foundations and cables. In addition, during the fourth
quarter, we signed a vessel reservation agreement
for the Acadia for another wind project in the United
States. All three of these projects are fully permitted
and we believe will not be directly impacted by the
President   s Executive Order pausing issuance of new
offshore wind leases and permits.
The Acadia is also well suited for work outside of
U.S. offshore wind and over the past year we have
been broadening our target markets for the Acadia to
include international offshore wind projects, as well as
projects protecting critical subsea infrastructure such
as oil and gas pipelines and telecommunication and
power cables. These potential projects are expected
to provide the Acadia with work planned for 2026
and beyond. These additional markets pave the way
for the rebranding of our offshore wind division to
Offshore Energy.
members safe. The health and safety of our employees
is a core value at Great Lakes and our goal is meeting
or exceeding established environmental and safety
standards in all our operations as we strive to perform
our work in ways that leave the areas that we touch in
a better state than when we arrived. Our Sustainability
Reports can be found on our website at www.gldd.com.
Great Lakes continues to be an industry leader and
with our    eet renewal, strong project performance
and strategic growth initiative, we believe we are well
positioned for the future. On behalf of the executive
leadership team and our Board of Directors, we would
like to thank our customers for their trust and you, our
shareholders, for your continued commitment and
support.
Lasse Petterson
President & Chief Executive Officer
Great Lakes has over 1,000 dedicated employees
performing critical infrastructure services. I thank them
for their hard work, dedication, resilience, and spirit
which contributed to the Company   s accomplishments
in 2024. Our Incident and InjuryFree   (IIF  ) safety
culture is strong and deeply founded and we continue
to maintain our strong commitment to keeping all team
2024 ANNUAL REPORT 3



 3/14/2025 Letter Continued (Full PDF)