Shares in Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD), the largest provider of dredging services in the United States, jumped Friday after it announced that its Board of Directors has authorized a share repurchase program pursuant to which the Company may repurchase up to $50 million of its common stock.
“Our business is strong, as we delivered in 2024 the second-best results in our Company’s history,” said CEO Lasse Petterson. “The outlook for 2025 and 2026 is also strong with $1.2 billion in backlog as of December 31, 2024. Our new build program is also expected to be substantially completed in 2025. We believe the Company’s current share price does not reflect the strength of our business and that a share repurchase program will be accretive to our shareholders.”
The Company may repurchase shares of common stock from time to time through open market purchases, in privately negotiated transactions, or by other means. 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.
GLDD shares captured 82 cents, or 10.4%, to $8.66.
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