Great Lakes Dredge & Dock Corporation (GLDD), a provider of dredging services in the US, announced it 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 Lasse Petterson, President and Chief Executive Officer. "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 share repurchase program expires on March 14, 2026.
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