Analyst Summary
- Great Lakes Dredge & Dock Corporation has authorized a share repurchase program of up to $50 million of its common stock, effective through March 14, 2026.
- The company may repurchase shares through open market purchases, privately negotiated transactions, or other means, including Rule 10b5-1 trading plans.
- The timing and amount of repurchases will depend on business, economic, and market conditions, as well as corporate and regulatory requirements and prevailing stock prices.
- The repurchase program is discretionary and can be modified, suspended, or discontinued at any time.
- The company’s CEO, Lasse Petterson, stated that the business is strong, with the second-best results in the company’s history in 2024 and a $1.2 billion backlog as of December 31, 2024.
- The new build program is expected to be substantially completed in 2025.
Potential Implications
Stock Price
- The share repurchase program may increase demand for the company’s stock, potentially driving up the stock price.
- The company’s belief that its stock is undervalued could signal confidence to investors, potentially leading to a positive reassessment of the stock’s value.