Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) saw a sharp decline of 5.45% in its stock price during pre-market trading on Tuesday, following the release of its fourth-quarter 2024 earnings results.
The company reported revenue of $202.8 million for the quarter, missing Wall Street's expectations of $211.2 million. While GLDD's adjusted EBITDA of $40.2 million and earnings per share of $0.29 surpassed analysts' estimates, the revenue miss appears to have weighed heavily on investor sentiment, leading to the significant stock sell-off.
Despite the revenue shortfall, GLDD highlighted its strong project performance and exceptional financial results for the full year 2024. The company's backlog stood at $1.2 billion at the end of the year, providing expected revenue visibility well into 2026. GLDD also expressed optimism about its growth and diversification plans, including its subsea rock installation initiative and offshore energy division.
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