Great Lakes Dredge & Dock Corporation (GLDD) stock surged 6.35% in Tuesday's pre-market trading session, driven by the company's impressive fourth quarter and full-year 2024 financial results, coupled with a record dredging backlog.

The largest provider of dredging services in the United States reported strong financial metrics for Q4 2024, including a net income of $19.7 million, adjusted EBITDA of $40.2 million, and total operating income of $30.0 million. For the full year 2024, Great Lakes achieved net income of $57.3 million and adjusted EBITDA of $136.0 million, marking the second-highest figures in the company's history.

Notably, Great Lakes' dredging backlog reached a record high of $1.2 billion as of December 31, 2024, with an additional $282.1 million in low bids and options pending award. The substantial backlog, comprising 94% of capital and coastal protection projects, provides visibility into the company's expected revenue well into 2026.