Great Lakes Dredge & Dock Welcomes Dana Armstrong to Board

Great Lakes Dredge & Dock Welcomes Dana Armstrong

Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD), a leading provider of dredging services in the United States, recently announced the exciting appointment of Dana Armstrong to its Board of Directors. This strategic move, effective immediately, expands the Board to a total of seven members, enhancing its diversity and expertise.

Dana Armstrong's Impressive Background

Armstrong arrives with a robust background in financial leadership across the energy sector, currently serving as the Executive Vice President and Chief Financial Officer at Excelerate Energy, Inc. (NYSE: EE). With her tenure at Excelerate beginning in 2020, she has played a significant role in advancing the company's influence in the field of floating storage and regasification as well as Liquified Natural Gas infrastructure.

Previous Roles and Achievements

Prior to her time at Excelerate, Armstrong was the Senior Vice President and Chief Financial Officer at Scientific Drilling International, serving from 2015 to 2020. She also held various financial positions at Ion Geophysical Corporation from 2007 to 2015, where she excelled as Vice President and Global Treasurer. Her extensive experience will undoubtedly contribute to Great Lakes' ongoing financial success.

Strategic Importance of the Appointment

Lawrence R. Dickerson, the Chairman of the Board, expressed enthusiasm for Armstrong’s appointment, highlighting how her deep expertise will enhance the Board's depth and capabilities. This addition underscores the company’s commitment to board refreshment and fostering a leadership team equipped to navigate the complexities of the industry.

Financial Performance Highlights

Great Lakes Dredge & Dock Corporation is currently experiencing a strong financial trajectory, evidenced by its recent reporting of a remarkable 34% revenue growth over the past twelve months. Analysts note a reasonable P/E ratio of 13, indicating solid valuation relative to earnings. As the company continues to thrive, Armstrong's nuanced understanding of the financial landscape will be instrumental.

Commitment to Safety and Operational Efficiency

Additionally, Great Lakes boasts an impressive operational history of over 134 years, marking it as a trusted name in marine projects without a failure to complete a project. Their commitment to safety is reflected in the Incident-and Injury-Free® (IIF®) program, which embodies the company culture focused on operational excellence.

Looking Forward with Growth Potential

The company’s recent performance for the third quarter revealed a net income of $8.9 million, with adjusted EBITDA soaring to $27 million on total revenues of $191.2 million. With new contracts worth approximately $543 million secured, including a notable $235 million project, Great Lakes is well-positioned with a robust backlog of $1.2 billion, offering visibility into sustained revenue growth through 2026.

Conclusion

This new chapter for Great Lakes Dredge & Dock Corporation with the addition of Dana Armstrong to their Board marks a pivotal moment in their strategic direction. The ongoing developments within the company hint at a proactive approach towards engaging with industry shifts and meeting growing demands, particularly in the offshore wind sector.

Frequently Asked Questions

Who is Dana Armstrong?

Dana Armstrong is the newly appointed independent director for Great Lakes Dredge & Dock, bringing extensive financial expertise.

What is GLDD's financial performance?

Great Lakes Dredge & Dock has reported a 34% revenue growth in the last year, with a strong outlook for future performance.

How long has Great Lakes Dredge & Dock been in operation?

The company has a legacy of over 134 years in providing marine services without failing to complete a project.

What are the safety initiatives at Great Lakes Dredge & Dock?

The company prioritizes safety through its Incident-and Injury-Free® (IIF®) safety management program.

What are the future growth plans for Great Lakes Dredge & Dock?

Great Lakes anticipates continued revenue growth and has a strong project backlog providing visibility into future operations.

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