Posted on May 14, 2025
Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) announced in a recent SEC filing that its stockholders approved an amendment to increase the total number of shares available under its 2021 Long-Term Incentive Plan by 3 million shares. The decision was made during the company’s Annual Meeting on May 8, 2025.
The amendment to the 2021 Plan had been previously approved by the Board of Directors, contingent upon stockholder consent. The incentive plan, initially detailed in the company’s definitive proxy statement filed on March 26, 2025, aims to facilitate the granting of equity awards to employees and directors. The complete text of the amended 2021 Plan is included as an exhibit to the current report on Form 8-K. InvestingPro analysis reveals the company trades at an attractive P/E ratio of 10.75, though investors should note the stock’s RSI suggests overbought conditions.
During the same meeting, stockholders ratified the appointment of Deloitte & Touche LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2025. Additionally, they approved the company’s executive compensation on a non-binding advisory basis. The election of two directors to serve one-year terms expiring at the 2026 Annual Meeting of Stockholders was also confirmed.
Furthermore, the stockholders gave their nod to the Great Lakes Dredge & Dock Corporation 2025 Employee Stock Purchase Plan, which will allow eligible employees to purchase company stock.
The SEC filing serves as a formal record of these decisions and indicates the company’s commitment to maintaining compliance with corporate governance standards and regulatory requirements. The information is based on the filing and is intended to provide shareholders and the market with essential details regarding corporate developments.
In other recent news, Great Lakes Dredge & Dock Corp reported impressive financial results for the first quarter of 2025, surpassing both earnings and revenue expectations. The company achieved an earnings per share of $0.49, nearly double the forecasted $0.2525, and reported revenue of $242.9 million, significantly higher than the anticipated $198.5 million. This marked the second-highest revenue quarter in the company’s history, driven by strong performance in capital and coastal protection projects. Additionally, the company announced a robust backlog of $1 billion, with plans to expand into international markets for offshore energy projects. Analysts from NOBLE Capital and Thompson Davis noted the company’s strong execution on large projects, contributing to its financial success. Great Lakes Dredge & Dock also highlighted a $50 million share repurchase program, reflecting confidence in its long-term outlook. The company anticipates continued support from the U.S. Army Corps of Engineers and expects to exceed its 2024 results, projecting positive cash flow by 2026.
