HOUSTON - Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD), the largest provider of dredging services in the United States, has announced the appointment of Dana Armstrong as a new independent director to its Board. The addition, effective as of Monday, brings the total number of Board members to seven.
Armstrong joins the Board with a robust background in financial leadership roles within the energy sector. She currently serves as Executive Vice President and Chief Financial Officer of Excelerate Energy, Inc. (NYSE:EE), a prominent player in the floating storage and regasification units and Liquified Natural Gas infrastructure. Her tenure at Excelerate began in 2020.
Her previous experience includes serving as Senior Vice President and Chief Financial Officer at Scientific Drilling International from 2015 to 2020, and various financial positions at Ion Geophysical (NYSE:IO) Corporation from 2007 to 2015, where she was Vice President and Global Treasurer. This appointment comes at a time when Great Lakes is demonstrating strong financial performance, with InvestingPro analysis showing a healthy revenue growth of 34% in the last twelve months and a reasonable P/E ratio of 13. For deeper insights into GLDD's financial health and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro.
Armstrong's academic credentials include a Bachelor's Degree in Accounting and a Master's Degree in Finance from the University of Houston, C.T. Bauer College of Business. She is also a licensed Certified Public Accountant in Texas.
Lawrence R. Dickerson, Chairman of the Board of Great Lakes, expressed his pleasure at welcoming Armstrong, citing her extensive experience and leadership as valuable assets to the Board. The company emphasizes that the election of Armstrong is a testament to its commitment to Board refreshment and adding depth of knowledge.
Great Lakes has a significant history in marine projects, boasting over 134 years of operations without a failure to complete a project. The company is actively involved in the offshore wind energy industry and operates the largest and most diverse fleet in the U.S. dredging industry. Financial metrics from InvestingPro indicate the company maintains a solid current ratio of 1.21 and has achieved a notable return on equity of 15%, suggesting strong operational efficiency. InvestingPro subscribers have access to over 30 additional financial metrics and exclusive analysis tools to evaluate the company's performance and potential.
The company also highlights its Incident-and Injury-Free® (IIF®) safety management program, which is a core part of its culture and operations.
This news is based on a press release statement from Great Lakes Dredge & Dock Corporation.
"In other recent news, Great Lakes Dredge & Dock Corporation announced a strong Q3 2024 performance, with net income reaching $8.9 million and adjusted EBITDA at $27 million on revenues of $191.2 million. This represents a considerable increase from the previous year. The company secured new contracts worth $543 million, including a significant $235 million project, contributing to a record backlog of $1.2 billion. With additional potential awards of $465 million, the company is poised for continued revenue growth. Analysts from various firms have noted these developments and anticipate increased activity in Q4, with strong funding from the U.S. Army Corps of Engineers and growth in the offshore wind market. Furthermore, the company has clear visibility of operations extending into 2026. These are among the latest developments for Great Lakes Dredge & Dock Corporation."
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