Scott Kornblau
Senior VP & Chief Financial Officer at Great Lakes Dredge & Dock
Fourth quarter twenty twenty four net income tax of $5,100,000 was down slightly compared to income tax expense of $6,200,000 in the same quarter of 2023 and net income for the fourth quarter twenty twenty four was $19,700,000 compared to $21,600,000 from the prior year's quarter. Turning now to our full year 2024 results. Revenues increased $173,100,000 to $762,700,000 driven mostly by significant increases in capital and coastal protection revenue. We saw gross profits more than double from the prior year to $160,600,000 and net income increased over four times to $57,300,000 Finally, adjusted EBITDA increased $63,000,000 year over year to $136,000,000 By all metrics, 2024 was a very successful year. Turning to our balance sheet, we ended the year with $10,200,000 in cash and $35,000,000 drawn on our $300,000,000 revolver, which doesn't mature until the third quarter of twenty twenty seven.