Group 1 - Great Lakes Dredge & Dock (GLDD) closed at $11.28, with a 0.8% gain over the past four weeks, and a mean price target of $15 indicates a 33% upside potential [1] - The mean estimate includes four short-term price targets with a standard deviation of $1.41, where the lowest estimate of $14.00 suggests a 24.1% increase, and the highest estimate of $17.00 indicates a potential surge of 50.7% [2] - Analysts show strong agreement on GLDD's ability to report better earnings, with a positive trend in earnings estimate revisions correlating with potential stock upside [4][11] Group 2 - Over the last 30 days, the Zacks Consensus Estimate for GLDD's current year has increased by 3.5%, with one estimate moving higher and no negative revisions [12] - GLDD holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimates, indicating strong potential for near-term upside [13] - While the consensus price target may not be entirely reliable, it provides a directional guide for potential price movement [14]

Group 1 - The article discusses Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) and its recent performance, highlighting that it is being analyzed for the first time since mid-2024 [2] - The company is part of a portfolio managed by The Insiders Forum, which focuses on small and mid-cap stocks with significant insider purchases [2] - The goal of The Insiders Forum is to outperform the Russell 2000 benchmark over time, with the current portfolio consisting of 12-25 top stocks across various sectors [2]

[PART I — Financial Information (Unaudited)](index=4&type=section&id=Part%20I%20%E2%80%94%20Financial%20Information%20(Unaudited)) [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets%20at%20June%2030%2C%202025%20and%20December%2031%2C%202024) Total assets slightly decreased to **$1,241,650 thousand** by June 30, 2025, with liabilities decreasing and equity increasing | Metric (in thousands) | June 30, 2025 | December 31, 2024 | Change | | :-------------------- | :------------ | :---------------- | :----- | | Total Assets | $1,241,650 | $1,255,103 | (1.1%) | | Total Liabilities | $759,781 | $806,193 | (5.7%) | | Total Equity | $481,869 | $448,910 | 7.3% | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20for%20the%20Three%20and%20Six%20Months%20Ended%20June%2030%2C%202025%20and%202024) Contract revenues, gross profit, and net income significantly increased for both the three and six months ended June 30, 2025 | Metric (in thousands) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | YoY Change | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | YoY Change | | :-------------------- | :--------------------------- | :--------------------------- | :--------- | :--------------------------- | :--------------------------- | :--------- | | Contract revenues | $193,755 | $170,086 | 13.9% | $436,620 | $368,746 | 18.4% | | Costs of contract revenues | $157,189 | $140,246 | 12.1% | $330,531 | $293,332 | 12.7% | | Gross profit | $36,566 | $29,840 | 22.5% | $106,089 | $75,414 | 40.7% | | Operating income | $17,087 | $14,585 | 17.2% | $67,032 | $46,064 | 45.5% | | Net income | $9,695 | $7,673 | 26.4% | $43,111 | $28,697 | 50.2% | | Basic earnings per share | $0.15 | $0.11 | 36.4% | $0.64 | $0.43 | 48.8% | | Diluted earnings per share | $0.14 | $0.11 | 27.3% | $0.64 | $0.42 | 52.4% | [Condensed Consolidated Statements of Comprehensive Income](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20for%20the%20Three%20and%20Six%20Months%20Ended%20June%2030%2C%202025%20and%202024) Comprehensive income increased by **23.6%** for Q2 2025 and **44.2%** for H1 2025, primarily due to higher net income | Metric (in thousands) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | YoY Change | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | YoY Change | | :-------------------- | :--------------------------- | :--------------------------- | :--------- | :--------------------------- | :--------------------------- | :--------- | | Net income | $9,695 | $7,673 | 26.4% | $43,111 | $28,697 | 50.2% | | Net change in cash flow derivative hedges—net of tax | $(150) | $50 | (400.0%) | $212 | $1,338 | (84.2%) | | Comprehensive income | $9,545 | $7,723 | 23.6% | $43,323 | $30,035 | 44.2% | [Condensed Consolidated Statements of Equity](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Equity%20for%20the%20Three%20and%20Six%20Months%20Ended%20June%2030%2C%202025%20and%202024) Total equity increased to **$481,869 thousand** by June 30, 2025, primarily due to net income, offset by share repurchases | Metric (in thousands) | January 1, 2025 | June 30, 2025 | Change | | :-------------------- | :-------------- | :------------ | :----- | | Total Equity | $448,910 | $481,869 | 7.3% | | Net Income | N/A | $43,111 | N/A | | Repurchase of common stock | N/A | $(11,594) | N/A |\ | Share-based compensation | N/A | $1,746 | N/A | [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows%20for%20the%20Six%20Months%20Ended%20June%2030%2C%202025%20and%202024) Operating cash flow significantly increased for H1 2025, while investing and financing cash outflows rose due to capital investments and debt/share repurchases | Metric (in thousands) | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | YoY Change | | :-------------------- | :--------------------------- | :--------------------------- | :--------- | | Net cash provided by operating activities | $117,771 | $56,809 | 107.3% | | Net cash used in investing activities | $(81,307) | $(55,230) | (47.2%) | | Net cash used in financing activities | $(43,755) | $(2,206) | (1889.8%) | | Net decrease in cash, cash equivalents and restricted cash | $(7,291) | $(627) | (1063.0%) | | Cash, cash equivalents and restricted cash at end of period | $2,925 | $23,134 | (87.4%) | [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) [1. Basis of presentation](index=11&type=section&id=1.%20Basis%20of%20presentation) Financial statements follow SEC rules and GAAP; the Company operates in one dredging segment and approved a **$50.0 million** share repurchase program - The Company operates in a single reportable segment: dredging[28](index=28&type=chunk) - A share repurchase program of up to **$50.0 million** was approved on March 14, 2025, with **$11.6 million** of common stock repurchased by June 30, 2025[29](index=29&type=chunk)[135](index=135&type=chunk) - The Company is evaluating the impact of new accounting pronouncements, ASU 2024-03 (Disaggregation of Income Statement Expenses) and ASU 2023-09 (Income Taxes), effective for fiscal years ending December 31, 2027 and after December 15, 2024, respectively[31](index=31&type=chunk)[32](index=32&type=chunk)[33](index=33&type=chunk) [2. Earnings per share](index=13&type=section&id=2.%20Earnings%20per%20share) Basic and diluted EPS increased significantly for both the three and six months ended June 30, 2025, reflecting higher net income | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | YoY Change | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | YoY Change | | :----- | :--------------------------- | :--------------------------- | :--------- | :--------------------------- | :--------------------------- | :--------- | | Basic EPS | $0.15 | $0.11 | 36.4% | $0.64 | $0.43 | 48.8% | | Diluted EPS | $0.14 | $0.11 | 27.3% | $0.64 | $0.42 | 52.4% | [3. Property and equipment](index=13&type=section&id=3.%20Property%20and%20equipment) Net property and equipment increased to **$757,924 thousand** by June 30, 2025, driven by a **20.6%** rise in construction in progress | Metric (in thousands) | June 30, 2025 | December 31, 2024 | Change | | :-------------------- | :------------ | :---------------- | :----- | | Property and equipment—net | $757,924 | $703,252 | 7.8% | | Construction in progress | $319,042 | $264,525 | 20.6% | [4. Accrued expenses](index=14&type=section&id=4.%20Accrued%20expenses) Total accrued expenses decreased to **$32,896 thousand** by June 30, 2025, primarily due to lower payroll, benefits, and insurance | Metric (in thousands) | June 30, 2025 | December 31, 2024 | Change | | :-------------------- | :------------ | :---------------- | :----- | | Total accrued expenses | $32,896 | $41,640 | (21.0%)| | Payroll and employee benefits | $14,777 | $20,140 | (26.6%)| | Insurance | $10,421 | $13,832 | (24.7%)| | Contract reserves | $1,779 | $148 | 1102.0%| [5. Long-term debt](index=14&type=section&id=5.%20Long-term%20debt) Long-term debt includes a **$100.0 million** term loan, a **$330.0 million** ABL facility, and **$325.0 million** in Senior Notes, with a **6.80%** weighted average interest rate - Second Lien Credit Agreement: **$100.0 million** in borrowings as of June 30, 2025, with a weighted average interest rate of **12.07%** for the quarter ended June 30, 2025. The **$50.0 million** delayed draw facility expired undrawn on April 24, 2025[40](index=40&type=chunk)[46](index=46&type=chunk) - ABL Credit Agreement: Increased to **$330.0 million** from **$300.0 million** on May 2, 2025. Borrowings on the revolver were **$5.0 million** at June 30, 2025, down from **$35.0 million** at December 31, 2024[49](index=49&type=chunk)[51](index=51&type=chunk)[55](index=55&type=chunk) - Senior Notes: **$325.0 million** of unsecured **5.25%** Senior Notes due 2029[57](index=57&type=chunk) | Metric | June 30, 2025 | December 31, 2024 | | :----- | :------------ | :---------------- | | Weighted average interest rate (adjusted for swaps) | 6.80% | 6.77% | [6. Fair value measurements](index=19&type=section&id=6.%20Fair%20value%20measurements) The Company uses Level 2 derivative instruments for fuel and interest rate risk, with **$0.5 million** in fuel hedge liabilities and **$109 thousand** in interest rate swap liabilities - The Company uses fuel hedge contracts to hedge approximately **90%** of eligible fuel requirements for dredging backlog, with **15.8 million gallons** remaining on contracts through December 2026 at fixed prices from **$2.03** to **$2.66 per gallon**[64](index=64&type=chunk)[65](index=65&type=chunk) - Interest rate swaps with a total notional value of **$75 million** are in place, converting a portion of variable rate debt to a weighted average fixed interest rate of **11.62%** through August 2026[71](index=71&type=chunk) | Derivative Type (in thousands) | Fair Value at June 30, 2025 (Liabilities) | Fair Value at December 31, 2024 (Liabilities) | | :----------------------------- | :---------------------------------------- | :-------------------------------------------- | | Fuel hedge contracts | $454 | $1,065 | | Interest rate swaps | $109 | $0 (Assets: $217) | - The fair value of the 2029 Notes was **$312.3 million** at June 30, 2025, a Level 1 fair value measurement[74](index=74&type=chunk) [7. Share-based compensation](index=23&type=section&id=7.%20Share-based%20compensation) Shareholders approved an increase of **3,000,000** shares for the 2021 Long-Term Incentive Plan, with compensation expense rising to **$5.3 million** for H1 2025 - The 2021 Long-Term Incentive Plan was amended on May 8, 2025, increasing available shares by **3,000,000**[75](index=75&type=chunk) - **538 thousand** restricted stock units were granted to employees during the six months ended June 30, 2025[78](index=78&type=chunk) | Metric (in thousands) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | YoY Change | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | YoY Change | | :-------------------- | :--------------------------- | :--------------------------- | :--------- | :--------------------------- | :--------------------------- | :--------- | | Compensation cost charged to expense | $3,400 | $1,800 | 88.9% | $5,300 | $2,600 | 103.8% | [8. Revenue](index=23&type=section&id=8.%20Revenue) Total dredging backlog reached **$960.4 million** at June 30, 2025, with capital revenues significantly increasing and maintenance revenues decreasing - Total dredging backlog was **$960.4 million** at June 30, 2025, with approximately **40%** expected to be completed in the remainder of 2025[79](index=79&type=chunk) - Offshore energy contracts had **$52.4 million** in remaining performance obligations and **$14.5 million** in pending awards at June 30, 2025[79](index=79&type=chunk) | Revenue Type (in thousands) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | YoY Change | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | YoY Change | | :-------------------------- | :--------------------------- | :--------------------------- | :--------- | :--------------------------- | :--------------------------- | :--------- | | Capital | $105,674 | $70,747 | 49.4% | $196,492 | $140,647 | 39.7% | | Coastal protection | $65,227 | $70,195 | (7.1%) | $185,831 | $134,121 | 38.6% | | Maintenance | $22,854 | $29,144 | (21.6%) | $54,297 | $93,978 | (42.2%) | | Total revenues | $193,755 | $170,086 | 13.9% | $436,620 | $368,746 | 18.4% | | Customer Type (in thousands) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Federal government | $90,941 | $118,687 | $225,349 | $253,476 | | State and local government | $21,109 | $21,463 | $57,503 | $69,163 | | Private | $81,705 | $29,936 | $153,768 | $46,107 | | Total revenues | $193,755 | $170,086 | $436,620 | $368,746 | [9. Commitments and contingencies](index=25&type=section&id=9.%20Commitments%20and%20contingencies) Outstanding performance bonds totaled approximately **$1.3 billion**, with no material impact expected from legal proceedings or environmental claims - Outstanding performance bonds totaled approximately **$1.3 billion** at June 30, 2025, with **$651.9 million** related to dredging backlog[82](index=82&type=chunk) - The Company is not currently a party to any material legal proceedings or environmental claims, and management does not expect current proceedings to have a material effect on financial condition[85](index=85&type=chunk) [10. Segment information](index=25&type=section&id=10.%20Segment%20information) The Company operates in a single dredging segment, with the CEO using net income and Adjusted EBITDA to assess performance and allocate resources - The Company has one reportable segment: dredging[87](index=87&type=chunk)[89](index=89&type=chunk) - The CODM (CEO) uses net income and Adjusted EBITDA to evaluate segment performance and resource allocation[89](index=89&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=27&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) [General](index=27&type=section&id=General) Great Lakes, the largest U.S. dredging provider, is expanding into offshore energy with its new SRI vessel, Acadia, diversifying services amid potential U.S. offshore wind delays - Great Lakes is the largest provider of dredging services in the U.S. and is expanding into the offshore energy industry[95](index=95&type=chunk) - The Acadia, the first Jones Act SRI vessel, was launched in July 2025 and is expected to be operational in 2026, with secured offshore wind contracts for 2026[102](index=102&type=chunk)[103](index=103&type=chunk) - The Company is diversifying the Acadia's target markets to include oil and gas pipeline protection, power and telecommunications cable protection, and international offshore wind, in anticipation of potential delays in U.S. offshore wind projects[104](index=104&type=chunk)[105](index=105&type=chunk) - Federal government contracts, primarily with the U.S. Army Corps of Engineers, accounted for approximately **52%** of revenues in the first six months of 2025, down from a three-year average of **65%** due to increased private customer revenues[99](index=99&type=chunk) [Results of operations](index=29&type=section&id=Results%20of%20operations) Total revenue, gross profit, net income, and Adjusted EBITDA all significantly increased for both Q2 and H1 2025, driven by higher capital dredging revenues and improved margins | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | YoY Change | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | YoY Change | | :-------------------------- | :--------------------------- | :--------------------------- | :--------- | :--------------------------- | :--------------------------- | :--------- | | Total revenues | $193,755 | $170,086 | 13.9% | $436,620 | $368,746 | 18.4% | | Capital revenues | $105,674 | $70,747 | 49.4% | $196,492 | $140,647 | 39.7% | | Coastal protection revenues | $65,227 | $70,195 | (7.1%) | $185,831 | $134,121 | 38.6% | | Maintenance revenues | $22,854 | $29,144 | (21.6%) | $54,297 | $93,978 | (42.2%) | | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | YoY Change | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | YoY Change | | :-------------------------- | :--------------------------- | :--------------------------- | :--------- | :--------------------------- | :--------------------------- | :--------- | | Gross profit | $36,600 | $29,800 | 22.8% | $106,100 | $75,400 | 40.7% | | Gross profit margin | 18.9% | 17.5% | 1.4 pp | 24.3% | 20.5% | 3.8 pp | | Operating income | $17,100 | $14,600 | 17.1% | $67,000 | $46,100 | 45.3% | | Net income | $9,700 | $7,700 | 26.0% | $43,100 | $28,700 | 50.2% | | Diluted EPS | $0.14 | $0.11 | 27.3% | $0.64 | $0.42 | 52.4% | | Adjusted EBITDA | $28,000 | $25,800 | 8.5% | $88,100 | $68,700 | 28.2% | - The increase in gross profit and margins was driven by increased revenues, improved utilization, project performance, and a larger proportion of higher-margin capital and coastal protection projects[114](index=114&type=chunk) - General and administrative expenses increased due to higher incentive compensation and employee benefit expenses[115](index=115&type=chunk) - The "One Big Beautiful Bill Act" (OBBBA), signed July 4, 2025, includes tax reform provisions (e.g., elective R&D deduction, bonus depreciation, §163(j) modifications) whose quantitative financial impact is currently being evaluated[119](index=119&type=chunk) [Bidding activity and backlog](index=33&type=section&id=Bidding%20activity%20and%20backlog) Total backlog decreased to **$1,012.8 million** by June 30, 2025, including **$960.4 million** in dredging and **$52.4 million** in offshore energy, with a lower Q2 2025 bid win rate | Backlog Type (in thousands) | June 30, 2025 | December 31, 2024 | June 30, 2024 | Change (Dec 2024 to Jun 2025) | | :-------------------------- | :------------ | :---------------- | :------------ | :---------------------------- | | Capital | $751,350 | $799,565 | $683,131 | (6.1%) | | Coastal protection | $140,012 | $328,073 | $38,205 | (57.4%) | | Maintenance | $69,051 | $66,561 | $86,538 | 3.7% | | Total dredging backlog | $960,413 | $1,194,199 | $807,874 | (19.5%) | | Offshore energy | $52,431 | $44,945 | $44,604 | 16.7% | | Total backlog | $1,012,844 | $1,239,144 | $852,478 | (18.3%) | - Total backlog does not include **$215.4 million** of domestic low bids pending formal award and options, nor **$14.5 million** of pending offshore energy contracts[122](index=122&type=chunk)[127](index=127&type=chunk) - The domestic dredging bid market for Q2 2025 was **$197.5 million**, a **$583.5 million** decrease YoY. The Company won **14%** of bids, below its **31%** three-year average[126](index=126&type=chunk) - Backlog includes three LNG projects, with the Brownsville Ship Channel project being the largest in Company history, and the Woodside Louisiana LNG project expected to commence operations in early 2026[127](index=127&type=chunk)[128](index=128&type=chunk) [Liquidity and capital resources](index=35&type=section&id=Liquidity%20and%20capital%20resources) Operating cash flow significantly increased for H1 2025, while investing and financing cash outflows rose due to capital investments and debt/share repurchases, with **$140-$160 million** in expected 2025 capital expenditures | Cash Flow (in thousands) | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | YoY Change | | :----------------------- | :--------------------------- | :--------------------------- | :--------- | | Operating Activities | $117,771 | $56,809 | 107.3% | | Investing Activities | $(81,307) | $(55,230) | (47.2%) | | Financing Activities | $(43,755) | $(2,206) | (1889.8%) | - Investing activities included **$21.9 million** in the Amelia Island and **$32.6 million** in the Acadia during H1 2025[134](index=134&type=chunk) - Financing activities included **$30.0 million** in net repayments under the revolving debt facility and **$11.6 million** in common stock repurchases during H1 2025[135](index=135&type=chunk) - Expected capital expenditures for 2025 are between **$140 million** and **$160 million**, including new build programs and maintenance[136](index=136&type=chunk) - The Company believes its cash, anticipated cash flows from operations, and revolving credit facility availability will be sufficient to fund operations and debt service for the next twelve months[139](index=139&type=chunk) [Critical accounting policies and estimates](index=37&type=section&id=Critical%20accounting%20policies%20and%20estimates) Critical accounting policies and estimates remain materially unchanged since December 31, 2024, as detailed in Note 1 - No material changes in critical accounting policies or estimates since December 31, 2024[140](index=140&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=37&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The Company's market risk profile for financial instruments has not materially changed since December 31, 2024 - No material changes in the Company's market risk profile for financial instruments as of June 30, 2025, compared to December 31, 2024[141](index=141&type=chunk) [Item 4. Controls and Procedures](index=37&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were effective as of June 30, 2025, with no material changes in internal control over financial reporting - Disclosure controls and procedures were effective as of June 30, 2025[143](index=143&type=chunk) - No material changes in internal control over financial reporting during the fiscal quarter ended June 30, 2025[144](index=144&type=chunk) [PART II — Other Information](index=38&type=section&id=Part%20II%20%E2%80%94%20Other%20Information) [Item 1. Legal Proceedings](index=38&type=section&id=Item%201.%20Legal%20Proceedings) Legal proceedings and contingencies are detailed in Note 9, with no material impact expected on financial position or operations - Legal proceedings and other contingencies are detailed in Note 9, with no material impact expected[146](index=146&type=chunk)[85](index=85&type=chunk) [Item 1A. Risk Factors](index=38&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors have occurred since the December 31, 2024 Annual Report on Form 10-K and March 31, 2025 Quarterly Report on Form 10-Q - No material changes to risk factors since the December 31, 2024 Annual Report on Form 10-K and March 31, 2025 Quarterly Report on Form 10-Q[147](index=147&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=38&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The Company repurchased **960,253 shares** for **$8.77** average per share during Q2 2025, as part of a **$50.0 million** share repurchase program | Period | Total Number of Shares Purchased | Average Price Paid per Share | Maximum Aggregate Dollar Value That May Yet Be Purchased Under the Plans or Programs | | :--------------------------- | :------------------------------- | :--------------------------- | :----------------------------------------------------------------------------------- | | April 1, 2025 - April 30, 2025 | 839,561 | $8.67 | $39,553,293 | | May 1, 2025 - May 31, 2025 | 120,692 | N/A | $38,406,008 | | June 1, 2025 - June 30, 2025 | 0 | N/A | $38,406,008 | | Total (Q2 2025) | 960,253 | $8.77 | $38,406,008 | - A share repurchase program of up to **$50.0 million** was approved on March 14, 2025, through March 14, 2026[148](index=148&type=chunk) [Item 3. Defaults Upon Senior Securities](index=38&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The Company reported no defaults upon senior securities during the period - None[149](index=149&type=chunk) [Item 4. Mine Safety Disclosures](index=38&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the Company - Not applicable[150](index=150&type=chunk) [Item 5. Other Information](index=38&type=section&id=Item%205.%20Other%20Information) CFO Scott Kornblau adopted a Rule 10b5-1 trading arrangement on May 9, 2025, to sell up to **59,805 shares** by May 1, 2026 - CFO Scott Kornblau adopted a Rule 10b5-1 trading arrangement on May 9, 2025, to sell up to **59,805 shares** by May 1, 2026[152](index=152&type=chunk) [Item 6. Exhibits](index=39&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including credit agreement amendments, the incentive plan, and various certifications - Key exhibits include Amendment No. 2 to the Revolving Credit and Security Agreement (May 2, 2025) and the amended 2021 Long-Term Incentive Plan (May 12, 2025)[154](index=154&type=chunk) [Signature](index=40&type=section&id=Signature) The report was signed by Scott Kornblau, SVP and CFO of Great Lakes Dredge & Dock Corporation, on August 5, 2025 - Report signed by Scott Kornblau, SVP and CFO, on August 5, 2025[157](index=157&type=chunk)

Core Viewpoint - Great Lakes Dredge & Dock Corporation held its Q2 2025 earnings call, discussing key developments and financial performance for the quarter [1][2]. Group 1: Company Overview - The earnings call was led by Eric Birge, Vice President of Investor Relations, with participation from CEO Lasse Petterson and CFO Scott Kornblau [1][2][4]. - The company emphasized that certain statements made during the call are forward-looking and subject to various risks and uncertainties [3][4]. Group 2: Financial Performance - The call included discussions on non-GAAP financial measures, specifically adjusted EBITDA, with reconciliations available in the earnings release and on the investor website [4].

Financial Data and Key Metrics Changes - The company reported revenues of $193.8 million for Q2 2025, an increase of $23.7 million from the same quarter in 2024 [12] - Adjusted EBITDA for the quarter was $28 million, with an adjusted EBITDA margin of 14.4% [12] - Net income for Q2 2025 was $9.7 million, up from $7.7 million in the prior year [13] - Gross profit increased to $36.6 million, with a gross profit margin of 18.9%, compared to $29.8 million and 17.5% in Q2 2024 [12][13] - The company ended the quarter with $2.9 million in cash and $5 million drawn on its revolving credit facility [14] Business Line Data and Key Metrics Changes - The dredging backlog stood at $1 billion, with 93% from capital and coastal protection projects [6] - Over 88% of Q2 revenue came from capital and coastal protection projects, which typically yield higher margins [12] Market Data and Key Metrics Changes - The U.S. dredging bid market is expected to normalize at approximately $2 billion, focusing on coastal protection projects [18] - The company is seeing early signs of the next phase of deepening projects, with work likely to commence in 2027 [19] Company Strategy and Development Direction - The company initiated a $50 million share repurchase program, believing its share price did not reflect its financial performance [7] - The newbuild program is nearing completion, with the Amelia Island hopper dredge expected to be delivered soon [8] - The Arcadia vessel is being positioned for both domestic and international projects, expanding its target markets to include offshore energy [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in strong project execution and results for the remainder of 2025, with expectations for the highest revenue and net income in company history [15][21] - The U.S. Army Corps of Engineers is expected to maintain record funding levels, providing revenue visibility extending into 2026 [17] Other Important Information - The company has a trailing twelve-month net leverage ratio of 2.7 times and no debt maturities until 2029 [14] - Total capital expenditures for Q2 were $64.6 million, with guidance for full-year CapEx remaining unchanged at $140 million to $160 million [14] Q&A Session Summary Question: Is the pace of awards running to expectations? - Management noted that they expected a more normalized bid market and acknowledged that they did not bid on over 50% of projects due to availability constraints [25][26] Question: What is the likelihood of the Acadia being in the U.S. in 2027? - Management indicated that most efforts are focused on international markets, particularly in Europe, for the Acadia in 2027 [27][28] Question: Will there be any need for new vessels in the near future? - Management stated that they do not see a need for new dredges in the coming years, as the current fleet is modern and competitive [30][31] Question: What is the confidence level for Acadia's delivery in 2026? - Management expressed high confidence in the Q1 2026 delivery of the Acadia, with revenue expectations exceeding $100 million for the full year [34][37] Question: Are there any changes in customer hesitation in the base dredging business? - Management noted that while the Corps cannot bid new projects under the current resolution, many projects are still being executed, indicating a strong market [41] Question: What is the capital allocation strategy beyond CapEx? - Management emphasized a focus on completing the newbuild program before considering debt paydown or further share repurchases [59][60] Question: What drove the expansion of the credit facility? - The expansion was driven by favorable pricing and the need for letters of credit for LNG and offshore energy projects [61]

Core Insights - Great Lakes Dredge & Dock (GLDD) reported a revenue of $193.76 million for the quarter ended June 2025, reflecting a year-over-year increase of 13.9% [1] - The company's earnings per share (EPS) was $0.14, up from $0.11 in the same quarter last year, indicating a positive trend in profitability [1] - The reported revenue exceeded the Zacks Consensus Estimate of $174.33 million by 11.14%, showcasing a strong performance relative to market expectations [1] Financial Performance Metrics - Contract Revenues from Dredging - Capital reached $105.67 million, significantly surpassing the average estimate of $76 million, marking a year-over-year increase of 49.4% [4] - Contract Revenues from Dredging - Maintenance were reported at $22.85 million, slightly above the average estimate of $21.6 million, but showing a decline of 19.7% year-over-year [4] - Contract Revenues from Dredging - Coastal Protection totaled $65.23 million, falling short of the average estimate of $78.65 million, with a year-over-year decrease of 7.1% [4] Stock Performance - Over the past month, shares of Great Lakes Dredge & Dock have declined by 10.2%, contrasting with a 1% increase in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Great Lakes Dredge & Dock shares have lost about 5.9% since the beginning of the year versus the S&P 500's gain of 7.6%. What's Next for Great Lakes Dredge & Dock? Great Lakes Dredge & Dock (GLDD) came out with quarterly earnings of $0.14 per share, beating the Zacks Consensus Estimate of $0.08 per share. This c ...

EXHIBIT 99.1 Great Lakes Reports Second Quarter 2025 Results Second quarter net income of $9.7 million Second quarter Adjusted EBITDA of $28.0 million Dredging backlog of $1 billion at June 30, 2025 HOUSTON, Aug. 05, 2025 (GLOBE NEWSWIRE) -- Great Lakes Dredge & Dock Corporation ("Great Lakes" or the "Company") (Nasdaq: GLDD), the largest provider of dredging services in the United States, today reported financial results for the second quarter ended June 30, 2025. Second Quarter 2025 Highlights Management ...

Financial Performance - The company reported second quarter revenue of $193.8 million, an increase of $23.7 million compared to the same period in 2024 [11][17] - Net income for the quarter was $9.7 million, up from $7.7 million in the prior year [11][30] - Adjusted EBITDA for the second quarter was $28.0 million, reflecting improved operating results [11][30] Dredging Backlog - The dredging backlog stood at approximately $1.0 billion as of June 30, 2025, down from $1.2 billion at the end of 2024 [11][34] - An additional $215.4 million in low bids and options are pending award, providing revenue visibility for the remainder of 2025 and into 2026 [4][11] - Capital and coastal protection projects account for 93% of the dredging backlog, which typically yield higher margins [4] Project Updates - Dredging activity for private clients in the LNG sector remains strong, with new projects added to the backlog, including the Woodside Louisiana LNG project [5][6] - The company is actively engaged in two major LNG projects awarded in 2023, with operations ongoing [6] - The Acadia, a new subsea rock installation vessel, is expected to commence operations in 2026, enhancing the company's capabilities in offshore energy [10][16] Capital Management - The company initiated a $50 million share repurchase program, having repurchased 1.3 million shares for a total of $11.6 million as of June 30, 2025 [7] - An amendment to the Revolving Credit Facility increased its size from $300 million to $330 million, enhancing liquidity [8] Market Environment - The U.S. Army Corps of Engineers is operating under a continuing resolution, sustaining funding levels for dredging projects through September 30, 2025 [14] - The reauthorization of the Water Resources Development Act (WRDA) supports new capital investments in flood protection and ecosystem restoration [15]

Core Viewpoint - Great Lakes Dredge & Dock Corporation (GLDD) is expected to report its second-quarter 2025 results on August 5, with earnings per share (EPS) and revenues anticipated to show mixed year-over-year performance [1][3]. Financial Performance - In the last reported quarter, GLDD's EPS and revenues exceeded the Zacks Consensus Estimate by 96% and 15.7%, respectively, with year-over-year growth of 58.1% for EPS and 22.3% for revenues [1]. - The Zacks Consensus Estimate for the second-quarter EPS is unchanged at eight cents, reflecting a 27.3% decline from 11 cents year-over-year [3]. - The revenue estimate for the second quarter is $174.3 million, indicating a 2.5% increase from $170.1 million reported in the same quarter last year [3]. Revenue Drivers - The second-quarter revenue performance is likely driven by strong infrastructure demand and strategic efforts to expand the offshore wind business internationally, alongside a focus on new build programs [4]. - Government spending is significantly boosting demand for capital and coastal protection projects [4]. - Despite expected sequential weakness due to the timing of vessel deliveries, strong utilization is anticipated amid favorable market conditions [5]. Business Segment Performance - Contributions from GLDD's Dredging Capital and Dredging Coastal Protection segments are expected to increase, while Dredging Maintenance may see a decline [6]. - The Zacks Consensus Estimate for Dredging Capital revenues is $76 million, a 7% increase from $71 million year-over-year [6]. - Dredging Coastal Protection revenues are estimated at $79 million, reflecting a year-over-year growth of 12.9% [6]. - Conversely, Dredging Maintenance revenues are expected to decline by 24.2% to $21.6 million from $28.5 million a year ago [6]. Earnings Outlook - The bottom line is projected to decline year-over-year due to rising expenses, particularly from increased incentive compensation and employee benefits [7][8]. - Q2 revenues are expected to rise 2.5% to $174.3 million, driven by capital and coastal protection demand, with respective sales growth of 7% and 12.9% [8]. - The focus on higher-margin projects is likely to mitigate some pressures on the bottom line [9]. Earnings Prediction Model - The current model does not predict an earnings beat for GLDD, as it has an Earnings ESP of 0.00% and a Zacks Rank of 3 [10][11].