Great Lakes Dredge & Dock (GLDD) - 2025 Q3 - Quarterly Results

Financial Performance - Third quarter revenue was $195.2 million, an increase of $4.0 million compared to the third quarter of 2024[16] - Net income for the third quarter was $17.7 million, up from $8.9 million in the prior year[16] - Adjusted EBITDA for the third quarter was $39.3 million, reflecting improved project performance and higher revenue[4] - Gross profit for the third quarter was $43.8 million, with a gross profit margin of 22.4%, up from 19.0% in the prior year[16] - Contract revenues for Q3 2025 were $195,205,000, a 2% increase from $191,173,000 in Q3 2024[28] - Gross profit for Q3 2025 was $43,760,000, up 21% from $36,233,000 in Q3 2024[28] - Net income for the nine months ended September 30, 2025, was $60,835,000, compared to $37,549,000 for the same period in 2024, representing a 62% increase[28] - Adjusted EBITDA for Q3 2025 was $39,274,000, a 46% increase from $26,983,000 in Q3 2024[31] - Total dredging revenues for the nine months ended September 30, 2025, were $625,703,000, compared to $559,919,000 in 2024, reflecting an 11.7% increase[35] - Basic earnings per share for Q3 2025 were $0.27, up from $0.13 in Q3 2024[28] Backlog and Future Revenue - Dredging backlog as of September 30, 2025, was $934.5 million, down from $1.2 billion at December 31, 2024[16] - The company has an additional $193.5 million in low bids and options pending award, providing revenue visibility into 2026[4] - The total backlog for dredging as of September 30, 2025, was $934,505,000, down from $1,194,199,000 as of December 31, 2024[35] - Capital and coastal protection projects account for over 84% of the dredging backlog, typically yielding higher margins for the company[4] Capital Expenditures and Assets - Total capital expenditures for the third quarter were $32.8 million, including $18.6 million for the construction of the Acadia vessel[16] - Cash and cash equivalents increased to $12,671,000 as of September 30, 2025, from $10,216,000 at the end of 2024[33] - Total equity rose to $502,112,000 as of September 30, 2025, compared to $448,910,000 at the end of 2024[33] - The company reported a total long-term debt of $415,321,000 as of September 30, 2025, down from $448,216,000 at the end of 2024[33] Operational Updates - The company has maintained operations without interruption during the current government shutdown, with all projects in the backlog fully funded[6][15] - The Acadia, a new subsea rock installation vessel, is expected to commence operations in early 2026 with secured contracts for full utilization throughout that year[9][17]