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Great Lakes Reports Second Quarter 2025 Results

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]