Great Lakes Reports Fourth Quarter and Full Year 2025 Results and the Signing of Two International Offshore Energy Contracts

Core Insights - Great Lakes Dredge & Dock Corporation reported record full year revenue of $888.3 million, a $125.6 million increase from 2024, driven by higher capital, coastal protection, and offshore energy revenues [7][13] - The company achieved a full year net income of $73.5 million, up $16.2 million from $57.3 million in 2024, with adjusted net income of $81.6 million [7][13] - Great Lakes signed two international offshore energy contracts, which will keep the Acadia utilized in Europe for most of 2027 [5] Full Year 2025 Highlights - Total operating income for the year was $127.8 million, an increase of $35.0 million from the previous year [13] - Adjusted EBITDA reached a record $171.3 million, reflecting improved project performance and higher revenues [7][13] - The company had a backlog of $888.1 million as of December 31, 2025, with $763.2 million in dredging backlog and $124.8 million in offshore energy backlog [7][13][28] Fourth Quarter 2025 Highlights - Revenue for the fourth quarter was $256.5 million, an increase of $53.7 million from the same period in 2024, primarily due to the first full quarter of the Amelia Island project [8][7] - Net income for the fourth quarter was $12.6 million, down from $19.7 million in the prior year, largely due to an $8.1 million one-time expense related to debt extinguishment [8][7] - Adjusted EBITDA for the fourth quarter was $44.0 million, reflecting improved project performance despite increased drydocking expenses [8][7] Operational Update - The company reported a gross profit of $203.5 million for the full year, with a gross profit margin of 22.9%, up from 21.1% in 2024 [13] - Total capital expenditures for 2025 were $143.9 million, including significant investments in the construction of the Acadia and Amelia Island projects [13] - As of December 31, 2025, the company had $13.4 million in cash and cash equivalents and total long-term debt of $378.2 million [13][27] Strategic Developments - On February 11, 2026, Great Lakes announced a definitive agreement for Saltchuk Resources, Inc. to acquire the company, with the transaction expected to close in Q2 2026 [4] - The company is actively expanding its core business into the offshore energy sector, leveraging its extensive experience and fleet [16]