Great Lakes Dredge & Dock (GLDD) Q1 2025 Earnings Call May 06, 2025 10:00 AM ET Speaker0 Good day, and thank you for standing by. Welcome to the Q1 twenty twenty five Great Lakes Dredge and Dock Corp Earnings Conference Call. At this time, all participants are in listen only mode. After the speakers' presentation, there will be a question and answer session. To ask a question during the session, you will need to press 11 on your telephone. You will then hear an automated message advising that your hand is r ...

Financial Performance - The company reported first quarter revenue of $242.9 million, an increase of $44.2 million compared to the same period in 2024 [9][16] - Net income for the first quarter was $33.4 million, up $12.4 million from $21.0 million in the prior year [9][16] - Adjusted EBITDA for the quarter was $60.1 million, reflecting a significant increase from $42.9 million in the first quarter of 2024 [9][16][27] Dredging Backlog - As of March 31, 2025, the dredging backlog stood at approximately $1 billion, with an additional $265.3 million in low bids and options pending award [3][9] - Capital and coastal protection projects accounted for 95% of the backlog, which typically yield higher margins [3][9] Project Updates - The company is gaining momentum in dredging for private companies in the LNG market, with new projects including the Woodside Louisiana LNG project expected to commence in early 2026 [4] - The backlog includes significant projects such as the Port Arthur LNG Phase 1 Project and the Brownsville Ship Channel Project, the latter being the largest in the company's history [4] Shareholder Actions - The board approved a $50 million share repurchase program, with $10.4 million spent to repurchase 1.2 million shares as of April 30, 2025 [5] - The company amended its Revolving Credit Facility, increasing its size from $300 million to $330 million to enhance liquidity [6] Operational Developments - The company is progressing on its new build program, with the delivery of the hopper dredge Amelia Island expected in the third quarter of 2025 [7] - The Acadia, a Jones Act compliant subsea rock installation vessel, is under construction, targeting markets including offshore wind projects and subsea infrastructure protection [8] Market Environment - The U.S. Army Corps of Engineers is operating under a continuing resolution that sustains funding levels through September 30, 2025, supporting a busy project schedule for the company [11] - The reauthorization of the Water Resources Development Act (WRDA) provides funding for various dredging and flood protection projects, enhancing the company's project pipeline [12]

Company Overview - Great Lakes Dredge & Dock Corporation is the largest provider of dredging services in the United States and has a significant history of international projects [3] - The company is expanding its core business into the offshore energy industry [3] - Great Lakes operates the largest and most diverse fleet in the U.S. dredging industry, consisting of approximately 200 specialized vessels [3] - The company has a disciplined training program for engineers to ensure performance based on experience [3] - Great Lakes has a strong commitment to safety through its Incident-and Injury-Free® (IIF®) safety management program, which is integrated into its culture [3] Upcoming Financial Results - Great Lakes Dredge & Dock Corporation will release its financial results for the three months ended March 31, 2025, on May 6, 2025, at 7:00 a.m. C.D.T. [1] - A conference call will be held on the same day at 9:00 a.m. C.D.T. for investors and analysts [1] Conference Call Registration - Investors and analysts are encouraged to pre-register for the conference call to gain immediate access [2] - Pre-registration can be completed at any time up to the call start time [2] - The live call and replay will be available on the company's website under the Investor Relations page [2]

Company Overview - Great Lakes Dredge & Dock Corporation is the largest provider of dredging services in the United States and has a long history of executing significant international projects [3] - The company is actively expanding its core business into the offshore energy industry [3] - Great Lakes operates the largest and most diverse fleet in the U.S. dredging industry, consisting of approximately 200 specialized vessels [3] - The company has a disciplined training program for engineers to ensure performance based on experience [3] - Great Lakes has an Incident-and Injury-Free® (IIF®) safety management program integrated into its culture, emphasizing employee safety [3] Upcoming Events - The Senior Vice President and Chief Financial Officer, Scott Kornblau, will present and host one-on-one meetings with investors at the Sidoti Small Cap Virtual Conference on March 19, 2025 [1] - The presentation will begin at 10:00 AM ET and will be accessible live [2]