Core Insights - Great Lakes Dredge & Dock Corporation reported a strong third quarter for 2025, with net income of $17.7 million and adjusted EBITDA of $39.3 million, driven by effective project execution and high equipment utilization [2][4][10] - The company's dredging backlog stood at $934.5 million as of September 30, 2025, with an additional $193.5 million in low bids and options pending award, indicating strong revenue visibility for the remainder of 2025 and into 2026 [4][10][16] Financial Performance - Revenue for the third quarter was $195.2 million, an increase of $4.0 million compared to the same period in 2024, primarily due to higher capital project revenue [10][16] - Gross profit was $43.8 million, with a gross profit margin of 22.4%, both showing improvement from the previous year's figures of $36.2 million and 19.0% respectively [16] - Operating income increased to $28.1 million from $16.7 million in the prior year's third quarter, attributed to improved gross profit and lower general and administrative expenses [16][25] Operational Highlights - The company has maintained uninterrupted operations during the recent government shutdown, ensuring full project execution and support to the U.S. Army Corps of Engineers [6][14] - Significant projects in the dredging backlog include major port deepening LNG projects, with operations for two projects having commenced in Q3 2024 and another expected to start in early 2026 [5][10] Capital Structure and Investments - An amendment to the revolving credit facility was completed, increasing the amount by $100 million to a total of $430 million, which reduced annual interest expenses by nearly $6 million [7] - Total capital expenditures for the third quarter were $32.8 million, including investments in new vessels such as the Acadia and Amelia Island [16][25] Market Position and Strategy - Great Lakes is the largest provider of dredging services in the U.S. and is expanding into the offshore energy sector, with a focus on safeguarding critical subsea infrastructure [21][17] - The company is actively pursuing opportunities in oil and gas pipeline protection and international offshore wind projects to ensure sustained utilization of its new vessels [17][9]