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Great Lakes Q1 2025 Earnings Report
Great Lakes reported strong first quarter 2025 results with increased revenue, net income, and adjusted EBITDA, driven by strong project performance and high dredge utilization.
Key Takeaways
Great Lakes Dredge & Dock Corporation reported a strong first quarter in 2025, with revenue reaching $242.9 million, net income of $33.4 million, and adjusted EBITDA of $60.1 million. The company's dredging backlog stood at approximately $1 billion, with significant contributions from capital and coastal protection projects.
Revenue increased to $242.9 million in Q1 2025, up from $198.66 million in Q1 2024, primarily due to higher capital and coastal protection project revenue.
Net income for Q1 2025 was $33.4 million, a significant increase from $21.024 million in Q1 2024, driven by improved operating results.
Adjusted EBITDA reached $60.1 million in Q1 2025, compared to $42.924 million in Q1 2024, reflecting strong project performance.
Dredging backlog stood at $1.0 billion as of March 31, 2025, with 95% attributed to capital and coastal protection projects, indicating strong future revenue visibility.
Revenue by Segment
Forward Guidance
Great Lakes anticipates continued strong performance into 2025 and 2026, supported by a robust backlog, ongoing capital and coastal protection projects, and the strategic expansion into offshore energy markets. The company expects sustained utilization of its modernized fleet and continued project execution.
Positive Outlook
- Substantial dredging backlog of $1 billion provides revenue visibility for the remainder of 2025 and into 2026.
- Capital and coastal protection projects, which typically yield higher margins, account for 95% of the current backlog.
- Gaining momentum in the Liquefied Natural Gas (LNG) market with new project awards and ongoing operations.
- Continued progress on the new build program, with the Amelia Island expected to be delivered in Q3 2025 and the Acadia under construction, enhancing future capabilities.
- Proactive expansion into offshore energy markets, including oil and gas pipeline and power/telecommunication cable protection, is expected to provide sustained utilization for the Acadia.
Challenges Ahead
- Potential delays to projects in the U.S. offshore wind market, as evidenced by the temporary pause for Equinor's Empire Wind I project.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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