<\/p>\n
Great Lakes Dredge & Dock Corporation (Nasdaq: GLDD), the largest U.S. dredging contractor, reported third-quarter 2025 earnings that topped profit estimates but came in just shy of revenue expectations, reflecting steady operations amid a cooling federal project environment and a shrinking backlog.<\/p>\n
The company reported revenue of $195.2 million, a modest 2% increase from last year\u2019s $191.2 million but below analyst estimates of around $200 million. Net income rose to $17.7 million, up from $8.9 million in Q3 2024, and adjusted EBITDA climbed to $39.3 million, a 46% year-over-year increase.<\/p>\n
Gross profit margins improved to 22.4% from 19%, helped by stronger capital dredging activity and higher fleet utilization, but total dredging revenue fell slightly as coastal protection and maintenance work slowed.<\/p>\n
At the end of the quarter, the company\u2019s dredging backlog stood at $934.5 million, down from $1.2 billion at year-end 2024. About 84% of that backlog is tied to higher-margin capital and coastal protection work, including three major LNG port-deepening projects at Port Arthur, Brownsville (Rio Grande LNG), and Louisiana.<\/p>\n
On the fleet side, Great Lakes took delivery of the hopper dredge Amelia Island in August\u2014its second newbuild of the program\u2014and continued construction of the Jones Act-compliant subsea rock installation vessel Acadia, which is expected to enter service in early 2026 for Equinor and \u00d8rsted\u2019s Empire Wind and Sunrise Wind projects.<\/p>\n
The company\u2019s offshore energy backlog grew to $73 million, up from $45 million at the start of the year, as it broadens beyond wind into subsea cable and pipeline protection.<\/p>\n
Despite a federal government shutdown in October, Great Lakes said its Army Corps of Engineers projects remain fully funded and on schedule. The company recently expanded its revolving credit facility to $430 million and paid off a $100 million term loan, trimming annual interest costs by about $6 million.<\/p>\n
Looking ahead, management expects steady utilization through 2026 supported by LNG, port deepening, and coastal resilience work, but warned that lower maintenance dredging volumes and a reduced backlog could temper growth.<\/p>\n
Bottom line: Great Lakes beat profit expectations, narrowly missed on revenue, and continues to ride strong LNG and offshore energy activity\u2014but faces a smaller book of future work heading into next year.<\/p>\n
marine link<\/p>\n","protected":false},"excerpt":{"rendered":"
Great Lakes Dredge & Dock Corporation (Nasdaq: GLDD), the largest U.S. dredging contractor, reported third-quarter 2025 earnings that topped profit estimates but came in just shy of revenue expectations, reflecting steady operations amid a cooling federal project environment and a shrinking backlog. The company reported revenue of $195.2 million, a modest 2% increase from last …<\/p>\n","protected":false},"author":1,"featured_media":70394,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[64],"tags":[2179,6374,2000,3332,3543,1574,13715],"class_list":["post-70393","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-maritime-news","tag-dock","tag-dredge","tag-great","tag-lakes","tag-profit","tag-revenue","tag-slightly"],"_links":{"self":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/70393","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/comments?post=70393"}],"version-history":[{"count":0,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/70393\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media\/70394"}],"wp:attachment":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media?parent=70393"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/categories?post=70393"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/tags?post=70393"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}