Financial Performance - Contract revenues for Q1 2025 increased to $242.865 million, up 22.2% from $198.660 million in Q1 2024[12] - Gross profit for Q1 2025 was $69.523 million, representing a 52.5% increase compared to $45.574 million in Q1 2024[12] - Net income for Q1 2025 rose to $33.416 million, a 58.8% increase from $21.024 million in Q1 2024[12] - Basic earnings per share for Q1 2025 were $0.50, up from $0.32 in Q1 2024, reflecting a 56.3% increase[12] - Total revenues for the three months ended March 31, 2025, were $242.9 million, an increase of 22.2% compared to $198.7 million for the same period in 2024[80] - Adjusted EBITDA for the three months ended March 31, 2025, was $60.1 million, compared to $42.9 million for the same period in 2024, representing an increase of 40.0%[109] - Consolidated gross profit for Q1 2025 was $69.5 million, an increase of $23.9 million or 52% compared to Q1 2024[114] - Operating income for Q1 2025 was $49.9 million, up $18.4 million from $31.5 million in Q1 2024[116] Assets and Liabilities - Total current assets decreased to $257.620 million as of March 31, 2025, down from $263.418 million at the end of 2024[10] - Total liabilities decreased to $753.504 million as of March 31, 2025, down from $806.193 million at the end of 2024[10] - The company’s total equity increased to $479.944 million as of March 31, 2025, up from $448.910 million at the end of 2024[10] - Total property and equipment as of March 31, 2025, was $1,227,555,000, an increase from $1,218,787,000 as of December 31, 2024[36] - Total accrued expenses decreased to $33,349,000 as of March 31, 2025, down from $41,640,000 as of December 31, 2024, indicating a reduction of approximately 19.9%[37] Cash Flow and Financing - Cash provided by operating activities for Q1 2025 was $60.854 million, compared to $38.441 million in Q1 2024, marking a 58.5% increase[21] - The company repurchased 352 shares of common stock for $3.171 million during Q1 2025[19] - The Company repurchased 352,240 shares of common stock for approximately $3.2 million during the three months ended March 31, 2025, as part of a $50.0 million share repurchase program approved on March 14, 2025[27] - The Company had $100.0 million in borrowings on the Second Lien Credit Agreement as of March 31, 2025, with a weighted average interest rate of 12.07% during the quarter[46] - As of March 31, 2025, the Company had zero borrowings on the revolver and $256.2 million of availability under the ABL Credit Agreement[55] - The weighted average interest rates on the Company's outstanding borrowings were 6.78% as of March 31, 2025[59] - The Company has a green loan option with a $35.0 million sublimit, allowing borrowing at rates 0.05% lower if proceeds are used for renewable energy projects[52] Revenue Breakdown - The company’s capital dredging revenue in the U.S. for the three months ended March 31, 2025, was $91.1 million, up from $69.9 million in 2024[80] - Domestic capital dredging revenue was $91.1 million, up $21.2 million, or 30.4%, compared to $69.9 million for the same period in 2024[110] - Coastal protection revenue for the quarter ended March 31, 2025, was $120.3 million, an increase of $56.4 million, or 88.2%, compared to $63.9 million in the prior year period[111] - Maintenance dredging revenue for the first quarter of 2025 was $31.4 million, down $33.4 million, or 51.5%, from $64.8 million in the same period of 2024[113] Backlog and Future Expectations - The company's dredging backlog at March 31, 2025, was $968.5 million, with approximately 60% expected to be completed during the remainder of 2025[79] - Total backlog as of March 31, 2025, was $1.013 billion, down from $1.239 billion at December 31, 2024[121] - Domestic capital dredging backlog decreased to $712.7 million, a decline of $86.8 million from December 31, 2024[128] - Coastal protection dredging backlog was $207.1 million, down $121.0 million from December 31, 2024[129] - The company expects to spend between $140 million and $160 million on capital expenditures in 2025[135] Shareholder and Governance - The company has authorized a new share repurchase program for up to $50 million of its common stock, effective until March 14, 2026[149] - The company cannot guarantee the full implementation of its share repurchase program or that it will enhance long-term stockholder value[149] - There have been no changes in internal control over financial reporting that materially affected the company during the fiscal quarter ended March 31, 2025[144] - The company's disclosure controls and procedures were evaluated as effective as of March 31, 2025, providing reasonable assurance[143] Risk Management - The market risk profile of the company has not materially changed since December 31, 2024[141] - No material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2024[148] - The company continues to review its accounting policies and financial information disclosures regularly[139]

Great Lakes Dredge & Dock (GLDD) came out with quarterly earnings of $0.49 per share, beating the Zacks Consensus Estimate of $0.25 per share. This compares to earnings of $0.31 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 96%. A quarter ago, it was expected that this provider of dredging and dock-contracting services would post earnings of $0.21 per share when it actually produced earnings of $0.29, delivering a surprise o ...

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 - First quarter revenue was $242.9 million, an increase of $44.2 million from the first quarter of 2024[3] - Net income for the first quarter was $33.4 million, a $12.4 million increase compared to $21.0 million in the prior year[15] - Adjusted EBITDA for the first quarter was $60.1 million, reflecting improved project performance[3] - Contract revenues for Q1 2025 were $242.865 million, a 22.2% increase from $198.660 million in Q1 2024[26] - Gross profit for Q1 2025 was $69.523 million, compared to $45.574 million in Q1 2024, reflecting a significant improvement[26] - Net income for Q1 2025 increased to $33.416 million, up from $21.024 million in Q1 2024, representing a 58.9% growth[26] - Adjusted EBITDA for Q1 2025 was $60.108 million, compared to $42.924 million in Q1 2024, indicating a 40.0% increase[28] Backlog and Capital Expenditures - Dredging backlog as of March 31, 2025, was $1.0 billion, with an additional $265.3 million in low bids and options pending award[15] - Total dredging backlog as of March 31, 2025, was $968.527 million, down from $1,194.199 million as of December 31, 2024[32] - Total backlog, including offshore energy, was $1,013.472 million as of March 31, 2025, compared to $1,239.144 million as of December 31, 2024[32] - Total capital expenditures for the first quarter were $11.4 million, including $3.9 million for the construction of the Acadia vessel[15] Liquidity and Equity - Cash and cash equivalents increased to $11.336 million as of March 31, 2025, from $10.216 million as of December 31, 2024[30] - Total current liabilities decreased to $193.074 million as of March 31, 2025, from $216.013 million as of December 31, 2024[30] - Total equity increased to $479.944 million as of March 31, 2025, compared to $448.910 million as of December 31, 2024[30] - The Revolving Credit Facility was amended to increase its size from $300 million to $330 million, enhancing liquidity[6] Share Repurchase and Future Projects - A $50 million share repurchase program was approved, with $10.4 million spent to repurchase 1.2 million shares as of April 30, 2025[5] - The company has received notice to proceed for dredging work on the Woodside Louisiana LNG project, expected to commence in early 2026[4] - The company is actively pursuing opportunities in offshore wind projects and subsea infrastructure protection, expanding its market reach[16] Risks and Challenges - The company continues to face risks related to government funding and contract competition, which could impact future performance[24]

In the latest market close, Great Lakes Dredge & Dock (GLDD) reached $9.14, with a +1.11% movement compared to the previous day. The stock's change was more than the S&P 500's daily gain of 0.58%. Elsewhere, the Dow saw an upswing of 0.75%, while the tech-heavy Nasdaq appreciated by 0.55%.Prior to today's trading, shares of the provider of dredging and dock-contracting services had gained 3.91% over the past month. This has outpaced the Construction sector's loss of 1.18% and the S&P 500's loss of 0.84% in ...

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]

Great Lakes Dredge & Dock (GLDD) closed the most recent trading day at $9.04, moving -1.31% from the previous trading session. The stock's change was less than the S&P 500's daily gain of 0.06%. Meanwhile, the Dow experienced a rise of 0.28%, and the technology-dominated Nasdaq saw a decrease of 0.1%.Prior to today's trading, shares of the provider of dredging and dock-contracting services had gained 3.62% over the past month. This has outpaced the Construction sector's loss of 6.22% and the S&P 500's loss ...

Company Performance - Great Lakes Dredge & Dock (GLDD) closed at $8.81, reflecting a +1.03% change from the previous session, outperforming the S&P 500's gain of 0.13% [1] - The company's shares have decreased by 5.63% over the last month, which is better than the Construction sector's loss of 7.68% and the S&P 500's loss of 6.3% [1] Upcoming Earnings - The company is expected to report an EPS of $0.25, indicating a 19.35% decline compared to the same quarter last year [2] - Revenue is anticipated to be $209.9 million, showing a 5.66% increase from the same quarter last year [2] Annual Forecast - Zacks Consensus Estimates predict earnings of $0.69 per share and revenue of $775.45 million for the year, reflecting changes of -17.86% and +1.67% respectively compared to the previous year [3] Analyst Revisions - Recent revisions to analyst forecasts for Great Lakes Dredge & Dock are important as they indicate changing near-term business trends, with positive revisions seen as a good sign for the company's outlook [4] Zacks Rank - The Zacks Rank system, which ranges from 1 (Strong Buy) to 5 (Strong Sell), currently places Great Lakes Dredge & Dock at 3 (Hold) [6] - The Zacks Rank has a strong track record, with 1 stocks generating an average annual return of +25% since 1988 [6] Valuation Metrics - Great Lakes Dredge & Dock has a Forward P/E ratio of 12.73, which is lower than the industry average of 15.03, suggesting it is trading at a discount [7] - The company's PEG ratio is currently 1.06, matching the average PEG ratio of the Building Products - Heavy Construction industry [8] Industry Context - The Building Products - Heavy Construction industry is part of the Construction sector and holds a Zacks Industry Rank of 66, placing it in the top 27% of over 250 industries [8] - Strong individual industry groups, as measured by the Zacks Industry Rank, tend to outperform weaker groups by a factor of 2 to 1 [9]

Company Overview - Great Lakes Dredge & Dock Corporation is the largest provider of dredging services in the United States, with a history of completing significant international projects [3] - The company operates approximately 200 specialized vessels, making it the owner of the largest and most diverse fleet in the U.S. dredging industry [3] - Great Lakes has a disciplined training program for engineers and a strong commitment to safety through its Incident-and Injury-Free® (IIF®) safety management program [3] Financial Performance - In 2024, the company achieved the second-best results in its history, indicating strong business performance [2] - As of December 31, 2024, Great Lakes reported a backlog of $1.2 billion, suggesting a robust outlook for 2025 and 2026 [2] Share Repurchase Program - The Board of Directors has authorized a share repurchase program allowing the company to repurchase up to $50 million of its common stock [1][2] - The share repurchase may occur through open market purchases or privately negotiated transactions, with the program set to expire on March 14, 2026 [2] Strategic Outlook - The company believes its current share price does not reflect its business strength and views the share repurchase program as accretive to shareholders [2] - The new build program is expected to be substantially completed in 2025, further enhancing the company's operational capabilities [2]

Company Performance - Great Lakes Dredge & Dock (GLDD) closed at $7.84, reflecting a -1.01% change from the previous day, underperforming compared to the S&P 500's daily loss of 0.91% [1] - The stock has decreased by 29.41% over the past month, significantly lagging the Construction sector's loss of 7.5% and the S&P 500's loss of 7.38% [1] Earnings Projections - The upcoming earnings disclosure is projected to show earnings per share (EPS) of $0.25, indicating a 19.35% decrease from the same quarter last year [2] - Quarterly revenue is estimated at $209.9 million, which is a 5.66% increase from the year-ago period [2] - For the annual period, earnings are anticipated to be $0.69 per share, reflecting a -17.86% change, while revenue is expected to be $775.45 million, showing a +1.67% change from the previous year [3] Analyst Forecasts - Recent revisions to analyst forecasts for Great Lakes Dredge & Dock are crucial as they reflect short-term business trends [4] - Positive changes in estimates indicate analyst optimism regarding the company's business and profitability [4] Valuation Metrics - Great Lakes Dredge & Dock has a Forward P/E ratio of 11.56, which is lower than the industry's Forward P/E of 15.35, suggesting a valuation discount [7] - The company's PEG ratio stands at 0.96, compared to the average PEG ratio of 1.48 for the Building Products - Heavy Construction industry [7] Industry Context - The Building Products - Heavy Construction industry is part of the Construction sector and currently holds a Zacks Industry Rank of 86, placing it in the top 35% of over 250 industries [8] - The Zacks Industry Rank measures the strength of industry groups based on the average Zacks Rank of individual stocks, with top-rated industries outperforming lower-rated ones by a factor of 2 to 1 [8]