Great Lakes Dredge & Dock (GLDD) - 2025 Q1 - Quarterly Results

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$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]