Great Lakes Dredge Q3 revenue misses; expects no interruption to operations during govt shutdown

Great Lakes Dredge & Dock

04/11/2025 13:24

Overview

Great Lakes Q3 2025 revenue of $195.2 mln missed analyst expectations

Dredging services provider's adjusted EBITDA for Q3 2025 was $39.3 mln, beating analyst estimates

Company maintains substantial dredging backlog of $934.5 mln, ensuring future revenue

Outlook

Company expects no interruption to operations during the current government shutdown

Great Lakes sees revenue visibility into 2026 with $934.5 mln dredging backlog

Company expands Acadia's target markets to include oil and gas pipeline protection

Result Drivers

PROJECT EXECUTION - Strong project execution and high equipment utilization drove Q3 results, according to CEO Lasse Petterson

CAPITAL PROJECTS - Increased revenue attributed to higher capital project revenue, partially offset by lower coastal protection and maintenance project revenue

OFFSHORE ENERGY EXPANSION - Expansion into offshore energy market with new vessel Acadia securing contracts for 2026

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Revenue
Miss
$195.21 mln
$200.40 mln (4 Analysts)
Q3 Net Income
$17.72 mln
Q3 Adjusted EBITDA
Beat
$39.30 mln
$31.10 mln (4 Analysts)
Q3 Pretax Profit
Beat
$23.84 mln
$15.10 mln (4 Analysts)
Q3 Operating Income
$28.14 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

The average consensus recommendation for the construction & engineering peer group is "buy"

Wall Street's median 12-month price target for Great Lakes Dredge & Dock Corp is $15.00, about 24.1% above its November 3 closing price of $11.38

The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 12 three months ago

Press Release: ID:nGNX5GpYkf

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)