Great Lakes Dredge reports Q1 EPS 49c, consensus 26c

Reports Q1 revenue $242.9M, consensus $206.7M. Lasse Petterson, President and Chief Executive Officer, commented, “Great Lakes had an great first quarter, with strong project performance and high utilization as all of our active dredges were operational. We ended the quarter with revenue of $242.9 million, net income of $33.4 million, and adjusted EBITDA of $60.1 million. Our substantial dredging backlog stood at approximately $1 billion as of the end of the first quarter, with an additional $265.3 million in low bids and options pending award, providing revenue visibility for the remainder of 2025 and well into 2026. Capital and coastal protection projects accounted for 95% of our backlog, which typically yield higher margins.