Reports Q2 revenue $132.7M, consensus $146.67M. Lasse Petterson, President and Chief Executive Officer commented, “The second quarter reflects improved performance, resulting in improved net income and our highest adjusted EBITDA since the first quarter of 2022. Although not all challenges are behind us, our solid quarter is a result of improved project performance and weather conditions and the benefits from our cost savings initiatives. Great Lakes ended the quarter with $434.6 million of dredging backlog, which does not include approximately $50.0 million dollars of performance obligations related to offshore wind contracts and $487.3 million in low bids and options pending award. Dredging backlog includes the Freeport Reach Deepening job which was awarded to Great Lakes for $157.4 million, which, at the time, was the third largest domestic capital project the Company has won in its history.”
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