Great Lakes Dredge & Dock ( (GLDD) ) has released its Q1 earnings. Here is a breakdown of the information Great Lakes Dredge & Dock presented to its investors.
Great Lakes Dredge & Dock Corporation is the largest provider of dredging services in the United States, with a history of significant international projects and a focus on expanding into the offshore energy industry.
In the first quarter of 2025, Great Lakes Dredge & Dock Corporation reported strong financial results, including a net income of $33.4 million and an adjusted EBITDA of $60.1 million, supported by a robust dredging backlog of $1 billion.
Key financial metrics for the quarter included a revenue of $242.9 million, an increase from the previous year, driven by higher capital and coastal protection project revenues. The company also announced a $50 million share repurchase program and an increase in its revolving credit facility to $330 million to enhance liquidity.
Strategically, Great Lakes is expanding its offshore energy division, with new projects in the LNG market and the construction of new vessels like the Amelia Island and the Acadia, aimed at strengthening its capabilities in coastal protection and offshore wind projects.
Looking ahead, Great Lakes Dredge & Dock remains optimistic about its future, with a modernized fleet and strong project execution positioning the company well for continued success in 2025 and beyond.