Great Lakes Dredge reports Q3 EPS 13c, consensus 18c

Reports Q3 revenue $191.2M, consensus $184.1M. Lasse Petterson, President and Chief Executive Officer, commented, “Great Lakes had a solid third quarter with strong project performance and substantial project wins in the bid market. During the quarter, Great Lakes was awarded $543.0 million of new work, including three port deepening projects capturing 81% of the third quarter capital market and six beach renourishment projects capturing 79% of the quarter’s coastal protection market. The largest project bid in the quarter was the Sabine-Neches Contract 6 Deepening project, won by Great Lakes, with awarded base and open options totaling $235 million. We ended the third quarter with a record backlog of $1.21 billion and an additional $465.0 million in low bids and options pending, which provides us utilization and revenue visibility well into 2026. Post quarter end, Great Lakes was awarded two projects for a total of $90 million, which were in low bids pending award at the end of the third quarter.