Great Lakes Dredge & Dock Corporation reported a notable increase in financial performance for the third quarter of 2025, with total revenues reaching $195.2 million, a 2% increase from $191.2 million in the same period last year. For the nine months ending September 30, 2025, revenues rose by 13% to $631.8 million, compared to $559.9 million in the prior year. The company attributed this growth to strong project performance and high utilization rates, particularly in capital dredging projects, despite having six dredges undergoing regulatory drydock inspections during the year.
The company's net income for the third quarter was $17.7 million, up from $8.9 million in the same quarter of 2024, while net income for the nine-month period increased to $60.8 million from $37.5 million. This resulted in diluted earnings per share of $0.26 for the third quarter and $0.90 for the nine months, compared to $0.13 and $0.55, respectively, in the prior year. The increase in profitability was primarily driven by higher gross profit margins, which improved to 22.4% for the third quarter, up from 19.0% in the previous year, and 23.7% for the nine months, compared to 19.9% in 2024.
Operationally, Great Lakes reported a total dredging backlog of $934.5 million as of September 30, 2025, a decrease from $1.2 billion at the end of 2024. This backlog includes $654.5 million in capital dredging, $132.4 million in coastal protection, and $147.6 million in maintenance dredging. The company also noted an increase in offshore energy backlog to $73.0 million, reflecting its strategic expansion into the offshore energy sector. The company has secured contracts for the Acadia, its subsea rock installation vessel, which is expected to be operational in 2026.
In terms of strategic developments, Great Lakes announced a share repurchase program in March 2025, authorizing the repurchase of up to $50 million of its common stock. As of September 30, 2025, the company had repurchased approximately $11.6 million worth of shares. Additionally, the company amended its ABL Credit Agreement in October 2025, increasing the aggregate principal amount to $430 million and reducing applicable margins on borrowings. This amendment is expected to enhance liquidity and support ongoing capital expenditures, which are projected to be between $140 million and $150 million for the year.
Looking ahead, Great Lakes remains optimistic about its growth prospects, particularly in the offshore energy market, despite potential delays in U.S. offshore wind projects due to recent legislative changes. The company plans to continue diversifying its service offerings and geographic reach to capitalize on emerging opportunities in the energy sector. Management believes that its current cash position, anticipated cash flows, and available credit will be sufficient to meet operational needs and support future growth initiatives.
About Great Lakes Dredge & Dock CORP
Great Lakes Dredge & Dock Corporation is the leading U.S. provider of dredging services, specializing in port expansion, coastal protection, maintenance, and inland waterway projects. It serves federal, state, local, and international clients, leveraging a large, modern fleet of dredges and equipment. The company also expands into offshore energy, supporting offshore wind, oil, gas, and subsea infrastructure projects with innovative vessels and solutions.
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