Great Lakes Dredge & Dock Corporation reported a significant increase in financial performance for the first quarter of 2025, with total contract revenues reaching $242.9 million, a 22% increase from $198.7 million in the same period last year. The company’s net income also rose to $33.4 million, up from $21.0 million, resulting in diluted earnings per share of $0.49 compared to $0.31 in the prior year. The gross profit margin improved to 28.6%, up from 22.9%, driven by higher revenues and improved project performance.
The company experienced notable changes in its revenue streams, particularly in capital and coastal protection dredging. Capital dredging revenues increased by 30% to $91.1 million, while coastal protection revenues surged by 88% to $120.3 million, attributed to strong project performance in states like New York and Florida. However, maintenance dredging revenues fell by 52% to $31.4 million, primarily due to decreased activity in Florida, Louisiana, and Texas.
Operationally, Great Lakes Dredge & Dock reported a total dredging backlog of $968.5 million as of March 31, 2025, a decrease from $1.2 billion at the end of 2024. The backlog includes $265.3 million in domestic low bids pending formal award and $14.5 million related to offshore energy contracts. The company’s bid market share averaged 31% over the past three years, but it won only 18% of domestic dredging bids in the first quarter of 2025, reflecting a decrease in competitive success compared to historical averages.
In terms of strategic developments, the company announced a share repurchase program on March 14, 2025, authorizing the repurchase of up to $50 million of its common stock. During the first quarter, Great Lakes repurchased 352,240 shares for approximately $3.2 million. The company continues to focus on expanding its offshore energy capabilities, particularly with its subsea rock installation vessel, the Acadia, which is expected to play a significant role in upcoming offshore wind projects.
Looking ahead, Great Lakes Dredge & Dock anticipates continued growth in its offshore energy division, despite potential delays in U.S. offshore wind projects. The company expects to spend between $140 million and $160 million on capital expenditures in 2025, primarily for new vessel builds and maintenance. Management remains optimistic about the future, citing strong demand for dredging services and ongoing investments in infrastructure projects as key drivers for growth.
About Great Lakes Dredge & Dock CORP
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