Great Lakes Dredge Q3 revenue misses; expects no interruption to operations during govt shutdown

Overview

• Great Lakes Q3 2025 revenue of $195.2 mln missed analyst expectations

• Dredging services provider's adjusted EBITDA for Q3 2025 was $39.3 mln, beating analyst estimates

• Company maintains substantial dredging backlog of $934.5 mln, ensuring future revenue

Outlook

• Company expects no interruption to operations during the current government shutdown

• Great Lakes sees revenue visibility into 2026 with $934.5 mln dredging backlog

• Company expands Acadia's target markets to include oil and gas pipeline protection

Result Drivers

• PROJECT EXECUTION - Strong project execution and high equipment utilization drove Q3 results, according to CEO Lasse Petterson

• CAPITAL PROJECTS - Increased revenue attributed to higher capital project revenue, partially offset by lower coastal protection and maintenance project revenue

• OFFSHORE ENERGY EXPANSION - Expansion into offshore energy market with new vessel Acadia securing contracts for 2026

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the construction & engineering peer group is "buy"

• Wall Street's median 12-month price target for Great Lakes Dredge & Dock Corp is $15.00, about 24.1% above its November 3 closing price of $11.38

• The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 12 three months ago

Press Release: ID:nGNX5GpYkf

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