Great Lakes Dredge & Dock Corporation (Nasdaq: GLDD), the largest U.S. dredging contractor, reported third-quarter 2025 earnings that topped profit estimates but came in just shy of revenue expectations, reflecting steady operations
Great Lakes Dredge & Dock Corporation (Nasdaq: GLDD), the largest U.S. dredging contractor, reported third-quarter 2025 earnings that topped profit estimates but came in just shy of revenue expectations, reflecting steady operations amid a cooling federal project environment and a shrinking backlog.
The company reported revenue of $195.2 million, a modest 2% increase from last year’s $191.2 million but below analyst estimates of around $200 million. Net income rose to $17.7 million, up from $8.9 million in Q3 2024, and adjusted EBITDA climbed to $39.3 million, a 46% year-over-year increase.
Gross profit margins improved to 22.4% from 19%, helped by stronger capital dredging activity and higher fleet utilization, but total dredging revenue fell slightly as coastal protection and maintenance work slowed.
At the end of the quarter, the company’s dredging backlog stood at $934.5 million, down from $1.2 billion at year-end 2024. About 84% of that backlog is tied to higher-margin capital and coastal protection work, including three major LNG port-deepening projects at Port Arthur, Brownsville (Rio Grande LNG), and Louisiana.
On the fleet side, Great Lakes took delivery of the hopper dredge Amelia Island in August—its second newbuild of the program—and continued construction of the Jones Act-compliant subsea rock
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