Wednesday, May 07, 2025
Great Lakes Dredge & Dock Corporation is the largest provider of dredging services in the United States. In addition, Great Lakes is fully engaged in expanding its core business into the rapidly developing offshore wind energy industry. The Company has a long history of performing significant international projects. The Company employs experienced civil, ocean and mechanical engineering staff in its estimating, production and project management functions. In its over 131-year history, the Company has never failed to complete a marine project. Great Lakes owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprised of approximately 200 specialized vessels. Great Lakes has a disciplined training program for engineers that ensures experienced-based performance as they advance through Company operations. The Company’s Incident-and Injury-Free® (IIF®) safety management program is integrated into all aspects of the Company’s culture. The Company’s commitment to the IIF® culture promotes a work environment where employee safety is paramount.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Exceptional Quarter. Driven by strong project performance and high utilization, as all active dredges were operational, Great Lakes generated exceptional operating results in the quarter, significantly exceeding our, and consensus, estimates. While, planned drydockings will impact future quarters, the $1+ billion backlog and strong operating environment bode well for the Company.
1Q25 Results. Revenue of $242.9 million in 1Q25 was up 22.3% from $198.7 million in 1Q24, and above our $215.5 million estimate. Gross margin improved to 28.6% from 22.9% last year and our 21.1% estimate. Adjusted EBITDA was $60.1 million versus $42.9 million in 1Q24 and our $39.5 million estimate. Net income for 1Q25 totaled $33.4 million, or $0.49/sh, up from $21.0 million and $0.31/sh last year. We had an estimated net income of $17 million or $0.25/sh.
Get the Full Report
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.