Great Lakes Dredge & Dock Corporation (GLDD) reported record‑setting full‑year 2025 results, with revenue of $888.3 million, net income of $73.5 million, and adjusted EBITDA of $171.3 million. The company’s fourth‑quarter performance was also strong, with $256.5 million in revenue, $12.6 million in net income, and $44.0 million in adjusted EBITDA, marking a 26% year‑over‑year revenue increase but a 36% decline in net income due to a one‑time $8.1 million expense from extinguishing second‑lien notes.
The Q4 net‑income drop was driven by the one‑time extinguishment charge, not by a decline in operating performance. Management highlighted that the company’s core dredging and offshore energy projects continued to execute at high equipment utilization, and that the company’s backlog remained robust at $934.5 million as of the end of the third quarter, providing strong revenue visibility for 2025 and beyond.
Revenue beat expectations by 17.3% (actual $256.5 million versus a Zacks consensus of $218.7 million) largely because capital and offshore‑energy revenue rose sharply, reflecting strong demand for dredging and subsea installation services. Adjusted earnings per share of $0.30 surpassed the consensus estimate of $0.20 by 50%, a result of disciplined cost management and a favorable mix of high‑margin projects.
The record full‑year adjusted EBITDA of $171.3 million, up from $136.0 million in 2024, underscores the company’s operational efficiency and the growing contribution of its offshore‑energy segment, which has seen its backlog nearly triple. The company’s gross‑profit margin improved to 21.1% from 13.2% in 2023, driven by higher‑margin capital projects and improved project execution.
GLDD also announced two new international offshore‑energy contracts that will keep its Acadia subsea rock installation vessel fully utilized in Europe for most of 2027. These agreements reinforce the company’s strategy to expand its offshore‑energy footprint and provide a new, high‑margin revenue stream that complements its core dredging business.
Finally, the company’s pending acquisition by Saltchuk Resources, Inc., valued at approximately $1.2 billion and expected to close in Q2 2026, adds a significant corporate development that could reshape GLDD’s capital structure and strategic direction. The combination of record earnings, a growing offshore‑energy backlog, and the acquisition announcement positions GLDD as a compelling play for investors focused on infrastructure and energy services.
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