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Great Lakes Dredge & Dock Corporation (GLDD) has delivered another solid quarter, driven by strong project execution and high equipment utilization.
The company ended the third quarter with revenue of $195.2 million, net income of $17.7 million, and adjusted EBITDA of $39.3 million.
“Our substantial dredging backlog stood at $934.5 million as of the end of the third quarter, with an additional $193.5 million in low bids and options pending award, providing revenue visibility for the remainder of 2025 and well into 2026,” said Lasse Petterson , GLDD President and Chief Executive Officer. “Capital and coastal protection projects account for over 84% of our dredging backlog, which typically yield higher margins for GLDD due to our experienced project teams and our extensive fleet.”
The current backlog includes three major port deepening LNG projects: the Port Arthur LNG Phase 1 Project, the Brownsville Ship Channel Project, part of NextDecade Corporation’s Rio Grande LNG initiative, and the Woodside Louisiana LNG project.
Dredging operations for the first two projects began in Q3 2024 and are actively ongoing. The Woodside Louisiana LNG project is expected to commence in early 2026.
“To date, we have seen no interruption to our business during the current government shutdown. Our operations have remained unaffected, and we expect to continue to conduct business as usual, maintaining full schedules, bidding, awards, and payments,” Petterson continued.
The company’s support to the U.S. Army Corps of Engineers will proceed without disruption and our backlog of projects are fully funded.
Read the full Results Report