Overview

* Great Lakes Q2 revenue rises to $193.8 mln, beating analyst expectations

* Adjusted EBITDA for Q2 beats estimates, driven by strong project execution

* Co repurchased 1.3 mln shares for $11.6 mln under $50 mln buyback program

Outlook

* Great Lakes anticipates full utilization of Acadia in 2026

* Company expanding offshore energy services amid vessel shortage

Result Drivers

* PROJECT EXECUTION - Strong project execution and high equipment utilization drove Q2 results, per CEO Lasse Petterson

* CAPITAL PROJECTS - Higher revenue from capital projects contributed to Q2 revenue increase, partially offset by lower coastal protection revenue

* LNG SECTOR - Continued strong dredging activity for private clients in the LNG sector, including new projects added to backlog

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q2 Beat $193.76 $177.70

Revenue mln mln (4

Analysts

)

Q2 Net $9.70

Income mln

Q2 Beat $28 mln $24.60

Adjusted mln (4

EBITDA Analysts

)

Q2 Beat $13.12 $8.62

Pretax mln mln (4

Profit Analysts

)

Q2 $17.09

Operatin mln

g Income

Press Release:

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)