Overview

* Great Lakes Q3 2025 revenue of $195.2 mln missed analyst expectations

* Dredging services provider's adjusted EBITDA for Q3 2025 was $39.3 mln, beating analyst estimates

* Company maintains substantial dredging backlog of $934.5 mln, ensuring future revenue

Outlook

* Company expects no interruption to operations during the current government shutdown

* Great Lakes sees revenue visibility into 2026 with $934.5 mln dredging backlog

* Company expands Acadia's target markets to include oil and gas pipeline protection

Result Drivers

* PROJECT EXECUTION - Strong project execution and high equipment utilization drove Q3 results, according to CEO Lasse Petterson

* CAPITAL PROJECTS - Increased revenue attributed to higher capital project revenue, partially offset by lower coastal protection and maintenance project revenue

* OFFSHORE ENERGY EXPANSION - Expansion into offshore energy market with new vessel Acadia securing contracts for 2026

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Miss $195.21 $200.40

Revenue mln mln (4

Analysts

)

Q3 Net $17.72

Income mln

Q3 Beat $39.30 $31.10

Adjusted mln mln (4

EBITDA Analysts

)

Q3 Beat $23.84 $15.10

Pretax mln mln (4

Profit Analysts

)

Q3 $28.14

Operatin mln

g Income

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the construction & engineering peer group is "buy"

* Wall Street's median 12-month price target for Great Lakes Dredge & Dock Corp ( GLDD ) is $15.00, about 24.1% above its November 3 closing price of $11.38

* The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 12 three months ago

Press Release:

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(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.)