Great Lakes Dredge & Dock Corp
NASDAQ:GLDD
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Great Lakes Dredge & Dock Corp
Great Lakes Dredge & Dock Corp. engages in the provision of dredging services. The company is headquartered in Houston, Texas and currently employs 413 full-time employees. The company went IPO on 2006-12-27. The firm provides dredging services in the East and Gulf Coasts of the United States and around the world. Its dredging generally involves the enhancement or preservation of the navigability of waterways or the protection of shorelines through the removal or replenishment of soil, sand or rock. Domestically, its work generally is performed in coastal waterways and deep-water ports. Its United States dredging market consists of four primary types of work: capital, coastal protection, maintenance and rivers and lakes. The company operates three principal types of dredging equipment: hopper dredges, hydraulic dredges and mechanical dredges. Its domestic dredging fleet is positioned on the East and Gulf Coasts, with a smaller number of vessels positioned on the West Coast, and with many of the rivers and lakes dredges on inland rivers and lakes.
Great Lakes Dredge & Dock Corp. engages in the provision of dredging services. The company is headquartered in Houston, Texas and currently employs 413 full-time employees. The company went IPO on 2006-12-27. The firm provides dredging services in the East and Gulf Coasts of the United States and around the world. Its dredging generally involves the enhancement or preservation of the navigability of waterways or the protection of shorelines through the removal or replenishment of soil, sand or rock. Domestically, its work generally is performed in coastal waterways and deep-water ports. Its United States dredging market consists of four primary types of work: capital, coastal protection, maintenance and rivers and lakes. The company operates three principal types of dredging equipment: hopper dredges, hydraulic dredges and mechanical dredges. Its domestic dredging fleet is positioned on the East and Gulf Coasts, with a smaller number of vessels positioned on the West Coast, and with many of the rivers and lakes dredges on inland rivers and lakes.
Strong Revenue & Profit: Great Lakes Dredge & Dock reported Q3 revenue of $195.2 million and net income of $17.7 million, both up from the prior year.
Record Margins: Adjusted EBITDA reached $39.3 million (20.1% margin), and gross profit margin rose to 22.4%, driven by strong project execution and high utilization.
Robust Backlog: Backlog stands at $935 million, with a high concentration in capital and coastal protection projects, providing revenue visibility into 2026.
Offshore Energy Momentum: Offshore energy projects are ramping up, with Acadia fully booked for 2026 and additional international opportunities being pursued.
Balance Sheet Strength: The company refinanced and upsized its revolving credit facility to $430 million, repaid $100 million in second-lien notes, and expects significant interest expense savings.
Positive Free Cash Flow: Despite major new build investments, free cash flow was $52 million for the first nine months, with expectations for much higher levels in 2026.
2025 Outlook: Management expects 2025 to deliver the highest EBITDA in company history, with a strong Q4 anticipated.
