Great Lakes Dredge reports Q1 EPS 31c, consensus 7c

Reports Q1 revenue $198.7M, consensus $173.5M. Lasse Petterson, President and Chief Executive Officer commented, “Great Lakes ended the first quarter with strong financial results, including net income of $21.0 million and adjusted EBITDA of $42.9 million, which is the best adjusted EBITDA quarter since the fourth quarter of 2021, supporting a return to normalcy. The majority of our dredges were actively engaged on projects and our new hopper dredge, the Galveston Island, was successfully placed into operation contributing to the first quarter’s strong project performance. Our dredging backlog at the end of the quarter was $879.4 million with 77% of our backlog in capital projects. Notably, in 2023, we secured four major awards, including the Freeport Deepening Project and the Sabine-Neches Waterway Channel Improvement Project, both of which are currently underway.”