Great Lakes Dredge & Dock’s second quarter results exceeded Wall Street’s expectations, with management attributing performance to robust equipment utilization and the execution of complex port deepening and coastal restoration projects. CEO Lasse Petterson cited the company’s “extensive fleet” and high project win rate as key factors supporting strong revenue generation. The recently secured backlog, including large coastal protection contracts and the Woodside Louisiana LNG project, also contributed to higher margins and improved visibility for the remainder of the year. Management emphasized that these capital and coastal projects typically yield higher profitability compared to other segments.

Is now the time to buy GLDD? Find out in our full research report (it’s free).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From Great Lakes Dredge & Dock’s Q2 Earnings Call

• Joseph Anthony Gomes (NOBLE Capital): Asked about the pace of project awards and concerns over delays. CFO Scott Kornblau replied that the bid market is normalized, with some projects missed due to full asset utilization, but the backlog provides stability.
• Joseph Anthony Gomes (NOBLE Capital): Inquired about the Acadia’s likely deployment in international versus U.S. markets post-2026. CEO Lasse Petterson indicated active bidding in Europe and Asia, expecting the vessel to work internationally in 2027.
• Joseph Anthony Gomes (NOBLE Capital): Questioned future fleet expansion needs. Petterson stated that no near-term newbuilds are planned, citing recent investments and competitive fleet age.
• Julio Alberto Romero (Sidoti & Company): Asked about confidence in Acadia’s delivery timeline and expected revenue. Management confirmed high confidence in Q1 2026 delivery, with revenue potential exceeding $100 million for a full year of operation.
• Kevin Wade Gainey (Thompson Davis & Co): Probed the mix of offshore wind versus asset protection work for the Acadia. Petterson described strong demand for both, especially in Europe, including protection for power cables, pipelines, and subsea infrastructure.

Catalysts in Upcoming Quarters

In upcoming quarters, our team will monitor (1) the operational impact and revenue contribution from new vessel deployments, especially Amelia Island and Acadia, (2) the pace and composition of backlog conversion as more coastal and capital projects are executed, and (3) the outcome of bidding activity for international offshore energy work. Evolving U.S. policy and funding for coastal and port projects will also be important indicators for future performance.

Great Lakes Dredge & Dock currently trades at $11.39, up from $10.61 just before the earnings. In the wake of this quarter, is it a buy or sell? Find out in our full research report (it’s free).

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