The following is a summary of the Great Lakes Dredge & Dock Corporation (GLDD) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Great Lakes Dredge & Dock Corporation reported a Q3 2024 revenue of $191.2 million, a significant increase from the previous year, driven by the Galveston Island working on projects as well as higher capital and coastal protection project revenues.

• Net income for Q3 2024 was $8.9 million with an adjusted EBITDA of $27 million.

• Gross profit margin for the quarter improved to 19%, primarily due to improved project performance and higher capital and coastal protection revenue.

Business Progress:

• The company secured $543 million in new contracts during Q3, including key projects such as 6 beach renourishment and 3 port deepening projects.

• A record backlog of $1.2 billion was reported, along with an additional $465 million in pending award low bids and options, providing extended revenue visibility into 2026.

• Significant progress in the construction and future deployment of the hopper dredges Galveston Island and Amelia Island, and the subsea rock installation vessel, the Acadia.

Opportunities:

• Continued support from legislative measures such as the 2024 Energy and Water Appropriation Bill and the Disaster Relief Supplemental Appropriation Act provides a strong outlook for more infrastructure projects.

• The expansion of U.S. offshore wind market signals long-term growth opportunities for subsea rock installation and other specialized services provided by vessels like the Acadia.

Risks:

• Operational disruptions due to regulatory changes in LNG export licenses, although current projects remained unaffected.

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.