2Q:25 sales and EPS were above our expectations, as strong utilization and project performance from 1Q:25 continued into the second quarter, more than offsetting elevated drydocking activity. Dredging backlog of $960 million at 2Q:25 was a less than 1% decrease sequentially. The mix of projects remains weighted toward the higher margin categories of capital projects and coastal protection. Management expects full-year 2025 to be a record for revenue and net income. We modestly lift estimates, now modeling 2025 EPS of $1.02 (from $0.94) and 2026 EPS of $0.90 (from $0.88). Net debt at quarter-end 2Q:25 stood at $417 million. An expected return to free cash flow in 2026, a recent credit rating upgrade, and improving fundamentals in the base business support our moderate risk rating. Our unchanged $14 price target continues to be based on 16x our raised 2026 EPS estimate of $0.90 (from $0.88).