Orion Group Holdings ( (ORN) ) has released its Q4 earnings. Here is a breakdown of the information Orion Group Holdings presented to its investors.
Orion Group Holdings, Inc., a specialty construction company, operates in the infrastructure, industrial, and building sectors, providing marine and concrete construction services across the United States, Alaska, Hawaii, Canada, and the Caribbean Basin. The company recently reported its financial results for the fourth quarter and full year of 2024, showcasing a significant turnaround in its financial performance.
For the fourth quarter of 2024, Orion Group Holdings reported a 7.6% increase in contract revenues to $216.9 million, with a GAAP net income of $6.8 million, reversing a net loss from the previous year. The company’s adjusted EBITDA rose by 15.3% to $17.1 million, and its contracted backlog, including recent awards, reached $977.3 million. For the full year, contract revenues increased by 11.9% to $796.4 million, and adjusted EBITDA surged by 75.9% to $41.9 million, indicating strong operational performance and strategic execution.
The company’s Marine and Concrete segments both contributed to the revenue growth, with notable improvements in gross profit margins due to better project execution and high-quality projects. Despite an increase in SG&A expenses, Orion Group Holdings managed to improve its net income and adjusted net income significantly. The company also reported a robust cash flow from operations, further strengthening its financial position.
Looking ahead, Orion Group Holdings remains optimistic about its growth prospects, with a pipeline of approximately $16 billion in opportunities. The company anticipates revenue for 2025 to be slightly higher than in 2024, with continued investments in strategic projects expected to drive future growth. Management is focused on expanding margins and building its backlog, positioning 2026 as a year of transformational growth.