Orion Group Holdings ( (ORN) ) has released its Q3 earnings. Here is a breakdown of the information Orion Group Holdings presented to its investors.
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Orion Group Holdings, Inc. is a prominent specialty construction company that operates in the infrastructure, industrial, and building sectors, providing marine and concrete services across the United States, Alaska, Hawaii, Canada, and the Caribbean Basin. The company is headquartered in Houston, Texas and is recognized for its expertise in both marine and concrete construction services.
In its third-quarter 2024 earnings report, Orion Group Holdings reported significant growth across various financial metrics, highlighted by a 34.5% increase in contract revenues to $226.7 million and a reported net income of $4.3 million, a marked improvement from the net loss recorded in the previous year. The company’s adjusted EBITDA also saw a substantial rise, reflecting strong operational performance and effective project execution.
Key financial highlights for the third quarter include an adjusted net income of $5.6 million, adjusted EBITDA of $15.2 million, and a robust cash flow from operations totaling $35.2 million. The company noted significant contributions from its marine segment, particularly from projects like the Pearl Harbor and Grand Bahama Shipyard Dry Dock, which fueled top-line growth. Despite a slight decline in backlog compared to previous quarters, Orion secured $116 million in new contract awards subsequent to the quarter end, bolstering its future project pipeline.
Orion Group Holdings remains optimistic about its growth prospects, seeing strong demand for its marine and concrete services driven by government and private sector investments. The company’s strategic focus on high-quality projects and disciplined bidding practices positions it well to capitalize on emerging opportunities in the marine and infrastructure sectors, particularly in key markets such as Houston and Dallas.
Looking forward, Orion Group Holdings continues to anticipate achieving its full-year adjusted EBITDA guidance of $40 million to $45 million for 2024, which would significantly surpass its historical figures. With a strengthened balance sheet and a skilled workforce, the company is poised to leverage the increasing market demand for its specialized services.
