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Orion Group Holdings, Inc. (NYSE: ORN) is a leading specialty construction company based in Houston, Texas. The company operates through two primary segments: Marine and Concrete, providing services across the continental United States, Alaska, Hawaii, Canada, and the Caribbean Basin.
The Marine segment specializes in construction and dredging services. Their portfolio includes marine transportation facility construction, marine pipeline construction, marine environmental structures, and dredging of waterways, channels, and ports. They also offer environmental dredging, design, and specialty construction services. Recent projects include the Port Everglades Bulkhead Replacement Project, highlighting their expertise in modernizing and strengthening maritime infrastructure.
The Concrete segment offers comprehensive turnkey concrete services. Their operations span from site preparation and layout to forming, rebar placement, and pouring and finishing. They cater to a wide range of sectors, including light commercial and structural projects. This segment has been actively involved in the booming data center market, particularly in the Dallas region, driven by the surge in AI-related construction.
Orion Group Holdings has made significant strides in improving their financial performance. For instance, in the fourth quarter of 2023, the company reported an adjusted EBITDA of $14.8 million, reflecting a 7.3% margin, a substantial improvement from the previous year. They have a solid backlog of $762.2 million as of December 31, 2023, ensuring a steady stream of upcoming projects.
The company has also placed a strong emphasis on safety, quality, and innovation. They have been recognized for their safety-first culture and proactive approach to workplace safety. Their commitment extends to mentoring and training on hazard identification and control.
Financially, Orion Group Holdings maintains a healthy balance sheet with current assets of $271.8 million as of December 31, 2023, and minimal outstanding borrowings. The company continues to pursue strategic investments in business development, IT infrastructure, and legal compliance to support its long-term growth objectives.
Orion Group Holdings recently gained inclusion in the Russell 3000® Index, an acknowledgment of their market capitalization and performance. This inclusion is expected to enhance investor awareness, increase institutional ownership, and improve stock liquidity.
Overall, Orion Group Holdings is well-positioned to capitalize on the growing demand for infrastructure and industrial construction services. With a robust operational foundation and a disciplined project delivery strategy, the company is poised for continued growth and success.
Orion Group Holdings (NYSE: ORN) announced three new contracts worth $63 million, set to begin in Q3 2024.
The contracts include a $28 million project for Costco's new Port Saint Lucie Depot in Florida, a $15 million data center project in North Texas, and a $20 million marine construction project for Port Tampa Bay.
The Costco project involves constructing a 550,000 sq. ft. facility and nearly 3 million sq. ft. of concrete paving, marking Orion's 16th project with Costco. The data center project supports AI infrastructure, and the Port Tampa Bay project aims to enhance port operations with a new berth for bulk materials.
These contracts reflect Orion's role in significant infrastructure projects and its growing footprint in both the concrete and marine construction sectors.
Orion Group Holdings (NYSE: ORN) announced its inclusion in the Russell 3000® Index, effective July 1, 2024, following the annual reconstitution of Russell indexes. This inclusion highlights Orion's significant progress in 2023 and positions it in either the large-cap Russell 1000® Index or small-cap Russell 2000® Index. The announcement was made on May 28, 2024, as per the preliminary list released on May 24, 2024. CEO Travis Boone emphasized that this milestone would enhance investor awareness, institutional ownership, and stock liquidity. Notably, $10.5 trillion in assets are benchmarked against Russell's US indexes.
Orion Group Holdings (NYSE: ORN) has announced that its CEO, Travis Boone, and CFO, Scott Thanisch, will participate in several upcoming investor conferences. These include the B. Riley Securities 24th Annual Institutional Investor Conference on May 22, 2024, in Los Angeles, CA, the Craig-Hallum 21st Annual Institutional Investor Conference on May 29, 2024, in Minneapolis, MN, and the Stifel 2024 Cross Sector Insight Conference on June 5, 2024, in Boston, MA. This participation aims to engage with institutional investors and discuss the company's strategic direction and financial performance.
Orion Group Holdings, Inc. (NYSE: ORN) has secured a $80 million contract for the Port Everglades Bulkhead Replacement Project, enhancing the infrastructure of a major port. The project involves replacing aging bulkheads and is set to commence in June 2024, concluding in late 2026. Orion's expertise in marine construction and successful track record with Moss Construction led to this significant contract award. The company's commitment to safety, quality, and innovation reaffirms its position as a top player in the industry.
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