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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, Inc. announces the appointment of Quentin P. Smith, Jr. to its Board of Directors, effective January 21, 2022. Mr. Smith brings extensive experience in strategic planning and governance. This change follows the retirement of Richard L. Daerr, Jr., who has served on the Board since 2007. Daerr's retirement is effective May 20, 2022. The Board will expand temporarily to eight Directors, with Mr. Smith expected to stand for re-election at the 2022 annual stockholder meeting. These changes aim to enhance the Company's strategic direction in the specialty construction sector.
Orion Group Holdings (NYSE: ORN) has secured two contract awards in its Marine segment, totaling approximately
Orion Group Holdings (NYSE: ORN) announced that Francis Okoniewski, Vice President of Investor Relations, will present at the Sidoti Virtual Micro-Cap Conference on December 9, 2021, at 10:45 AM ET. The event will also feature virtual one-on-one meetings with investors on December 8 and 9, 2021. Registration is free and open to all interested parties. Orion specializes in construction services for infrastructure and industrial sectors, operating in the U.S., Alaska, Canada, and the Caribbean.
Orion Group Holdings (NYSE: ORN) announced four new contract awards in its Concrete segment, totaling approximately $28 million. The contracts include a $3.8 million data center expansion, a $4.3 million project for two cast-in-place retirement residential buildings, and a $5.6 million cold storage facility, all expected to start in Q1 2022 and complete by Q4 2022. Additionally, a $5.1 million contract for tilt-wall warehouses and a $9.2 million mixed-use building in Houston will begin in Q1 2022 and finish by Q1 2023. These projects reinforce Orion's leadership in Texas concrete construction.
Orion Group Holdings (NYSE: ORN) announced three new contract awards in its Marine segment, totaling approximately $16 million. The contracts include $7.1 million for dredging in Freeport Harbor Channel by the U.S. Army Corps of Engineers, $4.1 million for a pipeline removal project by a local port, and $5.2 million for a bulkhead wall installation in Florida. Work on these projects is expected to start in early 2022 and conclude by mid-2022. Orion's President expressed satisfaction with these awards, emphasizing a disciplined bidding approach to boost 2022 backlog.
Orion Group Holdings reported a net loss of $10.2 million ($0.33 per share) for Q3 2021, a stark contrast to net income of $11.8 million in Q3 2020. The operating loss reached $8.7 million, down from an operating income of $13.1 million year-over-year. Contract revenues fell by 26.1% to $139.9 million, primarily due to timing issues in marine projects. However, backlog increased by 45% to $572.8 million. The company reported a book-to-bill ratio of 2.28x but noted challenges from COVID-19, weather impacts, and rising unabsorbed costs.
Orion Group Holdings (NYSE: ORN) will release its financial results for Q3 2021 on October 27, 2021, after market close. The management will host a conference call on October 28, 2021, at 10:00 a.m. ET to discuss these results. Investors can join the call by dialing 201-493-6739 or through the company’s website. Orion specializes in construction services across various sectors, including marine and concrete services, throughout the U.S., Alaska, Canada, and the Caribbean Basin.
Orion Group Holdings, Inc. (NYSE: ORN) announced the resignation of Robert L. Tabb as Executive Vice President and Chief Financial Officer, effective October 29, 2021. Tabb, who joined the company in 2018 and served as CFO since March 2019, is leaving for a non-competitive opportunity. The senior management team will oversee his responsibilities during the search for a new CFO. CEO Mark Stauffer praised Tabb's contributions, highlighting his role in building a strong team and positioning Orion for future success.
Orion Group Holdings (NYSE: ORN) announced two significant contract awards in its Marine segment, totaling nearly $200 million. The first is a $125 million contract from the Florida Department of Transportation for the replacement of the Indian River Bridge, expected to start in Q4 2021 and finish in Q4 2024. The second is a $67 million contract for the Berth 6 Expansion Project at the Port of Port Arthur, Texas, set to commence in Q4 2021 and complete in Q3 2024. These projects enhance Orion's backlog and reinforce its role in U.S. infrastructure development.
Orion Group Holdings (NYSE: ORN) has secured three contracts totaling approximately $22 million for dredging services from the US Army Corps of Engineers (USACE). These contracts involve maintenance work on Gulf coast waterways, with potential increases valued at up to $19 million. Two contracts from the Galveston District total $18.3 million for the Gulf Intracoastal Waterway and Sabine Neches Waterway. A third contract worth $3.5 million is from the Jacksonville District for Tampa Harbor. Work is expected to begin in Q4 2021.
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