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Orion Group Holdings (ORN) – Fine Tuning 2022 EBITDA – Soft 1H2022, But 2H2022 Recovery

Transportation
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Wednesday, March 16, 2022

Orion Group Holdings (ORN)
Fine Tuning 2022 EBITDA – Soft 1H2022, But 2H2022 Recovery

Orion Group Holdings, based in Houston, Texas, is a specialty construction company within the Marine and Industrial Construction sectors, with operations focused in the continental United States and Caribbean. Revenue is split roughly 50/50 between a Marine Construction segment that provides marine facility, pipeline and structural construction services and a Commercial Concrete segment that provides turnkey concrete services in the light commercial and structural construction markets.

Poe Fratt, Senior Research Analyst, Logistics, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

    Fine tuning 2022 EBITDA estimate to $33.0 million, in line with current guidance. Incorporating the EBITDA guidance in the mid-$30 million range and details from the 10-K, we are moving our 2022 EBITDA estimate to $33.0 million and shifting the quarterly numbers to reflect the combo of a softer 1H2022 and a 2H2022 recovery.

    Estimate is based on Marine EBITDA of $32.5 million and Concrete EBITDA of $0.5 million.  While the recovery in Marine appears underway based on better 4Q2021 results, the outlook for Concrete is less clear and we scaled back our expectations. Please see our March 3rd research note for a more detailed discussion about 4Q2021 operating results and backlog changes …


This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

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