Movers and SHAKERS
Orion Group Holdings (ORN)
First Look at First Quarter Results
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.
Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
1Q22. Contract revenue increased 14.1% year-over-year to $174.9 million, driven by the beginning of large jobs awarded in the second half of 2021 in the marine segment and increased cubic yard production on light commercial projects in the concrete segment. Operating loss was $2.9 million versus operating income of $2.1 million last year. Orion reported an adjusted net loss of $0.10 per share versus EPS of $0.04 a year ago.
Marine Segment. The Marine business generated revenue of $84.5 million in the quarter, up from $72.1 million last year. Operating income fell to $1.8 million from $2.8 million, due to a change in mix of work. The Marine segment won $25 million of work in the quarter, a win rate of 6.0% and a book-to-bill of 0.3x ...
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*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.