Movers and SHAKERS
Orion Group Holdings (ORN)
Reported 1Q2021 Results In Line Due to Asset Sales
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, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Reported 1Q2021 EBITDA of $9.6 million was in line with expectations due to asset sales of $1.6 million. Versus 1Q2020, revenue of $153.3 million was $13 million lower, gross profit of $15.5 million was $5.3 million lower and EBITDA of $2.6 million of $9.6 million was $2.6 million lower. Profitability was solid, albeit at lower levels with gross margin of 10.1% (-180 basis points) and EBITDA margin of 6.2% (-110 basis points). Severe weather in Texas disrupted operations for ten days and hit revenue by >$8 million, but concrete results rebounded and offset lower Marine results.
Call with management today at 10am EST. Number is (201) 493-6739 and code is Orion Group Holdings. Looking for color on Marine outlook/backlog, Concrete outlook/backlog, ERP implementation, and timing of asset sales. Zoning approval to clear Tampa yard sale appears likely at a May 6th meeting and capital allocation priorities will be highlighted ...
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.