Orion Group Holdings (ORN) – First Look into the First Quarter

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Thursday, April 25, 2024

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , 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.

Results. Revenue for the first quarter was $160.7 million, a 0.9% increase from $159.2 million last year but lower than our estimate of $170 million. Adjusted net loss totaled $4.0 million, or a loss of $0.12, an improvement from a net loss of $10.3 million or $0.32 last year. Adjusted EBITDA was $4.1 million compared to a negative $4.1 million in the prior year. We estimated an adjusted net loss of $7.5 million, or a loss of $0.23, and adjusted EBITDA of $2.6 million.

Continued Margin Improvement. The first quarter brought higher margins compared to last year, as management’s focus on margin improvement continues to deliver. Gross margin improved to 9.7% from 3.7% in the prior year. Adjusted EBITDA margin improved to 2.5% from (2.6)% in the prior year. With management’s strategic plan towards higher quality projects, we expect continued higher margins in the future.

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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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