Tuesday, October 04, 2022
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.
Lowering 4Q Projections. We are taking a more conservative view of the fourth quarter given the impact of Ian on Florida. Orion has a number of projects in the area and we expect to see a push back given the need for more humanitarian efforts. We are now forecasting revenue of $165 million for the quarter, down from a prior $168 million estimate, adjusted EBITDA of $8.55 million, down from $10.55 million, and breakeven EPS, down from a prior $0.03 EPS estimate. For the full year, we are now at revenue of $709.5 million and adjusted EBITDA of $28.1 million.
But More Future Work? The devastation wrought by Ian is undeniable, not just in Florida but also in the Carolinas. This unfortunate event, however, could create substantial future work for Orion. While it is way too early yet to determine, typically such storms end up being a net positive in terms of new work.
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