Orion Marine Group, Inc. today reported net income for the three months ended December 31, 2015, of $1.4 million ($0.05 diluted earnings per share).
These results compare to net income of $5.3 million ($0.19 diluted earnings per share) for the same period a year ago.
For the full year 2015, Orion Marine Group reported a net loss of $8.1 million ($0.30 diluted loss per share), which compares to the prior full year 2014 net income of $6.9 million ($0.25 diluted earnings per share).
“2015 was a year filled with accomplishments, as well as challenges,” said Mark Stauffer, Orion Marine Group’s President and Chief Executive Officer.
“In our heavy civil marine construction segment, weather and project delays, along with the project execution issues during 2015 were disappointing developments in a year I initially had such high hopes for. However, the markets in both our segments remain strong and I have taken steps to correct the operational issues impacting our heavy civil marine construction segment.”
Full Year 2015
- Full year 2015 contract revenue was $466.5 million, an increase of 21% as compared with full year 2014 revenues of $385.8 million. The increase is attributable to the addition of TAS;
- Gross profit for the year was $40.2 million, which represents a decrease of $4.4 million as compared with the full year 2014. Gross profit margin for the full year 2015 was 8.6%, as compared to 11.6% for the full year 2014;
- Selling, General, and Administrative expense for the full year 2015 was $47.7 million as compared with $34.7 million in the prior year period. The increase is primarily attributable to the addition of TAS;
- The Company’s full year 2015 EBITDA was $20.6 million, representing a 4.4% EBITDA margin, which compares to full year 2014 EBITDA of $34.2 million, or an 8.9% EBITDA margin.