Orion Group Holdings Reports Q2 Net Loss
Orion Group Holdings, Inc. today reported a net loss for the three months ended June 30, 2016, of $0.8 million ($0.03 diluted loss per share).
These results compare to a net loss of $1.8 million ($0.07 diluted loss per share) for the same period a year ago.
“This week marks one year since we announced the largest acquisition in our company’s history,” said Mark Stauffer, Orion Group Holding Inc.’s President and Chief Executive Officer.
“My confidence in both the Commercial Concrete Construction (CCC) and Heavy Civil Marine Construction (HCMC) segments remains strong. Looking at the second quarter, we experienced slightly slower productivity as a result of adverse weather in Texas, along with timing and mix of jobs in our HCMC segment.”
Heavy Civil Marine Construction Segment
- Second quarter 2016 contract revenue was $80.0 million, a decrease of $6.1 million, or 7.1%, from the prior year period. The decrease is primarily attributable to the timing and mix of jobs, including the material completion of the troubled Tampa projects;
- Second quarter 2016 operating loss was $1.2 million, an improvement of $1.5 million compared to the prior year period;
- Second quarter 2016 EBITDA was $5.3 million, representing a 6.7% EBITDA margin which compares to second quarter 2015 EBITDA of $4.0 million, or 4.7% EBITDA margin;
- Backlog of work under contract as of June 30, 2016, was $166 million, which compares with backlog under contract at June 30, 2015 of $223 million. Additionally, the company is the apparent low bidder, or has been awarded subsequent to the end of the quarter approximately $55 million of work.
“We continue to experience a high level of demand for all of the types of services we provide across both operating segments. In the HCMC segment, we have materially wrapped up all of the remaining troubled Tampa projects. With these projects behind us, we are confident that the new management team in Tampa has the tools and structure in place for profitable operations in the future,” concluded Mr. Stauffer.