Orion Group Reports Third Quarter 2016 Results

Orion Group Holdings, Inc. today reported net income for the three months ended September 30, 2016, of $4.7 million ($0.17 diluted earnings per share).

These results compare to a net loss of $7.4 million ($0.27 diluted loss per share) for the same period a year ago.

“We believe our company is on the right track,” said Mark Stauffer, Orion Group Holding Inc.’s President and Chief Executive Officer.

“As anticipated, third quarter consolidated results reflect significant year-over-year increases to EBITDA and EBITDA margin, underpinning the Company’s strategy and ability to overcome previously discussed challenges.

“With the structural changes we’ve made, the amount of backlog and low bid work we have, and the market opportunities we anticipate, we believe 2017 is set up to be a strong year with solid bottom line performance.”

Consolidated Results for the Third Quarter of 2016

  • Third quarter 2016 contract revenue was $164.0 million, an increase of 19.7%, as compared to third quarter 2015 revenue of $137.1 million;
  • Gross profit for the third quarter 2016 was $24.2 million, or a gross profit margin of 14.7%, an increase of approximately $15.9 million as compared to the third quarter 2015;
  • Selling, General and Administrative (SG&A) expenses for the third quarter 2016 were $15.3 million as compared to $14.5 million in the prior year period, an increase of $0.8 million, or 5.5%.  The increase is attributable to a full quarter of SG&A expenses from TAS Commercial Concrete (TAS) in the current period as well as increases in group health expenses, partially offset by general cost savings;
  • Third quarter 2016 EBITDA was $18.1 million, representing a 11.0% EBITDA margin which compares to third quarter 2015 pro forma EBITDA of $1.2 million, or a 0.7% EBITDA margin (EBITDA and EBITDA margin are non-GAAP measures, defined on P. 3 of this release; reconciliation tables are provided on pages 7-8);
  • Backlog of work under contract as of September 30, 2016, was approximately $388 million, excluding approximately $171 million of work on which the Company is the apparent low bidder, or has been awarded subsequent to the end of the third quarter.


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3rd International Congress Hydraulic Engineering Structures and Dredging

Russia’s leading maritime industry Media Group PortNews (www.portnews.ru) holds a traditional annual Congress “Hydraulic Engineering Structures and Dredging” in Moscow. 

The two-day Congress includes the 7th International Forum of Dredging Companies and the 3rd Technical Conference “Modern Solutions for Hydraulic Engineering”.

Infrastructure development is among the real sources of Russia’s economy growth. Construction of port facilities and new hydraulic engineering structures on the country’s inland waterways constitute an essential part of all infrastructure projects. It is important to take into account the best international practices to implement these projects effectively.

The program of the Congress will be devoted to the latest technologies for dredging and hydraulic engineering works. Speakers and delegates will refer to real projects to discuss specifics features of dredging works, as well as dedicated fleet and equipment involved.

To learn more about event, please, contact the organizing committee: snitko@portnews.ru

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