ORN Expects Further Growth in 2017

  • Business & Finance

During 2016, Orion Group Holdings, Inc. made significant, long-term improvements in the company’s operations with a continued strong demand for its services, announced today Mark Stauffer, ORN President and Chief Executive Officer.

The company today reported a net loss for the three months ended December 31, 2016, of $6.3 million ($0.23 diluted loss per share). These results compare to net income of $1.4 million ($0.06 diluted earnings per share) for the same period a year ago.

Excluding one-time charges related to the accounting treatment of a specific contract with significant, highly unusual differing site conditions and net operating loss (NOL) valuation allowances, adjusted net income for the fourth quarter 2016 was $2.5 million ($0.09 diluted earnings per share).

For the full year 2016, ORN reported a net loss of $3.6 million ($0.13 diluted loss per share), which compares to the prior full year 2015 net loss of $8.1 million ($0.29 diluted loss per share).

Excluding stated one-time accounting treatment charges and NOL valuation allowances, adjusted net income for the full year 2016 was $5.2 million ($0.19 diluted earnings per share).

2016 Highlights

  • Significant structural changes throughout the company to provide a solid platform for future success;
  • 68% year over year increase in gross profit;
  • 86% year over year increase in EBITDA;
  • Bid on record-high $2.8 billion of projects during 2016, with a win rate of 24%;
  • Completed the integration of ORN Commercial Concrete Construction segment;
  • 58% year over year increase in Dallas market commercial concrete revenues;
  • Prepared to further develop ORN targeted infrastructure, industrial and building sectors.

2016 Full-Year Results

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