ORN Expects Further Growth in 2017
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.
