Orion Group Holdings, Inc. today reported a net loss for the three months ended March 31, 2017, of $1.8 million ($0.07 diluted loss per share).
These results compare to a net loss of $1.2 million ($0.04 diluted loss per share) for the same period a year ago, Orion said.
“We were pleased with our market opportunities during the first quarter,” said Mark Stauffer, Orion Group Holdings’ President and Chief Executive Officer.
“As we previously mentioned, during the first quarter we saw delays in customers obtaining their permits on certain marine construction segment projects, which prevented us from starting these projects due to delayed notices to proceed, and which affected the overall mix of our project work during the quarter.”
First Quarter 2017 Highlights
- Generated 7% year-over-year increase in contract revenues;
- Maintained elevated level of backlog;
- Affirming EBITDA growth guidance for full year 2017;
- Further developed our targeted infrastructure, industrial and building sectors.
“Our marine construction segment continues to see private sector demand from a broad range of customers requiring waterside infrastructure improvements. Our emphasis remains on effective execution on projects, improving dredge utilization and controlling costs in order to maximize profitability,” added Mr. Stauffer.
“Despite the permitting process interruptions encountered during the first quarter, our underlying marine construction segment fundamentals are sound. In the public sector, we continue to monitor local, state and federal opportunities and pursue appropriate projects and bid lettings from the USACOE and other agencies as they become available.”
Backlog of work under contract as of March 31, 2017 was approximately $395 million, which compares with backlog under contract at March 31, 2016 of approximately $385 million.
Of the March 31, 2017 ending backlog, approximately $238 million was attributable to the marine construction segment, while $157 million was attributable to the concrete construction segment.