ORN: Q3 Results Affected by Recent Hurricanes
Orion Group Holdings, Inc. (ORN) today reported a net loss for the three months ended September 30, 2017, of $5 million.
These results compare to net income of $4.7 million for the same period a year ago.
During the three months ended September 30, 2017, the company experienced unprecedented weather impacts, including three major hurricanes – Hurricane Harvey, Hurricane Irma and Hurricane Maria – which affected over 85 percent of its operations. This resulted in total impacts of $12.4 million, or $0.44 per share.
“There is no doubt this has been a historic weather quarter with significant personal and professional losses,” said Mark Stauffer, Orion Group Holdings’ President and Chief Executive Officer. “Our primary concern was, and continues to be, our employees’ well-being.”
“I am also pleased to report that we have returned to full operations, and are safely back to work. As a result of the destruction caused by the hurricanes, we are experiencing higher demand for services in our marine segment. To date, we are processing and working on multiple emergency call-out projects and we are ready to meet our customers’ needs,” added Stauffer.
Mr. Stauffer continued, “During the third quarter, three major hurricanes impacted 85% of the company’s operations. This caused a change in the anticipated timing of the majority of the company’s projects along the Gulf Coast, East Coast, and Caribbean operations.”
The company also reported that the backlog of work under contract as of September 30, 2017 was approximately $383 million, which is essentially flat when compared to backlog under contract at September 30, 2016 of approximately $388 million. Of the backlog as of September 30, 2017, approximately $199 million was attributable to the marine segment.
Currently, the company has approximately $970 million worth of bids outstanding, including approximately $140 million on which ORN is apparent low bidder, or have been awarded subsequent to the end of the third quarter, of which, approximately $100 million pertains to the marine segment.
For the group’s full third-quarter results click here.