Orion Group Holdings today reported net income of $9.5 million ($0.34 diluted earnings per share) for the three months ended December 31, 2017.
These results compare to net loss of $6.3 million, ($0.23 diluted loss per share) for the same period a year ago. Excluding net benefits of $4.3 million related to the implementation of the Tax Cuts and Jobs Act of 2017 and other tax reserves, adjusted net income for the fourth quarter 2017 was $5.2 million ($0.19 diluted earnings per share).
For the full year 2017, the company reported net income of $0.4 million ($0.01 diluted earnings per share), which compares to the prior full year 2016 net loss of $3.6 million ($0.13 diluted loss per share).
Excluding the fourth quarter tax-related benefit, adjusted net loss for the full year 2017 was $3.9 million ($0.14 diluted loss per share).
“During the fourth quarter, we bid on approximately $606 million and were successful on approximately $140 million,” said Chris DeAlmeida, Orion Group Holding’s Executive Vice President and Chief Financial Officer.
“This resulted in a 0.86 times book-to-bill ratio and a win rate of 23.1%. In the Marine segment, we bid on approximately $179 million during the fourth quarter 2017 and were successful on $66 million, which translated into a 0.75 times book-to-bill ratio and a win rate of 36.8%.”
Orion Group Holdings provides services both on and off the water in the continental United States, Alaska, Canada and the Caribbean Basin through its heavy civil marine construction segment and its commercial concrete segment.
The company’s heavy civil marine construction segment services include marine transportation, facility construction, marine pipeline construction, marine environmental structures, dredging of waterways, channels and ports, environmental dredging, design, and specialty services.