Orion Group Holdings (ORN) today reported net income of $4.1 million ($0.14 diluted earnings per share) for the three months ended March 31, 2018.
These results compare to net loss of $1.8 million, ($0.07 diluted loss per share) for the same period a year ago, said the company.
“During the first quarter, we had solid execution with continued strong market drivers,” said Mark Stauffer, Orion Group Holding’s President and Chief Executive Officer.
“While weather patterns impacted production in our Concrete segment, our Marine segment experienced solid execution. Overall, we remain pleased with the end market drivers across our business, and continue to expect 2018 will see improvements over 2017.”
Consolidated Results for First Quarter 2018 compared to First Quarter 2017
- Contract revenues were $136.8 million, a decrease of 1.4%, as compared to revenues of $138.8 million. The slight decrease is attributed to the timing and mix of projects, including weather pattern disruptions in the Concrete segment;
- Gross profit was $15.8 million, as compared to gross profit of $13.0 million. Gross profit margin was 11.6% as compared to 9.4%. This increase is primarily attributed to solid operational performance;
- Selling, General and Administrative expenses were $15.0 million, as compared to $15.0 million;
- Operating income was $7.1 million, as compared to an operating loss of $1.5 million;
- EBITDA was $13.8 million, representing a 10.1% EBITDA margin, as compared to EBITDA of $6.1 million, or 4.4% EBITDA margin.
Orion Group 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.