Orion Group Holdings, Inc. has just reported net income of $2.2 million for the three months ended June 30, 2018.
These results compare to net loss of $2.3 million for the same period a year ago.
“We are pleased with our results for the second quarter,” said Mark Stauffer, Orion Group Holding’s President and Chief Executive Officer. “Our Marine segment performed well during the second quarter as a result of continued strong demand and solid execution.”
“We continue to see market indications for continued solid demand across our markets, including the recently announced US Army Corps of Engineers $5 billion of funding for disaster recovery projects in Texas. Overall, we are pleased with our results for the first half of the year and remain optimistic about future growth opportunities,” added Mark Stauffer.
According to the company, backlog of work under contract as of June 30, 2018 was $340.7 million, which compares with backlog under contract at June 30, 2017 of $428.1 million, a decrease of 20.4%.
“During the second quarter, we bid on approximately $668 million and were successful on approximately $145 million,” said Chris DeAlmeida, Orion Group Holding’s Executive Vice President and Chief Financial Officer. “This resulted in a 0.91 times book-to-bill ratio and a win rate of 21.7%. In the Marine segment, we bid on approximately $127 million during the second quarter 2018 and were successful on $83 million, which translated into a 1.03 times book-to-bill ratio and a win rate of 65.6%.”
Consolidated Results for Second Quarter 2018 compared to Second Quarter 2017
- Contract revenues were $159.8 million, an increase of 16.3% as compared to revenues of $137.4 million. The increase is primarily attributed to the timing and mix of projects.
- Gross profit was $20.8 million, as compared to gross profit of $15.4 million. Gross profit margin was 13.0% as compared to 11.2%. This increase is primarily attributed to solid operational performance and the timing and mix of projects.
- Selling, General and Administrative expenses were $16.9 million as compared to $17.5 million. The decrease is driven by cost saving initiatives and decreased legal fees.
- Operating income was $4.6 million as compared to an operating loss of $2.5 million.
- EBITDA was $12.5 million, representing a 7.8% EBITDA margin as compared to EBITDA of $5.1 million, or 3.7% EBITDA margin.
For full second-quarter results, click here.