Orion Group Releases Preliminary Results for the Third Quarter

Orion Group Holdings, Inc. (ORN) today announced preliminary results for the quarter ended September 30, 2018.

According to ORN, during the third quarter 2018, the company experienced unanticipated delays in commencing certain work due to customer schedules.

The company also experienced significant production delays in its concrete segment, primarily due to continuous rain throughout its market areas in Texas, particularly during September.

As a result, the timing of certain projects and opportunities has changed and ORN will see significant revenue shortfall in both segments, which will cause third quarter 2018 results to fall significantly below its expectations, anticipating a loss of ($0.20) – ($0.25) per share, reported the company.

Orion Group also added that the third quarter 2018 results are preliminary and therefore subject to the completion of customary quarterly closing and review procedures, including potentially performing an interim Goodwill test. Final third quarter results are expected to be announced on November 1, 2018.

ORN continued that although the anticipated results for the third quarter are disappointing, the company remains confident in its strategic plan, its long-term market outlook and its fundamental business drivers.

During the third quarter Orion Group bid on approximately $871 million worth of opportunities and was successful on approximately $210 million, representing an overall win rate of 24.1%.

Despite delays during the third quarter, we remain confident with our long-term outlook due to our solid bid market and the second highest backlog in the company’s history,” said Mark Stauffer, Orion Group Holding’s President and Chief Executive Officer. “Overall, we continue to believe the company has a solid strategic plan and a strong outlook, with solid prospects for continued bottom line improvement in the future. During the first half of 2018, we outperformed due to solid project execution, continued strong demand, and favorable working conditions.”


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3rd International Congress Hydraulic Engineering Structures and Dredging

Russia’s leading maritime industry Media Group PortNews (www.portnews.ru) holds a traditional annual Congress “Hydraulic Engineering Structures and Dredging” in Moscow. 

The two-day Congress includes the 7th International Forum of Dredging Companies and the 3rd Technical Conference “Modern Solutions for Hydraulic Engineering”.

Infrastructure development is among the real sources of Russia’s economy growth. Construction of port facilities and new hydraulic engineering structures on the country’s inland waterways constitute an essential part of all infrastructure projects. It is important to take into account the best international practices to implement these projects effectively.

The program of the Congress will be devoted to the latest technologies for dredging and hydraulic engineering works. Speakers and delegates will refer to real projects to discuss specifics features of dredging works, as well as dedicated fleet and equipment involved.

To learn more about event, please, contact the organizing committee: snitko@portnews.ru

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