Orion Group Holdings, Inc. (ORN) today reported financial results for the fourth quarter and full year ended December 31, 2018.
“ We remain focused on the operational transformation underway throughout our Company, which we believe will become increasingly evident as 2019 progresses ,” stated Mark Stauffer, Orion Group Holding’s President and Chief Executive Officer .
“ Our reported results for the fourth quarter were impacted by shifts in the timing of the commencement of several Marine projects, as well as weather-related delays for our concrete operations as a result of heavy rains and disruptive weather patterns throughout our key Texas markets ,” added Mark Stauffer. “ Additionally, our fourth quarter results included non-cash charges for the impairment of goodwill, as well as a write-down of revenues as a result of losses in our Marine segment resulting from cost overruns on certain projects created by customer schedules, customer delays, and other customer impacts to production. ”
Mr. Stauffer continued, “ Despite our fourth quarter reported results, we believe we have reason for optimism with respect to our outlook for 2019 and beyond. We’ve begun this year with our backlog at an all-time high for the Company, with a variety of high-quality projects carrying strong margin opportunity, particularly in our Marine segment. ”
Consolidated Results for Fourth Quarter 2018 Compared to Fourth Quarter 2017
Segment Results for Fourth Quarter 2018 Compared to Fourth Quarter 2017
Marine Segment
Orion Group Holdings, Inc. Fourth Quarter and Full Year 2018 Results