Orion Group Presents Second Quarter Results

Image source: ORN

Orion Group Holdings, Inc. (ORN) has just reported a net loss of $1.6 million ($0.06 diluted loss per share) for the second quarter ended June 30, 2019.

According to Mark Stauffer, Orion Group Holding’s President and Chief Executive Officer, the second quarter revenues increased both year-over-year and sequentially as ORN’s Marine business delivered an improved top-line performance.

Our second quarter revenues increased both year-over-year and sequentially as our Marine business delivered an improved top-line performance,” stated Mark Stauffer.

Additionally, adjusted EBITDA for our Marine segment increased on a sequential basis reflecting both higher revenues and improving execution. Backlog reached an all-time high for Orion, with both segments up significantly relative to the end of the second quarter of 2018,” Stauffer added.

Marine backlog more than doubled on a sequential basis following the booking of multiple large projects over the past several months. We continue to see excellent prospects for additional new awards in both segments, particularly for large project opportunities,” Mr. Stauffer concluded

Second Quarter 2019 Highlights

  • Contract revenues were $166.0 million, up 3.9% from $159.8 million for the second quarter of 2018. Operating loss was $0.4 million for the second quarter of 2019 compared to operating income of $4.6 million for the second quarter of 2018.
  • Net loss was $1.6 million ($0.06 diluted loss per share) for the second quarter of 2019 compared to net income of $2.2 million ($0.08 diluted earnings per share) for the second quarter of 2018.
  • The second quarter 2019 net loss included $1.9 million ($0.07 per diluted share) of non-recurring costs and other charges. Second quarter 2019 adjusted net income was $0.3 million ($0.01 diluted earnings per share). (Please see page 8 of this release for a reconciliation of adjusted net income.)
  • EBITDA, adjusted to exclude the impact of the aforementioned non-recurring costs, was $9.0 million in the second quarter of 2019, which compares to adjusted EBITDA of $12.5 million for the second quarter of 2018. (Please see page 9 of this release for an explanation of EBITDA, adjusted EBITDA and a reconciliation to the nearest GAAP measure.)
  • Backlog reached a record high of $661.0 million on a second quarter book-to-bill of 2.50x.

For the full second quarter results, please click here.

 

Share this article

Follow Dredging Today

Events>

<< Oct 2019 >>
MTWTFSS
30 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

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

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of DredgingToday.com, you'll reach countless professionals in the sector. For more information, click below....

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of DredgingToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Dredging jobs in Abu Dhabi at NMDC

National Marine Dredging Company “NMDC” aims to be the largest dredging player in the Arab’s Gulf region...

apply