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.