Q3 2024 Orion Group Holdings Inc Earnings Call Transcript
Key Points
- Orion Group Holdings Inc (ORN) reported a significant 62% year-over-year increase in adjusted EBITDA, reaching $15.2 million for the third quarter.
- The company achieved a 35% increase in revenue compared to the previous year, totaling $226.7 million.
- Orion Group Holdings Inc (ORN) secured $116 million in new contract awards in October, indicating strong future business prospects.
- The company has a robust pipeline of opportunities, with the potential for transformational growth expected in 2026.
- Orion Group Holdings Inc (ORN) has improved its cash and liquidity position, ending the third quarter with $28.3 million in cash and no outstanding borrowings under its revolving credit facility.
- The backlog decreased to $690.5 million as of September 30, 2024, down from $758.4 million at the end of June 2024.
- The marine segment's adjusted EBITDA margin decreased to 8.2% from 9% in the previous year.
- SG&A expenses increased to $20.8 million, up from $17.1 million in the comparable period, due to compensation, business development, and legal expenses.
- The company experienced a delay in the sale of the East West Jones property, which did not close as anticipated in September.
- Orion Group Holdings Inc (ORN) faces challenges in maintaining a steady backlog, with a book-to-bill ratio of 0.7x for the quarter.
Good morning, and welcome to the Orion Group Holdings third-quarter 2024 financial results conference call. (Operator's Instructions) This event is being recorded. I would now like to turn the conference over to Margaret Boyce, Investor Relations. Please go ahead.
Thank you, operator, and thank you all for joining us today to discuss Orion Group Holdings third quarter 2024 financial results. We issued our earnings release after market last night. It's available on the Investor Relations section of our website at oriongroupholdingsinc.com.
I'm here today with Travis Boone, Chief Executive Officer; and Scott Thanisch, Chief Financial Officer. On today's call, management will provide prepared remarks, and then we'll open up the call for your questions.
Before we begin, I'd like to remind you that today's comments will include forward-looking statements under the Federal Securities Laws. Forward-looking statements are identified by words such as will, be, intend, believe, expect,
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
