Welcome to our dedicated page for Orion Group Hldgs news (Ticker: ORN), a resource for investors and traders seeking the latest updates and insights on Orion Group Hldgs stock.
Orion Group Holdings, Inc. (NYSE: ORN) is a specialty construction company with marine and concrete segments serving infrastructure, industrial, and building markets in the continental United States, Alaska, Hawaii, Canada, and the Caribbean Basin. The ORN news feed on this page brings together company-issued updates and market disclosures that highlight how Orion executes its marine construction, dredging, and concrete construction activities.
News items for Orion commonly include announcements of new contract awards across its marine and concrete segments, such as maintenance dredging for the U.S. Army Corps of Engineers, shoreline protection projects, marine transportation facility work, crane trestle installations, and large concrete projects including data centers, manufacturing facilities, healthcare projects, energy-related facilities, and cold storage. These updates provide insight into the company’s contracted backlog and the mix of projects it is pursuing.
Investors and followers of ORN can also expect earnings releases and related communications, where Orion reports contract revenues, gross profit, backlog levels, and non-GAAP measures such as EBITDA and Adjusted EBITDA. The company uses these releases and associated conference calls to discuss operational performance in its marine and concrete segments, backlog trends, and financial guidance.
Additional news coverage includes information about capital structure developments, such as the establishment of a senior credit facility with UMB Bank, as well as governance and leadership updates like board appointments. Orion also reports on its participation in investor and industry conferences, where management presents its strategy, project pipeline, and market opportunities.
By reviewing the ORN news stream, readers can follow Orion Group Holdings’ reported contract wins, segment activity, financial updates, and corporate developments over time.
Orion Group Holdings, Inc. (NYSE: ORN) announced a change in its Board Chair position, effective December 31, 2020. Richard Daerr will retire after over 13.5 years but will remain on the Board. Austin J. Shanfelter has been elected as the new Chair, effective January 1, 2021. Shanfelter, a Board member since 2007, emphasized his commitment to delivering value to customers and shareholders. This transition is part of Orion's Board refreshment process, signaling continued strategic leadership.
Orion Group Holdings (NYSE: ORN) has secured contract awards totaling approximately $52 million, focusing on concrete services for large distribution facilities in Texas. The projects include contracts valued at $21 million, $17 million, and $14 million, with work set to commence before year-end and completion expected in the first half of 2021. CEO Mark Stauffer affirmed the company's strong reputation in concrete construction, highlighting the significance of these projects.
Orion Group Holdings (NYSE: ORN) reported a third-quarter 2020 net income of $11.8 million ($0.39 per diluted share), up from $4.0 million ($0.14) in Q3 2019. Contract revenues totaled $189.4 million, a 5.0% decline year-over-year. Operating income improved to $13.1 million, significantly higher than $6.1 million in the prior year. Adjusted EBITDA reached $17.0 million. The company's backlog decreased 30.9% to $428.8 million. An incident involving the dredge Waymon Boyd resulted in five fatalities and $2.9 million in insurance recoveries. The NTSB is investigating the incident.
Orion Group Holdings (NYSE: ORN) reported a net income of $11.8 million ($0.39 EPS) for Q3 2020, a significant increase from $4.0 million ($0.14 EPS) in Q3 2019. Contract revenues fell 5.0% to $189.4 million, primarily due to decreased concrete production from tropical weather. Operating income rose to $13.1 million, driven by improved project execution. However, backlog decreased 30.9% to $428.8 million year-over-year. The company faces challenges from a recent incident at the Port of Corpus Christi, but remains confident in project execution and backlog growth.
Orion Group Holdings, Inc. (NYSE: ORN) has announced it will release third-quarter financial results for the period ending September 30, 2020, on October 28, 2020, after market close. Following the results, a conference call is scheduled for October 29, 2020, at 10:00 a.m. ET to discuss the financial performance. Investors can join the call by dialing 201-493-6739 or accessing the company’s website. Orion Group specializes in providing construction services in the marine and concrete sectors across North America and the Caribbean.
Orion Group Holdings (NYSE: ORN) has secured a contract worth approximately $16 million from the US Army Corps of Engineers for dredging services in Galveston, Texas. The project involves removing around 5 million cubic yards of maintenance material from the inner Galveston Harbor to the Galveston Channel. Scheduled to commence in Q1 2021 and conclude by mid-year, this contract highlights Orion's ongoing relationship with a key client, enhancing the utilization of its dredge fleet for the year.