Welcome to our dedicated page for Orion Group Holdings news (Ticker: ORN), a resource for investors and traders seeking the latest updates and insights on Orion Group Holdings stock.
Orion Group Holdings, Inc. reports developments in specialty construction for infrastructure, industrial and building markets. The company operates through a Marine segment that performs marine construction, dredging, marine pipeline work, marine environmental structures and port, channel and waterway services, and a Concrete segment that provides turnkey concrete construction services including place and finish, site preparation, layout, forming and rebar placement.
Recurring Orion news includes quarterly results, guidance, backlog and contract-award updates, including public infrastructure and coastal marine projects. Company updates also cover concrete demand in large commercial, structural and data center markets, marine capability expansion following the completed J.E. McAmis acquisition, investor presentations, credit and capital actions, and board and governance changes.
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.