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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 reported a net loss of $4.9 million ($0.16 diluted loss per share) for Q1 2022, a significant decline from a net income of $0.9 million in Q1 2021. The operating loss was $2.9 million, down from operating income of $2.1 million last year. Contract revenues rose 14.1% to $174.9 million, primarily due to large marine segment projects. However, gross profit decreased to $12.8 million from $15.5 million, reflecting project difficulties. The backlog reached $604.1 million, a 66% increase year-over-year, with successful bids totaling $112 million post-quarter.
Orion Group Holdings, Inc. (NYSE: ORN) announced it will release its financial results for Q1 2022 on April 27, 2022, after the market closes. A conference call to discuss the results will take place on April 28, 2022, at 10:00 a.m. ET. Investors can join by calling 201-493-6739 or via the internet at the official website. Orion Group, headquartered in Houston, specializes in construction services for infrastructure and industrial sectors, with operations in the U.S., Canada, and the Caribbean.
Orion Group Holdings announces the resignation of President and CEO Mark R. Stauffer, who will now serve as an advisor. Austin J. Shanfelter has been appointed interim CEO, with Richard L. Daerr, Jr. becoming Lead Independent Director. The company confirms its financial guidance for 2022, projecting adjusted EBITDA in the mid-$30 million range. Orion emphasizes a focus on strategic positioning in the specialty construction sector, aiming to maintain momentum with ongoing operations.
Orion Group Holdings, Inc. (NYSE: ORN) reported a net loss of $8.8 million ($0.29 loss per share) for Q4 2021, down from a net income of $3.7 million in Q4 2020. The operating loss was $8.2 million, contrasting with a $5.1 million operating income in the prior year. The EBITDA for Q4 2021 was $(1.9) million, a significant drop from $11.7 million in Q4 2020. Despite these challenges, backlog increased to $590 million, up 34% year-over-year, demonstrating a growing pipeline fueled by a 27% increase in awarded work. The company expects revenue growth in 2022, leveraging the Infrastructure Investment and Jobs Act.
Orion Group Holdings, Inc. (NYSE: ORN) will announce its financial results for Q4 and the full year ended December 31, 2021, on March 2, 2022, following market closure. A conference call to discuss these results is scheduled for March 3, 2022, at 10:00 a.m. ET. The company operates in specialty construction, serving various sectors including infrastructure and marine. Interested parties can listen live via phone or online. A replay will be available for 30 days post-call.
Orion Group Holdings, Inc. announces the appointment of Quentin P. Smith, Jr. to its Board of Directors, effective January 21, 2022. Mr. Smith brings extensive experience in strategic planning and governance. This change follows the retirement of Richard L. Daerr, Jr., who has served on the Board since 2007. Daerr's retirement is effective May 20, 2022. The Board will expand temporarily to eight Directors, with Mr. Smith expected to stand for re-election at the 2022 annual stockholder meeting. These changes aim to enhance the Company's strategic direction in the specialty construction sector.
Orion Group Holdings (NYSE: ORN) has secured two contract awards in its Marine segment, totaling approximately $33 million. The larger contract, valued at $28.3 million, is for the repair and upgrade of a waterside facility in the location value="LC/bs"Bahamas, set to begin in Q2 2022 and conclude by early 2024. A secondary contract worth $4.4 million involves rehabilitating a barge dock for an energy client in location value="LS/us.tx"Texas, expected to commence in Q1 2022 and finish by Q3 2022.
Orion Group Holdings (NYSE: ORN) announced that Francis Okoniewski, Vice President of Investor Relations, will present at the Sidoti Virtual Micro-Cap Conference on December 9, 2021, at 10:45 AM ET. The event will also feature virtual one-on-one meetings with investors on December 8 and 9, 2021. Registration is free and open to all interested parties. Orion specializes in construction services for infrastructure and industrial sectors, operating in the U.S., Alaska, Canada, and the Caribbean.
Orion Group Holdings (NYSE: ORN) announced four new contract awards in its Concrete segment, totaling approximately $28 million. The contracts include a $3.8 million data center expansion, a $4.3 million project for two cast-in-place retirement residential buildings, and a $5.6 million cold storage facility, all expected to start in Q1 2022 and complete by Q4 2022. Additionally, a $5.1 million contract for tilt-wall warehouses and a $9.2 million mixed-use building in Houston will begin in Q1 2022 and finish by Q1 2023. These projects reinforce Orion's leadership in Texas concrete construction.
Orion Group Holdings (NYSE: ORN) announced three new contract awards in its Marine segment, totaling approximately $16 million. The contracts include $7.1 million for dredging in Freeport Harbor Channel by the U.S. Army Corps of Engineers, $4.1 million for a pipeline removal project by a local port, and $5.2 million for a bulkhead wall installation in Florida. Work on these projects is expected to start in early 2022 and conclude by mid-2022. Orion's President expressed satisfaction with these awards, emphasizing a disciplined bidding approach to boost 2022 backlog.