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. 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 $10.2 million ($0.33 per share) for Q3 2021, a stark contrast to net income of $11.8 million in Q3 2020. The operating loss reached $8.7 million, down from an operating income of $13.1 million year-over-year. Contract revenues fell by 26.1% to $139.9 million, primarily due to timing issues in marine projects. However, backlog increased by 45% to $572.8 million. The company reported a book-to-bill ratio of 2.28x but noted challenges from COVID-19, weather impacts, and rising unabsorbed costs.
Orion Group Holdings (NYSE: ORN) will release its financial results for Q3 2021 on October 27, 2021, after market close. The management will host a conference call on October 28, 2021, at 10:00 a.m. ET to discuss these results. Investors can join the call by dialing 201-493-6739 or through the company’s website. Orion specializes in construction services across various sectors, including marine and concrete services, throughout the U.S., Alaska, Canada, and the Caribbean Basin.
Orion Group Holdings, Inc. (NYSE: ORN) announced the resignation of Robert L. Tabb as Executive Vice President and Chief Financial Officer, effective October 29, 2021. Tabb, who joined the company in 2018 and served as CFO since March 2019, is leaving for a non-competitive opportunity. The senior management team will oversee his responsibilities during the search for a new CFO. CEO Mark Stauffer praised Tabb's contributions, highlighting his role in building a strong team and positioning Orion for future success.
Orion Group Holdings (NYSE: ORN) announced two significant contract awards in its Marine segment, totaling nearly $200 million. The first is a $125 million contract from the Florida Department of Transportation for the replacement of the Indian River Bridge, expected to start in Q4 2021 and finish in Q4 2024. The second is a $67 million contract for the Berth 6 Expansion Project at the Port of Port Arthur, Texas, set to commence in Q4 2021 and complete in Q3 2024. These projects enhance Orion's backlog and reinforce its role in U.S. infrastructure development.
Orion Group Holdings (NYSE: ORN) has secured three contracts totaling approximately $22 million for dredging services from the US Army Corps of Engineers (USACE). These contracts involve maintenance work on Gulf coast waterways, with potential increases valued at up to $19 million. Two contracts from the Galveston District total $18.3 million for the Gulf Intracoastal Waterway and Sabine Neches Waterway. A third contract worth $3.5 million is from the Jacksonville District for Tampa Harbor. Work is expected to begin in Q4 2021.
Orion Group Holdings, Inc. (NYSE: ORN) has secured six contract awards totaling approximately $26 million in its Concrete segment. Key projects include an $8 million contract for an industrial park in Houston and a $9 million contract for a distribution center. Additionally, the company will construct a new school in Dallas for $3.2 million and townhome facilities in Austin valued over $4 million. Notably, Orion is expanding into Florida with a $2.1 million contract, enhancing its strategic presence.
Orion Group Holdings (NYSE: ORN) announced contract awards totaling approximately $35 million. The Marine segment secured four contracts, notably in the Gulf Coast and Alaska, with three contracts in Texas and Louisiana valued at $27.5 million for marine infrastructure development. The projects commence in Q4 2021 and are expected to complete by Q3 2022. Additionally, a $7.8 million contract from the US Department of Transportation involves bridge replacement in Alaska's Denali National Park and will begin in Q1 2022, concluding in late 2023.
Orion Group Holdings, Inc. (NYSE: ORN) announces participation in the D.A. Davidson Diversified Industrials and Services Virtual Conference on September 22, 2021. The company's Executive VP & CFO Robert Tabb and VP of Investor Relations Francis Okoniewski will present at 4:15 pm ET. Investors can participate in virtual meetings throughout the day. A live webcast will be available on the company's website, with an archived recording accessible later. Orion Group specializes in construction solutions across marine and concrete sectors in the U.S., Alaska, Canada, and the Caribbean.
Orion Group Holdings (NYSE: ORN) reported a net income of $3.5 million for Q2 2021, with a diluted EPS of $0.11, up from $2.0 million in Q2 2020. Operating income increased to $5.6 million despite reduced contract revenues of $145.9 million, down 20.6% year-over-year due to decreased project activity. Adjusted EBITDA was $7.4 million, and backlog stood at $394.4 million. The company sold its Tampa property, enhancing liquidity. Heavy rain affected production, especially in the concrete segment, but management remains optimistic about bid opportunities in recovering markets.
Orion Group Holdings (NYSE: ORN) announced its participation in the Jefferies Virtual Industrials Conference on August 4, 2021, at 1:00 PM ET. CEO Mark Stauffer, CFO Robert Tabb, and VP of Investor Relations Francis Okoniewski will present. One-on-one meetings are available on August 3-4 for interested parties. A live webcast of the presentation can be accessed from the Company’s investor relations website, with an archived recording available afterward. Orion is a specialty construction company serving the infrastructure, industrial, and building sectors across North America and the Caribbean.