Orion Group Hldgs Inc Stock Price, News & Analysis

Orion Group Holdings (NYSE: ORN) announced contract awards totaling approximately $27 million. This includes an $11.6 million contract for a tilt-wall distribution center in Central Texas and five additional contracts worth $15.1 million for various tilt wall and paving projects in Dallas/Fort Worth and Houston. Construction will commence in late Q1 to early Q2 2021 and is expected to be completed by year-end. The CEO highlighted the strong start of the year and plans to build on this momentum by delivering quality services.

Orion Group Holdings (NYSE: ORN) announced that CEO Mark Stauffer and VP of Investor Relations Francis Okoniewski will present at the Sidoti Virtual Small Cap Conference on January 13, 2021, from 10:45 to 11:15 am ET. Investors can schedule one-on-one meetings through Sidoti representatives. A live webcast of the presentation will be accessible via the company's website, with an archived recording available afterward. Orion specializes in marine and concrete construction services across various sectors in the U.S. and internationally.

Orion Group Holdings (NYSE: ORN) has announced new contract awards totaling approximately $20 million. The Marine segment secured two contracts in Florida, the first valued at $10.7 million for bridge replacement in St. Petersburg, projected to start in Q1 2021 and take about 10 months. The second contract, worth $10 million, involves replacing a quay wall at Naval Station Mayport, set to begin immediately and end by the year's close. CEO Mark Stauffer emphasized that these projects enhance the company's backlog and align with their expertise.

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.