HOUSTON, May 08, 2023 (GLOBE NEWSWIRE) — Orion Group Holdings, Inc. ORN (the “Company”), a leading specialty construction company, today reported its financial results for the first quarter ended March 31, 2023.
Highlights for the quarter ended March 31, 2023:
- Backlog and awarded contracts at the end of the first quarter totaled $1.1 billion
- Entered into a sales contract for the Company’s East West Jones properties for a purchase price of $36 million
- Contract revenues decreased 9.0% to $159.2 million
- Net loss was $12.6 million or $0.39 per diluted share
- Adjusted EBITDA was negative $4.1 million
See definitions and reconciliation of non-GAAP measures elsewhere in this release.
Management Commentary
“Our first quarter results did not meet our expectations, primarily due to timing issues, shortfalls and the continued wind down of legacy low-margin projects. Several of our projects experienced unexpected customer and weather delays in the quarter, impacting our production rates and ultimately our quarterly revenues and profitability. We do not think this quarter is indicative of our full-year potential by any means. We are working to complete low-margin projects by mid-year,” said Travis Boone, Chief Executive Officer of Orion Group Holdings.
“First quarter results withstanding, we made great progress against our three-point strategic plan for improved financial performance. First, our initiative to restore profitability in the concrete segment is generating tangible results. The month of March was the first profitable month in our concrete segment in two years. Second, we are nearing the completion of our ABL credit facility, a key component in strengthening our financial flexibility. And finally, we entered into a contract for the sale of our East West Jones properties near the Houston Shipping Channel for a purchase price of $36 million. With these funding sources, we will have dry powder to make investments in the business to drive future growth.”
“There are many…
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