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Mar 31, 2023
Orion Group Q1 2023 Earnings Report
Results for the first quarter of 2023 were reported, impacted by timing issues, project shortfalls, and the wind down of legacy low-margin projects.
Key Takeaways
Orion Group Holdings reported a decrease in contract revenues by 9.0% to $159.2 million, a net loss of $12.6 million, and an adjusted EBITDA of negative $4.1 million for the quarter ended March 31, 2023. The company secured a contract for East West Jones properties for $36 million and total backlog and awarded contracts reached $1.1 billion.
Backlog and awarded contracts totaled $1.1 billion at the end of Q1 2023.
A sales contract was entered into for the Company’s East West Jones properties for $36 million.
Contract revenues decreased 9.0% to $159.2 million.
Net loss was $12.6 million or $0.39 per diluted share.
Revenue by Segment
Forward Guidance
Orion Group Holdings anticipates that their second quarter financial results will significantly improve over the first quarter, and they expect the business to accelerate in the back half of the year.
Positive Outlook
- Complete exit of central Texas concrete jobs
- Realize the benefits of margin improvement efforts
- Begin to ramp up work in Hawaii
- Second quarter financial results will significantly improve over the first quarter
- Expect the business to accelerate in the back half of the year
Challenges Ahead
- First quarter results did not meet expectations
- Timing issues
- Shortfalls
- Continued wind down of legacy low-margin projects
- Unexpected customer and weather delays in the quarter
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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