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Mar 31, 2024
Orion Group Q1 2024 Earnings Report
Orion Group Holdings reported a net loss but saw revenue increase slightly and adjusted EBITDA improve compared to the previous year.
Key Takeaways
Orion Group Holdings reported first quarter revenue of $161 million and Adjusted EBITDA of $4.1 million. The company reconfirmed its full year 2024 guidance for revenue in the range of $860 million to $950 million and anticipated Adjusted EBITDA in the range of $45 million to $50 million.
Contract revenues reached $160.7 million.
GAAP net loss was $6.1 million, or $0.19 per diluted share.
Adjusted net loss was $4.0 million, or $0.12 per diluted share.
Adjusted EBITDA was $4.1 million.
Orion Group
Orion Group
Orion Group Revenue by Segment
Revenue by Segment
Marine Segment Revenue
CapyFin.comConcrete Segment Revenue
CapyFin.com Forward Guidance
Orion Group Holdings reconfirmed its full year 2024 guidance for revenue in the range of $860 million to $950 million and anticipated Adjusted EBITDA in the range of $45 million to $50 million.
Positive Outlook
- Expect revenue to continue to build throughout the year with current backlog.
- Strong pipeline of opportunities.
- Remain focused on increasing margins as a top priority.
- Expect to recover work delayed by scheduling issues in upcoming quarters.
- Expect strong momentum in the back half of the year.
Challenges Ahead
- Revenue was affected by reduced activity on two major projects related to scheduling delays outside of our control.
- First quarter is seasonally the slowest period.
- GAAP net loss was $6.1 million.
- Adjusted net loss was $4.0 million.
- Net cash used in operating activities was $22,825,000.
Revenue & Expenses
Visualization of income flow from segment revenue to net income