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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
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