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Jun 30, 2022
Orion Group Q2 2022 Earnings Report
Reported a net loss, driven by additional costs in the concrete segment and a change in the mix of work.
Key Takeaways
Orion Group Holdings reported a net loss of $3.1 million for the second quarter of 2022. Adjusted net loss, excluding non-recurring items, was $0.9 million. Contract revenues increased by 33.4% to $194.6 million, primarily driven by higher volume in the concrete segment and the start up on large jobs awarded in the second half of 2021 in the marine segment.
Operating loss was $2.8 million for the second quarter of 2022, compared to operating income of $5.6 million for the second quarter of 2021.
Net loss was $3.1 million ($0.10 diluted loss per share) for the second quarter of 2022, compared to net income of $3.5 million ($0.11 diluted earnings per share) for the second quarter of 2021.
Adjusted EBITDA was $5.7 million in the second quarter of 2022, compared to adjusted EBITDA of $7.4 million for the second quarter of 2021.
Backlog at the end of the second quarter was $603.2 million on a second quarter book-to-bill of 1.00x.
Orion Group
Orion Group
Orion Group Revenue by Segment
Revenue by Segment
Marine Segment Revenue
CapyFin.comConcrete Segment Revenue
CapyFin.com Forward Guidance
Management outlined key steps to enhance the foundation for success of the new leadership team.
Positive Outlook
- Company-wide focus to obtain margin improvements on all projects
- Ensuring the ability to capture all cost escalations
- Downsizing unproductive markets
- Monetizing real estate
- Improving liquidity
Revenue & Expenses
Visualization of income flow from segment revenue to net income