Orion Group Q3 2022 Earnings Report
Key Takeaways
Orion Group Holdings reported a net income of $0.2 million, or $0.01 diluted earnings per share, for the third quarter ended September 30, 2022. Adjusted net income was $0.8 million, or $0.02 diluted earnings per share. Contract revenues increased by 30.5% to $182.6 million, and gross profit increased to $13.4 million.
Enhanced management team with the addition of CEO Travis Boone and CFO Scott Thanisch.
Improved project margins on new contract awards of $128 million due to efforts focusing on more attractive markets and targeting higher bid margins.
Signed an agreement for the $10.5 million sale-leaseback of its Port Lavaca property expected to close in December.
Operating income was $1.1 million, compared to an operating loss of $8.7 million for the third quarter of 2021.
Orion Group
Orion Group
Orion Group Revenue by Segment
Forward Guidance
Management is excited to see bid margins of recent wins increasing in the third quarter due to more disciplined bidding practices established over the past few months and will continue to focus on disciplined bidding, along with strong project delivery, as they pursue profitable growth.
Positive Outlook
- Higher margin projects will establish a solid base of work for 2023.
Revenue & Expenses
Visualization of income flow from segment revenue to net income