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Sep 30, 2024
Orion Group Q3 2024 Earnings Report
Orion Group Holdings reported a strong third quarter with significant revenue and Adjusted EBITDA growth, driven by key marine projects and strategic market positioning.
Key Takeaways
Orion Group Holdings reported a strong third quarter with a 35% increase in contract revenue, a 62% increase in Adjusted EBITDA, and $35.2 million in cash flow from operations. The company's growth was primarily driven by the Pearl Harbor and Grand Bahama Shipyard Dry Dock projects. They are on track to deliver Adjusted EBITDA within the previously communicated guidance range of $40 million to $45 million for 2024.
Contract revenues reached $226.7 million, a 35% increase year-over-year.
GAAP net income was $4.3 million, or $0.12 per diluted share.
Adjusted EBITDA was $15.2 million, marking a 62% increase year-over-year.
Backlog and contracted or awarded projects totaled $806.7 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 is targeting to deliver Adjusted EBITDA within the previously communicated guidance range of $40 million to $45 million for 2024.
Positive Outlook
- Indicators of increasing market demand for specialty marine and concrete services.
- Government and private sector funding supporting project opportunities.
- Department of Defense's investment protecting US interests in the Pacific.
- Infrastructure Investment and Jobs Act funds beginning to trickle down.
- Data centers continue to generate opportunities.
Revenue & Expenses
Visualization of income flow from segment revenue to net income