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Dec 31, 2022
Orion Group Q4 2022 Earnings Report
Reported solid fourth quarter results driven by disciplined bidding practices and improving project management.
Key Takeaways
Orion Group Holdings reported a 20.9% increase in contract revenues for Q4 2022, reaching $196.2 million. The company significantly reduced its net loss to $4.9 million, or $0.15 per diluted share, and achieved an adjusted EBITDA of $3.2 million, marking a substantial improvement from the previous year.
Contract revenues increased 20.9% to $196.2 million.
Operating loss improved to $3.5 million from $8.2 million in the prior year period.
Net loss was $4.9 million or $0.15 per diluted share, compared to a net loss of $8.8 million or $0.29 per diluted share in the fourth quarter of 2021.
Adjusted EBITDA was $3.2 million, a significant improvement from negative $0.8 million in the fourth quarter last year.
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 focusing on improving profitability in the concrete business, strengthening business development to drive growth, and investing in resources to realize the company's full potential.
Positive Outlook
- Appointed new leadership for the concrete segment.
- Refocus concrete business in core Texas markets of Dallas and Houston.
- Invest in additional experienced project managers.
- Build on successful sales efforts and capitalize on favorable industry dynamics.
- Sharpen business development focus by pursuing opportunities where our capabilities and expertise differentiate us.
Challenges Ahead
- Complete the refinancing of our credit facility to extend our debt maturities and provide us with the capital to take advantage of our market opportunities.
- Optimize our return on assets. The completion of our Central Texas concrete jobs in 2023 will present opportunities to sell or redeploy underutilized equipment.
- Invest in our dredging fleet to better service our growth. Supporting our commitment to the environment, Orion’s fleet upgrades will also include investing in more efficient engines to achieve lower carbon emissions.
- Collaborate between our concrete and marine operations to drive synergies and leverage best practices.
- Continue to enhance and build our “Target Zero” safety culture, practices, and systems.
Revenue & Expenses
Visualization of income flow from segment revenue to net income