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Dec 31, 2024
Orion Group Q4 2024 Earnings Report
Orion Group Holdings reported increased revenue and profitability for Q4 2024.
Key Takeaways
Orion Group Holdings achieved a 7.6% revenue growth in Q4 2024, reaching $216.9 million. The company posted a net income of $6.8 million, reversing the prior year's loss. Adjusted EBITDA increased by 15.3% to $17.1 million. The company's backlog stood at $977.3 million, including new awards secured after quarter-end.
Contract revenues increased by 7.6% year-over-year to $216.9 million.
GAAP net income was $6.8 million, compared to a net loss of $4.4 million in Q4 2023.
Adjusted EBITDA grew by 15.3% to $17.1 million.
Backlog, including new contract awards, reached $977.3 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 expects revenue growth and margin expansion in 2025, with revenue projected between $800 million and $850 million. Adjusted EBITDA is forecasted between $42 million and $46 million, while adjusted EPS is expected to range from $0.11 to $0.17.
Positive Outlook
- Revenue forecasted between $800 million and $850 million, slightly higher than 2024.
- Adjusted EBITDA projected between $42 million and $46 million.
- Continued investment in strategic projects to drive future growth.
- Strong pipeline of $16 billion in potential contracts.
- Expanded project awards, including $250 million in new contracts in early 2025.
Challenges Ahead
- Margin expansion remains a focus but could be impacted by higher costs.
- Increased SG&A expenses, which grew to 9.9% of revenue in Q4 2024.
- Backlog slightly decreased year-over-year, despite new awards.
- Operational risks in marine and concrete projects affecting profitability.
- Potential impact of interest expenses on net income.
Revenue & Expenses
Visualization of income flow from segment revenue to net income