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Current Change: Orion Group Holdings, Inc. (NYSE: ORN)

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Orion Group Holdings, Inc. (NYSE: ORN), a most important specialty construction company, newly stated a net income of $4.00M ($0.140 diluted earnings for each share) for the 3rd-quarter finished September 30, 2k19.

3rd-Quarter 2k19 Highlights

  • Contract revenues were $199.50M, up 59.50 percent from $125.10M for the 3rd-quarter of 2k18. Operating income was $6.10M for the 3rd-quarter of 2k19 contrast to operating loss of $7.40M for the 3rd-quarter of 2k18.
  • Net income was $4.00M ($0.140 diluted earnings for each share) for the 3rd-quarter of 2k19 contrast to a net loss of $6.40M ($0.220 diluted loss for each share) for the 3rd-quarter of 2k18.
  • The 3rd-quarter 2k19 net income included $0.30M ($0.010 for each diluted share) of non-recurring costs and other charges. 3rd-quarter 2k19 adjusted net income was $4.30M ($0.150 diluted earnings for each share). (Please see page 9 of this release for a reconciliation of adjusted net income.)
  • EBITDA, adjusted to exclude the impact of the aforementioned non-recurring costs, was $14.30M in the 3rd-quarter of 2k19, which compares to adjusted EBITDA of $0.70M for the 3rd-quarter of 2k18. (Please see page 10 of this release for an explanation of EBITDA, adjusted EBITDA and a reconciliation to the nearest GAAP measure.)
  • Backlog was $630.50M on a 3rd-quarter book-to-bill of 0.850x.

 

Merged Results for 3rd-Quarter 2k19 Contrast to 3rd-Quarter 2k18

  • Contract revenues were $199.50M, up 59.50 percent as contrast to $125.10M. The incline was mainly driven by higher utilization rates in our marine segment and improved weather conditions, most important to higher cubic yardage production in our concrete segment.
  • Gross profit was $20.90M, in contrast to $4.80M. The gross profit margin was 10.50 percent, as a contrast to 3.90 percent. The incline reflects an improvement in labor efficiency resulting from the ISG process and improved utilization rates in our marine segment, together with improved man-hours for each cubic yards placed in the concrete segment.
  • Selling, General, and Administrative costs were $14.60M, as a contrast to $12.40M. The incline predominantly reflects $1.10M of non-recurring professional and other fees related to the Company’s ISG program.
  • Operating income was $6.10M as a contrast to operating loss of $7.40M. The operating income in the 3rd-quarter of 2k19 reflects the aforementioned factors that improved gross profit.
  • EBITDA was $13.20M, representing a 6.60 percent EBITDA margin, as a contrast to EBITDA of $0.70M, or a 0.50 percent EBITDA margin. When adjusted for the aforementioned charges and other non-recurring costs, adjusted EBITDA for the 3rd-quarter of 2k19 was $14.30M, representing a 7.20 percent EBITDA margin. (Please see page 10 of this release for an explanation of EBITDA, Adjusted EBITDA and a reconciliation to the nearest GAAP measure.)

Backlog

Backlog of work under contract as of September 30, 2k19 was $630.50M, which compares with backlog under contract on September 30, 2k18 of $426.00M, a boost of 48.00 percent. The 3rd-quarter 2k19 ending backlog was comprised of $404.30M for the marine segment and $226.20M for the concrete segment; a record level for this segment. Presently, the Company has $1.00B worth of bids outstanding, counting about $42.50M on which it is the apparent low bidder, or has been awarded contracts subsequent to the end of the 3rd-quarter of 2k19, of which about $31.60M pertains to the marine segment and about $10.90M to the concrete segment.

“Throughout the 3rd-quarter, we bid on about $1.00B of work and were successful on about $169.00M of these bids,” stated Robert Tabb, Orion Group Holding’s Vice President and Chief Financial Officer. “This resulted in a 0.850 times book-to-bill ratio and a win rate of 16.30 percent. In the marine segment, we bid on about $337.00M throughout the 3rd-quarter 2k19 and were successful at $35.00M, representing a win rate of 10.40 percent and a book-to-bill ratio of 0.320 times. In the concrete segment, we bid on about $702.00M of work and were awarded about $134.00M, representing a win rate of 19.10 percent and a book-to-bill ratio of 1.460 times.”

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