Orion Group reports Q1 EPS (12c), consensus (18c)

Reports Q1 revenue $160.7M, consensus $174.75M… Reports backlog and contracts awarded subsequent to quarter end totaled $857M…”We generated first quarter revenue of $161M and Adjusted EBITDA of $4.1 M. We expect revenue to continue to build throughout the year with our current backlog and strong pipeline of opportunities. We remain focused on increasing our margins as a top priority. In addition to first quarter being our seasonally slowest period, revenue was affected by reduced activity on two major projects related to scheduling delays outside of our control. At this point, we have no concerns that these scheduling delays will have any material impact on total anticipated revenues and margins generated from these contracts. We expect to recover this work in upcoming quarters, with strong momentum in the back half of the year,” said Travis Boone, Chief Executive Officer of Orion Group Holdings, Inc. “Based on the activity level we are seeing for our services, especially in marine construction, we are reconfirming our full year 2024 guidance for revenue in the range of $860 M to $950M and anticipated Adjusted EBITDA in the range of $45 M to $50M.” “In a little over a year, our opportunity pipeline has almost quadrupled from $3 billion to over $11 billion. The critical need to rebuild large parts of the U.S. infrastructure is driving a boom in demand for heavy civil and marine construction. This is especially true for the specialized services that Orion offers.”