Orion Group reports Q2 adjusted EPS 16c, consensus (1c)

Reports Q2 revenue $192.2M, consensus $192.79M. “In Q2, we generated revenue of $192.2M and Adjusted EBITDA of $5.5M. As previously indicated, we anticipated a slower ramp up with two large projects. While we had some logistical setbacks late in the quarter, our Grand Bahama Shipyard Dry Dock project is now back on track, and our teams on the Pearl Harbor project are working double time to get back on schedule…While these delays are not expected to have any impact on the critical completion of these large projects, they will affect our full year 2024 financial results. For this reason, we are lowering our annual guidance to a revenue range of $850M-$900M and an Adjusted EBITDA range of $40M-$45M. We are still on target to deliver a very strong second half on a comparable basis. We also continue to add attractive projects to our backlog, and our pipeline of opportunities has increased to more than $14B. This puts us in a great position for an outstanding 2025,” said CEO Travis Boone.