Thursday, September 01, 2022

Orion Group Holdings (ORN)
A New CFO

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Filling in a Position. Yesterday, Orion fulfilled the other promise in the second quarter earning’s call with the announcement of  the vacant CFO position being fulfilled with Scott Thanisch. Mr. Thanisch is scheduled to assume his new duties on September 12, 2022.

Who is Scott Thanisch? In the press release, it states that Mr. Thanisch was CFO at a Texas commercial construction services company and a transport services, maintenance, and repair company before joining Orion. Mr. Thanisch is an operationally focused executive with broad experience in global corporate finance and proven results in corporate value creation….

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Orion Group Holdings Names Scott Thanisch as Executive Vice President and Chief Financial Officer

Research, News, and Market Data on Orion Group Holdings

August 31, 2022 16:31 ET 

HOUSTON, Aug. 31, 2022 (GLOBE NEWSWIRE) — Orion Group
Holdings, Inc. 

(NYSE: ORN) (the “Company”), a leading specialty construction company, today announced that Scott Thanisch has been named Executive Vice President and Chief Financial Officer and will assume his new duties on September 12, 2022.

Mr. Thanisch is an operationally focused executive with broad experience in global corporate finance and proven results in corporate value creation. He is a skilled change agent with the ability to identify opportunities and take decisive action. He is also a seasoned leader able to recruit, coach and develop finance talent. He comes to Orion after serving as the Chief Financial Officer of a Texas commercial construction services company and a transport services, maintenance, and repair company, having previously held various related positions in other industries. He holds a Bachelor of Business Administration degree from The University of Texas at Austin, where he was a National Merit Scholar, and holds a Master of Business Administration degree from Southern Methodist University.

Austin Shanfelter, the Company’s Interim Chief Executive Officer stated, “Scott joining our management team is a defining step forward for our company. He and Travis Boone (the Company’s incoming President and Chief Executive Officer) each bring a wealth of varied experience that will coalesce around the future growth of Orion. Scott is a seasoned financial professional with a proven track record of adding value and leading teams and is therefore well-suited to be able to help take advantage of this important opportunity. On behalf of the board of directors and the Orion Group Holdings’ employees, we are pleased to welcome Scott as our new Executive Vice President and Chief Financial Officer.”

Mr. Thanisch stated, “I am genuinely excited to join Travis and the Orion Group team at this time of significant opportunity for the Company. Orion’s unique capabilities and strengths position the Company as a key partner in the marine infrastructure, industrial, and building sectors. I feel privileged and look forward to serving Orion’s stakeholders, customers, and employees as we implement our strategic priorities to accelerate growth and value creation.”

Mr. Boone described his passion for the construction industry and stated that he is looking forward to working with such a seasoned finance professional, adding that he and Scott will focus on improving performance and increasing stockholder, customer, and team member value. He also expressed confidence in the Company’s ability to take advantage of the numerous transformational opportunities on the horizon.

About Orion Group Holdings, Inc.

Orion Group Holdings, Inc., a leading specialty construction company serving the infrastructure, industrial and building sectors, provides services both on and off the water in the continental United States, Alaska, Canada and the Caribbean Basin through its marine segment and its concrete segment. The Company’s marine segment provides construction and dredging services relating to marine transportation facility construction, marine pipeline construction, marine environmental structures, dredging of waterways, channels and ports, environmental dredging, design, and specialty services. Its concrete segment provides turnkey concrete construction services including pour and finish, dirt work, layout, forming, rebar, and mesh across the light commercial, structural and other associated business areas. The Company is headquartered in Houston, Texas with regional offices throughout its operating areas.

Forward-Looking Statements

The matters discussed in this press release may constitute or include projections or other forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, the provisions of which the Company is availing itself. Certain forward-looking statements can be identified by the use of forward-looking terminology, such as ‘believes’, ‘expects’, ‘may’, ‘will’, ‘could’, ‘should’, ‘seeks’, ‘approximately’, ‘intends’, ‘plans’, ‘estimates’, or ‘anticipates’, or the negative thereof or other comparable terminology, or by discussions of strategy, plans, objectives, intentions, estimates, forecasts, outlook, assumptions, or goals. In particular, statements regarding future operations or results, including those set forth in this press release and any other statement, express or implied, concerning future operating results or the future generation of or ability to generate revenues, income, net income, profit, EBITDA, EBITDA margin, or cash flow, including to service debt, and including any estimates, forecasts or assumptions regarding future revenues or revenue growth, are forward-looking statements. Forward looking statements also include estimated project start date, anticipated revenues, and contract options which may or may not be awarded in the future. Forward looking statements involve risks, including those associated with the Company’s fixed price contracts that impacts profits, unforeseen productivity delays that may alter the final profitability of the contract, cancellation of the contract by the customer for unforeseen reasons, delays or decreases in funding by the customer, levels and predictability of government funding or other governmental budgetary constraints and any potential contract options which may or may not be awarded in the future, and are the sole discretion of award by the customer. Past performance is not necessarily an indicator of future results. In light of these and other uncertainties, the inclusion of forward-looking statements in this press release should not be regarded as a representation by the Company that the Company’s plans, estimates, forecasts, goals, intentions, or objectives will be achieved or realized. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company assumes no obligation to update information contained in this press release whether as a result of new developments or otherwise.

Orion Group Holdings Inc.
Francis Okoniewski, Vice President Investor Relations
(346) 616-4138
fokoniewski@orn.net
www.oriongroupholdingsinc.com

Source: Orion Group Holdings, Inc.

Monday, August 22, 2022

Orion Group Holdings (ORN)
A New Chapter – Announcing CEO Travis Boone

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

A New CEO. As promised in the second quarter earnings call, the CEO search is complete. Orion Group announced that Travis Boone has been named President and Chief Executive Officer and member of the Board of Directors, effective September 12, 2022. Austin J. Shanfelter will step down as Interim CEO at that time and will continue to serve as Orion’s Executive Chairman during a short transition period.

Who Is Travis Boone? According to the press release,  Mr. Boone served as a regional Chief Executive of AECOM and legacy companies since 
May 2017 and other key positions since 1999. From 1986 to 1999 he held various positions with several contracting companies in the utility/pipeline construction and commercial building construction industries….

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Orion Group Holdings Names Travis J. Boone as President and Chief Executive Officer

Research, News, and Market Data on Orion Group Holdings

Aug 18, 2022

HOUSTON, Aug. 18, 2022 (GLOBE NEWSWIRE) — Orion Group Holdings, Inc. (NYSE: ORN) (the “Company”), a leading specialty construction company, today announced that Travis Boone has been named President and Chief Executive Officer and member of the Board of Directors, effective September 12, 2022. Austin J. Shanfelter will step down as Interim CEO at that time and will continue to serve as Orion’s Executive Chairman during a short transition period. 

Mr. Boone served as a regional Chief Executive of AECOM and legacy companies since May 2017 and other key positions since 1999. From 1986 to 1999 he held various positions with several contracting companies in the utility/pipeline construction and commercial building construction industries. He is a Professional Engineer and Board-Certified Safety Professional. Mr. Boone graduated from New Mexico State University with a Bachelor of Science degree in Civil/Structural Engineering and has an Associate of Arts degree in Business Administration from Mid-American Christian University.

“On behalf of the Board of Directors and Orion Group Team, I would like to welcome Travis as our new President and Chief Executive Officer. Travis brings a wealth of industry knowledge, experience, and leadership to Orion. He has a proven track record of success, which we expect will have a significant impact on improving Orion’s performance and position it well for growth and success,” said Austin Shanfelter.

Mr. Boone stated, “I am honored to join Orion Group Holdings as its next President and Chief Executive Officer at such an important time in the Company’s history. I regard Orion Group as an industry leader and believe there are significant opportunities to grow the company. I look forward to working with and leading a talented team to continue improving performance and maximizing market value.”

About Orion Group
Holdings, Inc.

Orion Group Holdings, Inc., a leading specialty construction company serving the infrastructure, industrial and building sectors, provides services both on and off the water in the continental United States, Alaska, Canada and the Caribbean Basin through its marine segment and its concrete segment. The Company’s marine segment provides construction and dredging services relating to marine transportation facility construction, marine pipeline construction, marine environmental structures, dredging of waterways, channels and ports, environmental dredging, design, and specialty services. Its concrete segment provides turnkey concrete construction services including pour and finish, dirt work, layout, forming, rebar, and mesh across the light commercial, structural and other associated business areas. The Company is headquartered in Houston, Texas with regional offices throughout its operating areas.

Forward-Looking
Statements

The matters discussed in this press release may constitute or include projections or other forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, the provisions of which the Company is availing itself. Certain forward-looking statements can be identified by the use of forward-looking terminology, such as ‘believes’, ‘expects’, ‘may’, ‘will’, ‘could’, ‘should’, ‘seeks’, ‘approximately’, ‘intends’, ‘plans’, ‘estimates’, or ‘anticipates’, or the negative thereof or other comparable terminology, or by discussions of strategy, plans, objectives, intentions, estimates, forecasts, outlook, assumptions, or goals. In particular, statements regarding future operations or results, including those set forth in this press release and any other statement, express or implied, concerning future operating results or the future generation of or ability to generate revenues, income, net income, profit, EBITDA, EBITDA margin, or cash flow, including to service debt, and including any estimates, forecasts or assumptions regarding future revenues or revenue growth, are forward-looking statements. Forward looking statements also include estimated project start date, anticipated revenues, and contract options which may or may not be awarded in the future. Forward looking statements involve risks, including those associated with the Company’s fixed price contracts that impacts profits, unforeseen productivity delays that may alter the final profitability of the contract, cancellation of the contract by the customer for unforeseen reasons, delays or decreases in funding by the customer, levels and predictability of government funding or other governmental budgetary constraints and any potential contract options which may or may not be awarded in the future, and are the sole discretion of award by the customer. Past performance is not necessarily an indicator of future results. In light of these and other uncertainties, the inclusion of forward-looking statements in this press release should not be regarded as a representation by the Company that the Company’s plans, estimates, forecasts, goals, intentions, or objectives will be achieved or realized. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company assumes no obligation to update information contained in this press release whether as a result of new developments or otherwise.

Orion Group Holdings Inc.
Francis Okoniewski, Vice President Investor Relations
(346) 616-4138
fokoniewski@orn.net
www.oriongroupholdingsinc.com

Source: Orion Group Holdings, Inc.

Source: Orion Group Holdings, Inc.

Friday, August 12, 2022

Kelly Services (KELYA)
Calling All Workers

Kelly (Nasdaq: KELYA, KELYB) connects talented people to companies in need of their skills in areas including Science, Engineering, Education, Office, Contact Center, Light Industrial, and more. We’re always thinking about what’s next in the evolving world of work, and we help people ditch the script on old ways of thinking and embrace the value of all workstyles in the workplace. We directly employ nearly 350,000 people around the world and connect thousands more with work through our global network of talent suppliers and partners in our outsourcing and consulting practice. Revenue in 2021 was $4.9 billion. Visit kellyservices.com and let us help with what’s next for you.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

2Q22. Revenue of $1.267.3 billion was up 0.7% year-over-year (2.7% in constant currency). Consensus was $1.28 billion and we were at $1.29 billion. Kelly reported operating earnings of $8.2 million ($22.3 million adjusted) compared to $13.7 million a year ago. We were at $23 million. GAAP EPS was $0.06 compared to $0.60. Adjusted EPS for the second quarter was $0.45 versus $0.49 last year. We had projected adjusted EPS of $0.49.

Demand for Talent. Demand for talent remains high, even in the face of economic uncertainty. We would highlight a 33.2% y-o-y increase in permanent placement fees, typically a more sensitive barometer of demand. The Company continues to explore a multitude of ways to supply the demanded talent to its clients.…

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Friday, August 05, 2022

CoreCivic, Inc. (CXW)
Post Call Commentary and Updated Projections

CoreCivic is a diversified, government-solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through high-quality corrections and detention management, a network of residential and non-residential alternatives to incarceration to help address America’s recidivism crisis, and government real estate solutions. We are the nation’s largest owner of partnership correctional, detention and residential reentry facilities, and believe we are the largest private owner of real estate used by government agencies in the United States. We have been a flexible and dependable partner for government for nearly 40 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good. Learn more at www.corecivic.com.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Behind the Miss. There were a number of items with the most significant being the La Palma transition, both the cost of implementing the transition as well as a faster drawn down of the existing ICE population than was anticipated, a challenging labor market where CoreCivic has implemented above average wage increases, and the impact of contract non-renewals and asset dispositions.

Upside Potential Remains. Due to the COVID regulations, CoreCivic’s occupancy levels remain well below historical norms. A return to pre-COVID occupancy levels, or about an additional 8,000 detainees, could add some $40-$50 million to EBITDA. Given the expectations for a border surge once Title 42 is lifted, we do not think this is a stretch….

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Thursday, August 04, 2022

DLH Holdings (DLHC)
A Future Looking Brighter

DLH delivers improved health and readiness solutions for federal programs through research, development, and innovative care processes. The Company’s experts in public health, performance evaluation, and health operations solve the complex problems faced by civilian and military customers alike, leveraging digital transformation, artificial intelligence, advanced analytics, cloud-based applications, telehealth systems, and more. With over 2,300 employees dedicated to the idea that “Your Mission is Our Passion,” DLH brings a unique combination of government sector experience, proven methodology, and unwavering commitment to public health to improve the lives of millions. For more information, visit www.DLHcorp.com.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

3Q Results. Ex FEMA revenue totaled $71.6 million, up 16.2% from $61.6 million in 3Q21. Ex FEMA, DLH would have reported net income of $3.1 million, or $0.22 per share compared to $2.9 million, or $0.21 per diluted share last year. Ex FEMA EBITDA would be at $8.4 million versus $7.0 million the previous year. We had projected revenue of $67 million, EPS of $0.23, and EBITDA of $7 million.

Base Business Continues to Thrive. DLH continues to have growth in the base business. Revenue segments increased for the Company, like the Company’s VA ($33.3 million from $27.5 million) and HHS ($27.7 million from $23.2 million) business. This is further indication of a rise in demand for DLH’s services….

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Wednesday, August 03, 2022

CoreCivic, Inc. (CXW)
First Look at a Challenging Quarter

CoreCivic is a diversified, government-solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through high-quality corrections and detention management, a network of residential and non-residential alternatives to incarceration to help address America’s recidivism crisis, and government real estate solutions. We are the nation’s largest owner of partnership correctional, detention and residential reentry facilities, and believe we are the largest private owner of real estate used by government agencies in the United States. We have been a flexible and dependable partner for government for nearly 40 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good. Learn more at www.corecivic.com.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

A Miss. CoreCivic reported second quarter results after the market closed yesterday. Revenue came in at $456.7 million compared to $464.6 million in the same period last year. Consensus was $462.5 million. The Company reported net income of $10.6 million, or $0.09 per share and adjusted net income of $16.2 million, or $0.13 per share, compared to $0.13 and $0.25 per share, respectively, last year. Consensus EPS net income was $19 million, or $0.16 per share. We had projected revenue of $455 million and EPS of $0.13.

La Palma. Transitioning of the La Palma facility from serving ICE to serving the State of Arizona remains a challenge. Partly due to a tight labor market, the process has not gone as smoothly as anticipated and full transition has been pushed out into 1Q23 from 4Q22. While we believe this a temporary setback, it likely will impact results for the remainder of the year.…

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.