Monday, March 04, 2024
Joe Gomes, Managing Director, Equity Research Analyst, Generalist , 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.
Progress. In 2023 Orion transformed into a more focused, more competitive and more driven company. Management implemented a disciplined project bidding and delivery strategy, attracted high-caliber business development executives, invested in systems, training and tools, secured a three-year, $103 million credit facility, and closed over $25 million in equipment and real estate sale-leaseback transactions.
Marine Segment. Segment revenue was up 40.3% to $135.2 million, while operating income was $4.3 million, compared to $234,000 in 4Q22. The revenue growth was primarily related to the Pearl Harbor project.
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