Monday, October 02, 2023
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.
More Awards. In an 8-K release late last week, Orion Group Holdings reported that on September 22nd its Marine segment business entered into a design-build contract with an undisclosed customer valued at approximately $120 million. In addition, the Company noted that it was recently awarded new contracts in both its Concrete and Marine segments for a combined total of approximately $121 million. Unfortunately, the 8-K does not provide a date range for the $121 million of additional contracts so we do not know if the figure includes the $58 million of new awards announced in early August or if the $121 million is in addition to the $58 million.
Awaiting Additional Detail. While the Company has yet to issue a press release on the new business, we believe the Company likely will, at the same time providing additional detail regarding the nature of the work, timing, and customer details. In any case, the new awards continue a recent trend for Orion of adding substantial new business which should result in improved operating results in the future.
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