Monday, March 13, 2023
Joe Gomes, Managing Director – Generalist 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.
New Awards. On Friday, Orion announced multiple contract awards since the beginning of 2023. Totaling $134 million across both businesses, the majority of the work is expected to be completed in 2023. Since the beginning of the year, the Concrete segment has been awarded $100 million across several contracts including $25 million for a 22-story high-rise building in Houston, $12 million for a Dallas hospital, and $10 million for a Dallas packaging center. The Marine segment was awarded the Company’s largest diving services contract of $20 million by a private client. The project is in support of the US Army Corps of Engineers’ ongoing deepening and widening of Gulf Coast shipping channels. The contract award is the largest diving contract in Orion’s history and will be completed by the end of 2023.
Executive Chairman Transition. Former CEO Austin J. Shanfelter transitioned from Executive Chairman to Chairman of the Board of Directors, effective March 2, 2023. Recall, from April to September 2022, Mr. Shanfelter assumed the roles of Interim Chief Executive Officer and Interim Chief Financial Officer until Travis Boone, Chief Executive Officer, and Scott Thanisch, Chief Financial Officer, were appointed in September 2022.
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