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Friday November 1, 2019
Orion Group Holdings (ORN)
On the Right Track. Moving Up Estimates.
Orion Group Holdings, based in Houston, Texas, is a specialty construction company within the Marine and Industrial Construction sectors, with operations focused in the continental United States and Caribbean. Revenue is split roughly 50/50 between a Marine Construction segment that provides marine facility, pipeline and structural construction services and a Commercial Concrete segment that provides turnkey concrete services in the light commercial and structural construction markets.
Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.
Refer to full report for price target, fundamental analysis and rating.
- Transition continues with another solid quarter. 3Q2019 revenue of $200 million and adjusted EBITDA of $14.3 million were ahead of expectations of $175.0 million and $12.0 million, respectively. Both the Marine and Construction businesses were profitable. Stronger Marine EBITDA of $12.7 million (margin of 11.9%) was the primary driver, but Construction EBITDA of $1.6 million (margin of 1.7%) shifted into positive territory.
- Backlog dropped to $631 million in 3Q2019 from $661 million in 2Q2019, but remains near record level. With about $169 million of recent awards, backlog fell back to $631 million from a record level of $661 million in 2Q2019. Higher Construction awards of $134 million pushed backlog to a record level of $226 million, while…
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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
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