Q1 2025 Orion Group Holdings Inc Earnings Call Transcript
Key Points
- Orion Group Holdings Inc (ORN) reported a strong start to 2025 with first-quarter revenue of $189 million and Adjusted EBITDA of $8 million, reflecting the strength of their operating model.
- The company secured almost $350 million in new wins, including $161 million in marine and $188 million in concrete projects, contributing to a backlog plus awarded work totaling $890 million.
- Orion Group Holdings Inc (ORN) experienced a 17% increase in consolidated revenue and a doubling of adjusted EBITDA compared to the previous year.
- The marine segment showed significant improvement with a 19% increase in revenue and an 8.6% adjusted EBITDA margin, up from 0.9% last year.
- The company has strong supplier relationships, particularly in the steel industry, which provides a competitive advantage in managing tariff risks and input costs.
- SG&A expenses increased to $22.5 million, up from $19 million in the comparable period, due to higher incentive compensation, legal, IT, and operating lease expenses.
- The concrete segment experienced a negative 4.4% adjusted EBITDA margin, compared to a positive 5.7% in the prior year period, due to seasonally lower productivity.
- Despite the strong start, the company reported a GAAP net loss of $1.4 million or $0.04 per diluted share for the first quarter of 2025.
- Cash flow from operations was negative $3.4 million, although this was an improvement from negative $22.8 million in the prior year quarter.
- The company anticipates potential pressure on input costs, particularly steel, as prices are expected to increase, which could impact future project bids.
Good day and welcome to the Orion Group Holdings first quarter 2025 conference call.
(Conference Instructions)
I would now like to turn the conference over to Margaret Boyce Investor relations. Please go ahead.
Thank you, Michael, and thanks everyone for joining us today to discuss Orion Group Holdings first quarter 2025 financial results. We issued our earnings release after the market last night. It's available in the investor relations section of our website at www.oriongroupholdingsinc.com. I'm here today with Travis Boone, Chief Executive Officer, and Scott Thanisch, Chief Financial Officer.
On today's call, management will provide prepared remarks, and then we'll open up the call for your questions. Before we begin, I'd like to remind you that today's comments will include forward-looking statements under the federal securities laws. Forward-looking statements are identified by words such
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