{"id":37548,"date":"2016-08-05T03:06:56","date_gmt":"2016-08-05T07:06:56","guid":{"rendered":"https:\/\/cablemanpro.com\/wallstreetpr\/?p=37548"},"modified":"2016-08-05T03:06:56","modified_gmt":"2016-08-05T07:06:56","slug":"orion-group-holdings-inc-nyseorn-reports-q2-results-receives-14m-contract","status":"publish","type":"post","link":"https:\/\/cablemanpro.com\/wallstreetpr\/orion-group-holdings-inc-nyseorn-reports-q2-results-receives-14m-contract-37548","title":{"rendered":"Orion Group Holdings, Inc. (NYSE:ORN) Reports Q2 Results, Receives $14M Contract"},"content":{"rendered":"

Orion Group Holdings, Inc. (NYSE:ORN)<\/strong> has issued on Thursday its earnings report for the second quarter and guidance for the full-year.<\/p>\n

The company has also revealed a contract award worth about $14 million.<\/p>\n

Q2 Financial Highlights<\/strong><\/p>\n

For the period, Orion Group had a contract revenue of $140.30 million, jumping 63% year-over-year from $86.10 million. Gross profit revenue also surged to $16.90 million from $10.90 million.<\/p>\n

Selling, General, and Administrative (SG&A) expenses increased 92.10% year-over-year to $16.90 million from $8.80 million.<\/p>\n

The Heavy Civil Marine Construction (HCMC) business segment posted a 7.10% decrease in contract revenue to $80 million from $86.10 million during the same period last year. It had an operating loss of $1.20 million, an improvement from last year as well. Meanwhile, the Commercial Concrete Construction (CCC) business segment posted a 19.50% surge in contract revenue to $60.30 million from$70.20 million last year. The segment had an operating income of $1.50 million, down from last year\u2019s $2 million.<\/p>\n

The HCMC segment ended the second quarter with a contract backlog of $166 million, down year-over-year from $223 million; and the CCC segment with a contract backlog of $201 million, up year-over-year from $174 million. Overall, Orion Group ended the period with a contract backlog of about $368 million.<\/p>\n

FY Financial Guidance<\/strong><\/p>\n

For the full-year 2016, Orion Group maintained its revenue guidance of between $625 million and $675 million. The company is also expecting an earnings per share (EPS) of about $0.30 to $0.40 for the fiscal year (FY).<\/p>\n

Mark Stauffer, Orion Group CEO and President, reiterated his confidence in both of the company\u2019s segments given the highly encouraging performance seen during the second quarter.<\/p>\n

$14M Contract Award<\/strong><\/p>\n

Orion Group has recently been granted by a private sector client with a $14-million contract. Expected to commence by the third quarter, the project, which involves the construction of a hotel near Houston\u2019s Medical Center, is said to last for 10 months.<\/p>\n","protected":false},"excerpt":{"rendered":"

Orion Group Holdings, Inc. (NYSE:ORN) has issued on Thursday its earnings report for the second quarter and guidance for the full-year. The company has also […]<\/p>\n","protected":false},"author":12,"featured_media":37549,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[2236],"tags":[12085,12084,12083,12082],"stock_ticker":[],"class_list":["post-37548","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-mark-stauffer","tag-nyseorn","tag-orion-group-holdings-inc","tag-orion-group-holdings-inc-nyseorn","entry"],"acf":[],"yoast_head":"\nOrion Group Holdings, Inc. 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