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 revealed a contract award worth about $14 million.
Q2 Financial Highlights
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.
Selling, General, and Administrative (SG&A) expenses increased 92.10% year-over-year to $16.90 million from $8.80 million.
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’s $2 million.
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.
FY Financial Guidance
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).
Mark Stauffer, Orion Group CEO and President, reiterated his confidence in both of the company’s segments given the highly encouraging performance seen during the second quarter.
$14M Contract Award
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’s Medical Center, is said to last for 10 months.