Orion Marine Group (ORN) Reports In-Line Q3 EPS, Revenues Beat

Orion Marine Group (NYSE: ORN) reported Q3 EPS of $0.08, in-line with the analyst estimate of $0.08. Revenue for the quarter came in at $189.4 million versus the consensus estimate of $183.62 million.

Third Quarter 2020 Highlights

• Contract revenues were $189.4 million, down 5.0% from $199.5 million for the third quarter of 2019.
• Operating income was $13.1 million for the third quarter of 2020 compared to operating income of $6.1 million for the third quarter of 2019.
• Net income was $11.8 million ($0.39 diluted earnings per share) for the third quarter of 2020 compared to net income of $4.0 million ($0.14 diluted earnings per share) for the third quarter of 2019.
• The third quarter 2020 net income included $2.5 million ($0.08 earnings per diluted share) of non-recurring items and $2.2 million ($0.08 earnings per diluted share) of tax benefit associated with the movement of certain valuation allowances. Third quarter 2020 adjusted net income was $7.1 million ($0.23 diluted earnings per share). (Please see page 9 of this release for a reconciliation of adjusted net income).
• EBITDA, adjusted to exclude the impact of the aforementioned non-recurring costs, was $17.0 million in the third quarter of 2020, which compares to adjusted EBITDA of $14.9 million for the third quarter of 2019. (Please see page 10 of this release for an explanation of EBITDA, adjusted EBITDA and a reconciliation to the nearest GAAP measure).
• Backlog at the end of the third quarter was $428.8 million on a third quarter book-to-bill of 0.47x.

During the third quarter an explosion and fire occurred in the Port of Corpus Christi Ship Channel while the Company’s dredge Waymon Boyd was working near a pipeline, which resulted in the deaths of five crewmen and injuries, some severe, to several other crewmen. “Our primary concern remains the well-being of our crew members and their families involved in this incident,” said Mark Stauffer, Orion’s President and Chief Executive Officer. “Safety is an integral part of our Guiding Beliefs at Orion and we remain deeply committed to our Target Zero program to support our vision of an incident free workplace. Our support, thoughts, and prayers remain with the crew of the Waymon Boyd and their families.”

For earnings history and earnings-related data on Orion Marine Group (ORN) click here.

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