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HOUSTON - Orion Group Holdings, Inc. (NYSE:ORN) reported fourth quarter earnings that fell short of analyst expectations, sending shares down 3.8% in after-hours trading.
The specialty construction company posted adjusted earnings per share of $0.16, missing the consensus estimate of $0.18. Revenue came in at $216.9 million, well below analyst projections of $265.2 million, though up 7.6% YoY.
For the full year 2024, Orion reported revenue of $796.4 million, an 11.9% increase from 2023. Adjusted EBITDA rose 75.9% to $41.9 million.
"2024 ended on a high note with our team delivering improved performance through the disciplined execution of our strategic objectives," said CEO Travis Boone. "We remain focused on smart, profitable revenue growth and better earnings."
Looking ahead, Orion provided 2025 guidance that fell short of Wall Street forecasts. The company expects full year EPS of $0.11-$0.17, below the $0.32 consensus. Revenue is projected at $800-850 million, compared to analyst estimates of $850.5 million.
Orion cited longer lead times on large marine projects in its backlog as a factor in its 2025 outlook. The company said it expects 2025 revenue to be "slightly higher" than 2024, with a focus on expanding margins.
At quarter-end, Orion’s contracted backlog stood at $977.3 million, including awards subsequent to the quarter. The company said it has won nearly $250 million in new contract awards so far in Q1 2025.
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