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Investing.com -- Shares of Orion Group Holdings (NYSE:ORN) jumped 17.7% following the announcement of new contracts totaling approximately $211.7 million. The specialty construction company reported significant new Marine and Concrete awards, which are expected to commence in 2025 with completion dates extending into 2026.
The company’s Marine segment secured a $113.7 million contract from the Texas Department of Transportation to replace the State Highway 6 bridge over Lake Waco, with a 24-month construction timeline starting in the first quarter of 2025. Additionally, Orion won contracts for wharf repairs and improvements at Texas ports and a private dredging project, totaling $29.8 million. While details of Orion’s share in the Deschutes Estuary Restoration project in Washington state remain pending, the project’s overall value is estimated at approximately $350 million.
Orion’s Concrete segment also reported over $68.2 million in new projects, including a multi-story building in Houston and a one million square foot data center in Iowa, which would mark the company’s 33rd data center project. The data center project’s final price is still under negotiation and is not included in the aforementioned total.
Travis Boone, CEO of Orion Group Holdings, expressed confidence in the company’s direction, highlighting the diversity and quality of the new contracts. Boone emphasized the team’s ability to capitalize on market opportunities while maintaining a disciplined approach to bidding to ensure profitable returns.
The company’s stock movement reflects investor confidence in Orion’s growing backlog and its strategic approach to expanding its project portfolio. The new contracts not only enhance Orion’s current market position but also promise to contribute to its financial performance in the coming years.
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