Earnings call transcript: Orion Group Q2 2025 shows earnings beat, stock reacts

Orion Group Holdings Inc. (ORN) reported its financial results for the second quarter of 2025, surpassing analyst expectations with an earnings per share (EPS) of $0.02, compared to a forecast of $0.00. The company also posted revenue of $205 million, exceeding the projected $198.3 million. Following the announcement, Orion Group’s stock saw a positive reaction in premarket trading, rising 4.15% to $9.79. According to InvestingPro analysis, the company maintains a GOOD financial health score and appears undervalued based on its Fair Value assessment. For deeper insights, InvestingPro offers 10+ additional tips and comprehensive analysis in its Pro Research Report.

Key Takeaways

• Orion Group’s Q2 2025 revenue increased by 7% year-over-year.
• Adjusted EBITDA doubled from the previous year to $11 million.
• The company’s stock rose 4.15% in premarket trading after earnings beat.
• Orion Group expanded operations into Florida and Phoenix.
• Strong demand observed in marine and concrete segments.

Company Performance

Orion Group Holdings demonstrated robust performance in the second quarter of 2025, with significant year-over-year growth in revenue and earnings. The company’s focus on expanding its operational footprint into new regions, such as Florida and Phoenix, has contributed to its strong financial results. The backlog of nearly $750 million indicates steady demand, particularly in marine and concrete segments, aligning with broader industry trends in infrastructure and energy projects.

Financial Highlights

• Revenue: $255 million (7% increase YoY)
• Adjusted EBITDA: $11 million (doubled from Q2 2024)
• GAAP Net Income: $800,000 ($0.02 per share)
• Adjusted Net Income: $2.7 million ($0.07 per share)
• Net Debt: $31 million

Earnings vs. Forecast

Orion Group exceeded market expectations with an EPS of $0.02 against a forecast of $0.00, representing a positive earnings surprise. The revenue also surpassed projections, coming in at $205 million compared to the expected $198.3 million. This marks a revenue surprise of 3.38%, highlighting the company’s effective strategies and operational improvements.

Market Reaction

In response to the earnings report, Orion Group’s stock rose by 4.15% in premarket trading, reaching $9.79. This movement reflects investor confidence in the company’s ability to outperform expectations. The stock’s performance is notable given its recent 52-week range of $4.64 to $9.95, suggesting a positive market sentiment. InvestingPro data reveals impressive returns, with the stock up 28.24% year-to-date and 8.05% in the past week. The company’s market capitalization stands at approximately $358 million, with analysts maintaining a strong buy consensus.

Outlook & Guidance

Looking ahead, Orion Group has provided guidance for the full year 2025, projecting revenue between $800 million and $850 million, with adjusted EBITDA expected to range from $42 million to $46 million. InvestingPro analysts expect continued profitability this year, with revenue growth forecast at 3%. Access the complete Pro Research Report for detailed analysis of growth drivers and valuation metrics across 30+ key indicators. The company anticipates adjusted EPS between $0.11 and $0.17, with capital expenditures planned at $25 million to $35 million. Orion Group’s strategic focus on data center and energy infrastructure projects positions it well for continued growth.

Executive Commentary

CEO Travis Boone highlighted the company’s strong quarterly performance, stating, "We’ve delivered a strong quarter of revenue, EBITDA, and EPS growth." CFO Alison Vasquez added, "There’s a real sense of momentum throughout the organization," underscoring the positive trajectory of Orion Group’s operations and strategic initiatives.

Risks and Challenges

• Increased competition in the data center market could impact margins.
• Weather-related disruptions may affect the concrete segment.
• Delays in federal military and naval project awards could influence future revenue.
• Potential tax reforms may alter project cost structures.
• Macro-economic pressures could affect overall demand in key markets.

Q&A

During the earnings call, analysts inquired about the company’s pipeline growth, which has been driven by private sector caution. Questions also addressed weather impacts on the concrete segment and the potential benefits of tax reforms on project decisions. The management’s responses highlighted the company’s proactive measures to mitigate these challenges and capitalize on emerging opportunities.

Full transcript - Orion Group Holdings Inc (ORN) Q2 2025:

Conference Operator: Good morning and welcome to the Orion Group Holdings Second Quarter twenty twenty five Financial Results Conference Call. All participants will be in listen only mode. After today’s presentation, there will be an opportunity to ask questions. Please note this event is being recorded. I would like now to turn the conference over to Margaret Boyce, Investor Relations for Orion.

Please go ahead.

Margaret Boyce, Investor Relations, Orion Group Holdings: Thank you, operator, and thank you all for joining us today to discuss Orion Group Holdings second quarter twenty twenty five financial results. We issued our earnings release after market last night. It’s available in the Investor Relations section of our website at oriongroupholdingsinc.com. I’m here today with Travis Boone, Chief Executive Officer and Alison Vasquez, Chief Financial Officer. On today’s call, management will provide prepared remarks, and then we’ll open up the call for your questions.

Before we begin, I’d like to remind you that today’s comments will include forward looking statements under the federal securities laws. Forward looking statements are identified by words such as will, be, intend, believe, expect, anticipate or other comparable words and phrases. Statements that are not historical facts are forward looking statements. Our actual financial condition and results of operations may vary materially from those contemplated by such forward looking statements. Discussion of the factors that could cause our results to differ materially from these forward looking statements are contained in our SEC filings, including our reports on Form 10 Q and 10 ks.

I’d also like to let you know that a reconciliation of unburdened EBITDA for our segments is available on the Investors section of our website at oriongroupholdings.com. With that, I’ll now turn the call over to Travis. Travis, please go ahead.

Travis Boone, Chief Executive Officer, Orion Group Holdings: Thank you, Margaret, and good morning, everyone, and thank you for joining our second quarter twenty twenty five conference call. Before we cover the financial results, I’d like to introduce our new CFO, Alison Vasquez, who joined us last month. Allison has deep leadership experience across finance, M and A and the construction industry with several Fortune 500 public companies. With the first phase of our transformation largely complete, Allison brings the right blend of financial discipline and strategic insight to help guide us through the next phase of our growth strategy. After my market overview, I’ll turn it over to Allison to discuss our financial results onto the quarter.

We’ve delivered another strong performance in the second quarter with revenue increasing 7% to $2.00 $5,000,000 and adjusted EBITDA doubling to $11,000,000 from the second quarter last year. On a sequential basis, revenue grew 9% and adjusted EBITDA increased 34%. Our results were primarily driven by new contract awards in both segments and reflect our commitment to disciplined profitable growth. We continue to see strong demand across the markets we serve as evidenced by our backlog for both operating segments growing over the first six months of the year. Our opportunity pipeline also grew from $16,000,000,000 last quarter to $18,000,000,000 today, fueled by diverse growth drivers with multiple sources of public and private funding, which gives us continued confidence in our plans for growth.

We remain focused on our business development strategy that prioritizes mission critical projects with good margins for high quality clients. In our Marine segment, we see robust opportunities resulting from the U. S. Navy strategy in The Pacific, port expansions and maintenance and coastal rehabilitation and energy infrastructure. Our pipeline remains robust with several large scale opportunities under active pursuit that represent potential work over the next couple of years and align well with our strategic growth objectives.

Overall, we are encouraged by the breadth and quality of the prospects ahead and momentum remains strong. In the quarter, our marine business was awarded a contract for an export dock replacement project in the Pacific Northwest to remove and replace an existing timber berth structure and replace it with a new concrete structure supported by large diameter steel pipe piles. This project is expected to be completed in the third quarter of next year. We also won two projects with the Port of Tampa Bay. The first is a three year maintenance dredging contract for the port, which is estimated to begin later this quarter and continues our long history of providing maintenance dredging for the Port Of Tampa Bay.

The second award is for a critical port infrastructure improvement project to support the rapid population growth in the Tampa region and increasing demand for construction in bulk materials. In our concrete business, we have strong opportunities with an expanding base of clients. Data center investment from hyperscalers and the AI race remains exceptionally strong. While we’re experiencing increased competition on data centers from new market entrants in the concrete business, we continue to win a healthy share of opportunities coming to market by consistently exceeding client expectations, particularly in schedule, quality and safety performance. Our pipeline is diverse and in the quarter we were awarded contracts for new projects spanning energy, consumer goods and transportation.

These projects are expected to commence in the 2025 with an estimated duration of about a year. Last year, we expanded into Florida with minimal upfront investment and the results have been very encouraging. Both of our operating segments are now actively executing projects across the state of Florida. Building on that momentum, we recently opened an office in Phoenix to capitalize on continued data center investments and other commercial growth in Arizona. As we look ahead, we are enthusiastic about our long term growth opportunities, which are driven by multiple concurrent sources of public and private funding.

The recent move to our new headquarters in Central Houston has brought our teams across Houston together under one roof, fostering stronger collaboration and a unified culture. With the best operations teams in the industry and outstanding safety record and high barriers to entry that limit competition, we are well positioned to capitalize on a significant demand for marine infrastructure and concrete construction projects. The political winds are blowing in our favor with President Trump and the federal government focused domestically on reshoring manufacturing and shipbuilding in The U. S. And internationally on investing in military infrastructure in The Pacific over other geopolitical regions.

In addition, we believe that the recently passed One Big Beautiful Bill Act will have several notable positive impacts for our marine and concrete businesses. Specifically, bill appropriates $4,400,000,000 for shore side infrastructure including ports, maintenance facilities and training centers. It also includes wide ranging benefits for our energy and industrial clients to make their projects more financially compelling. For example, the bill includes provisions to lower operating costs, expedite permitting and minimize taxes. Also last week’s executive orders were intended to further American AI dominance by incentivizing fresh investments in new data centers and related infrastructure.

Combined, these tailwinds are expected to benefit the bookings environment over the next several years and will serve as a significant catalyst for our long term growth. I’ll now turn it over to Alison to discuss the second quarter financials. Alison?

Margaret Boyce, Investor Relations, Orion Group Holdings: Thanks, Travis. I’m delighted to be here. There’s a real sense of momentum throughout the organization and I’ve been thoroughly impressed by the caliber and the commitment of the team. Top to bottom, the people of Orion are aligned and energized around our strategy to be the premier specialty construction partner delivering with predictable excellence. It’s clear that a great deal of work has gone into professionalizing both front and back offices and the team has built a solid foundation, maturing the organization such that today we are well positioned to pursue disciplined growth in attractive expanding market.

Finally, I see tremendous potential for Orion to capitalize on favorable tailwinds across multiple mission critical themes, infrastructure modernization, AI investment, defense and energy security, great people, differentiated capabilities, happy clients and healthy end markets, what’s not to love. And I definitely know that I made the right choice in joining a run-in. I now will turn to the second quarter results. As Travis highlighted, we delivered an excellent second quarter with consistent execution that translated to top line growth, improved margins and meaningful earnings growth on both a GAAP and adjusted basis. I’ll start with the consolidated results where revenues increased 7% over 2Q twenty twenty four and nine percent sequentially to $2.00 $5,000,000 in the quarter.

The increase was driven by new bookings and increased volume across both of our business segments. GAAP net income for the second quarter was $800,000 or $02 per share and adjusted net income was $2,700,000 or $07 per share. Adjusted EBITDA doubled to $11,000,000 in the quarter compared to 2Q twenty twenty four with margins improving two forty basis points to 5.3%. The overall increase in profitability is primarily attributable to strong performance across both segments that I’ll touch on momentarily, as well as moderation of G and A, reduced borrowing costs and some benefits from taxes coming through the quarter. In this quarter, we used about $5,600,000 of cash for operations, primarily attributable to working capital timing on a couple of large projects and we used about $6,000,000 of cash for investing activities.

We ended the quarter with approximately $31,000,000 of net debt. From a backlog perspective, we added approximately 111,000,000 in new awards and change orders in the quarter as Travis mentioned earlier and combined with a particularly strong first quarter, we reported backlog of almost $750,000,000 which is up modestly for the 2025. From a segment perspective, marine revenues increased 3% over 2Q twenty twenty four and six percent sequentially to $135,000,000 in the quarter. And marine adjusted EBITDA grew to $12,700,000 for the quarter, a 9.4% margin for the marine operations. The marine EBITDA dollar and margin growth from last year are primarily attributable to efficiently closing out projects in 2025 and project delays in 2024 that did not recur in 2025.

For the Concrete segment, revenues increased 14% over 2Q twenty twenty four or fourteen percent sequentially to $70,000,000 in the quarter and concrete adjusted EBITDA was a $1,700,000 loss compared to $4,000,000 of profit in 2024. The EBITDA reduction year over year is primarily attributable to favorable project closeout benefits in 2024 that did not reoccur in 2025. It’s worth noting that our reported segment EBITDA margins are fully burdened with both segment SG and A and corporate SG and A. If we exclude corporate SG and A from the operating segments, Concrete standalone contribution EBITDA margin would have been right at 5% and Marine would have been 13%, both generally in line with management expectations. Moving on to our financial outlook, we’re pleased to reaffirm our full year 2025 guidance of revenue in the range of 800,000,000 to $850,000,000 adjusted EBITDA in the range of 42,000,000 to 46,000,000 adjusted EPS in the range of $0.11 to $0.17 and CapEx of 25,000,000 to $35,000,000 Now back to Travis to wrap it up.

Travis Boone, Chief Executive Officer, Orion Group Holdings: Thanks, Allison. We’ve delivered a strong quarter of revenue, EBITDA and EPS growth and are tracking nicely with our 2025 guidance. We have a healthy pipeline of private and public opportunities that support multiple enduring growth themes. The recent consolidation of our offices to our new headquarters has brought our teams together under one roof, fostering stronger collaboration and a unified culture. And we have the right team to execute on the next phase of our strategy.

Finally, I want to thank all of our employees for continuing to execute safely and with predictable excellence and to our shareholders for continuing to believe in us. Thank you for attending our earnings call and I’ll now turn it over to the operator for question and answers.

Conference Operator: We will now begin the question and answer session. Our first question comes from Aaron Spicola of Craig Hallum. Please go ahead.

Aaron Spicola, Analyst, Craig Hallum: Yes. Good morning, Travis and Alison. Thanks for taking the questions. Maybe first for me, good to see the pipeline grow to $18,000,000,000 Can you just kind of talk about some of the key drivers of the expansion there? And just thoughts on converting some of that to orders in the back half?

Are you seeing any slowing or extending of kind of quota orders? Thanks.

Travis Boone, Chief Executive Officer, Orion Group Holdings: Yes. Good morning, Aaron. We I think part of the driver on the growth of the pipeline, we did have it was a little bit lighter of a quarter for bookings in the second quarter from the first quarter. And I think some of the slide of and that’s mostly attributable to private sector clients that may be tapping the brakes just a bit with uncertainty with economic things or tariff situations, whatever it might be that made some of the private sector, I guess, sort of tap the brakes on awarding some projects. So I think there was shift from the second quarter kind of into the back half of the year as kind of confidence gets regained and people start to maybe whether it’s interest rates drop, things like that, I think everybody’s kind of not everybody, but there are some clients that are holding off on making big decisions on awarding projects until they see some of the ups and downs slowdown as well as maybe see interest rate relief and that sort of thing.

Aaron Spicola, Analyst, Craig Hallum: All right. I appreciate the color there. And then maybe second on Concrete. Can you just maybe give a little more color on the data center opportunity, what that pipeline looks like and growth outlook there? And then just on margins, sounds like some kind of closeouts and some of the corporate burden, but just maybe talk about the confidence in hitting some of the targets you’ve laid out for high single digit margins there.

Travis Boone, Chief Executive Officer, Orion Group Holdings: Yes. I guess first on the high single digit margins and we talked about that for Concrete that’s not necessarily immediate term that’s more in the longer term. So keep that in mind. But as far as the data center kind of pipeline and activity there, it’s still fairly hot. We haven’t seen it slow down a lot.

What we have seen is a few new entrants into the market as I mentioned on the call that adding some additional competition. But we’re still feeling really good about our opportunities, our partnerships with general contractors and our ability to continue to do data center work.

Aaron Spicola, Analyst, Craig Hallum: All right. And then just maybe last on the balance sheet and cash flow. How are you thinking about free cash flow kind of conversion in the back half? Sounds like there’s some working capital in the second quarter. Thanks.

Margaret Boyce, Investor Relations, Orion Group Holdings: Thanks for the question, Erin. We there definitely was some use of capital in the 2025. I would say that it’s a bit modulated or a bit improved over what we saw last year. But we are seeing some good indications just in the month of July. We’ve seen some good traction from a collections perspective.

So some reverting back to the norm from a balance sheet and working capital perspective. We also ended July or we’re ending July with pay down of the borrowings that we had on the revolver. So that’s nice to see in terms of just strength of the overall balance sheet and working capital focus across the organization. And we are seeing some improvement in that area. So we do expect the back half of the year, to be good.

Aaron Spicola, Analyst, Craig Hallum: All right. Thanks for taking the questions. I’ll turn it over.

Travis Boone, Chief Executive Officer, Orion Group Holdings: Thanks, Erin.

Conference Operator: The next question comes from Julio Romero of Sidoti and Company. Please go ahead.

Julio Romero, Analyst, Sidoti and Company: Thanks. Good morning, Travis and Allison. Last quarter, I think you had mentioned four large pursuits with decisions expected in the next couple of months. I wanted to ask if you had any additional visibility into those specific pursuits and the decision timeline for those particular projects?

Travis Boone, Chief Executive Officer, Orion Group Holdings: Yes. Those that I referred to were all part of when I in the last question when I was saying there were some delays on decisions when the private sector, all four of those slid a little out of the second quarter. One of those has been submitted and we expect here in the next month or so. And then a couple of them are in will be later in the third quarter or so.

Julio Romero, Analyst, Sidoti and Company: Okay, great. And does the new tax reform guidance passed in July, does that help at all with regards to customer decision making going forward?

Travis Boone, Chief Executive Officer, Orion Group Holdings: On the what was that again, Julio? Sorry.

Julio Romero, Analyst, Sidoti and Company: The tax reform bill, the reconciliation bill, does that help your customers with regards to kind of yay nay on decision making for some of these projects?

Travis Boone, Chief Executive Officer, Orion Group Holdings: I think it will. I mean, I think there’s like I said, there’s uncertainty and I think the more certainty that customers get, the more likely they are to make the decision to make capital investments. So it’s to me, it’s all about comfort and clarity and certainty on the variables that have been kind of presented to everybody over the last six months. So the more comfortable people feel with that they know what the future holds then I think the pocketbooks open up and projects start going.

Margaret Boyce, Investor Relations, Orion Group Holdings: Yes. And I’ll add to that by just saying that the bill absolutely makes permitting easier, just from a deregulation perspective. There are definitely some tax benefits to make some of the investments a lot more financially attractive, quicker. So it does help from an outlook perspective as our clients are thinking through what investments they make and where it will help them expedite some of those decisions by making those capital decisions, a little more financially feasible in the near term.

Julio Romero, Analyst, Sidoti and Company: Got it. Very helpful. And then one more if I could just on the Concrete segment. I know you spoke a little bit about the competitive environment and some new entrants coming in, especially on the data center side. Can you maybe just talk about Orion and how you’re positioning yourself to win as that environment has evolved?

Travis Boone, Chief Executive Officer, Orion Group Holdings: Yes. I mean, the good thing about the relationships we have with the general contractors that do a lot of data center work, we’ve got deep long relationships. We’ve done a large number of data center projects, well over 30 projects that we’ve either completed or in the process of completing with very strong great work on the safety side and the quality side, meeting schedules, all the things that owners and general contractors care about on the data centers. So we’ve we’re still in great shape from the relationship perspective and proof of proof that we can deliver. And so that gets us a lot of credibility.

And as we see some of these new entrants come in, I think they’ll find their they’ll either fail and find their way out or I’m not concerned about it, guess. I wanted to point it out because it’s just in the interest of transparency, but we’re still feeling really good about data centers and the number of opportunities in our relationships.

Julio Romero, Analyst, Sidoti and Company: Very helpful. I’ll pass it on. Thanks guys.

Travis Boone, Chief Executive Officer, Orion Group Holdings: Thanks, Julio.

Conference Operator: Our next question comes from Brent Thielman of D. A. Davidson. Please go ahead.

Brent Thielman, Analyst, D.A. Davidson: Hey, great. Thanks. Good morning.

Travis Boone, Chief Executive Officer, Orion Group Holdings: Good morning Brent.

Brent Thielman, Analyst, D.A. Davidson: Yes. I guess I wanted to pick a bit more on what the major drivers were to the strong bottom line performance at Marine this quarter. What sort of carries forward for you in terms of projects into the second half? How much do you still have to go out and get, I guess, to drive this kind of the reaffirmed guidance here for that business group?

Travis Boone, Chief Executive Officer, Orion Group Holdings: Sure. I think the biggest drivers, we’ve got multiple good sized projects going at once, kind of the beyond just kind of last year, we talked about two major projects that were real contributors on the marine side that was the Hawaii project with Pearl Harbor as well as the Grand Bahama Shipyard. Well, we’ve got those two going plus we’ve got multiple other fairly large projects that are underway and contributing a lot to the of to the mix here. So it’s more than just a tale of two projects. It’s multiple projects contributing strong delivery by our teams, good discipline and focus on the bids and bidding at the right numbers.

And I think that’s going to continue as we see all of these opportunities coming in front of us in the next six, twelve, eighteen months.

Brent Thielman, Analyst, D.A. Davidson: And Travis, presumably Hawaii and Bahamas wind down in the second half, but you’ve got a lot of other things going that I would think maybe help smooth that transition. Is Is that fair?

Travis Boone, Chief Executive Officer, Orion Group Holdings: That’s fair, Brent. We’ve got yes, Hawaii and Grand Bahama will start to kind of ramp down, but not a ton until kind of later late in the year and into next year. But they will start winding down, but we’ve got several other good projects that contributing.

Margaret Boyce, Investor Relations, Orion Group Holdings: Yes. And I’ll say I’ll just add to that by saying that from a work under contract perspective, as we enter the second half, the work under contract outlook is quite good as Travis mentioned in his opening remarks. And then also from a margin perspective, that the margin performance through the first half of the year has been right in line with what we expected, right in line with the guide and we expect to see just a continuation of the consistent delivery of both top line and the bottom line from an overall perspective.

Brent Thielman, Analyst, D.A. Davidson: Okay. I I know there was some pretty atrocious weather in some parts of your concrete business this last quarter, I guess, as the sun shines again. Maybe you could just talk about maybe the pickup you’re seeing in that business group here this summer?

Travis Boone, Chief Executive Officer, Orion Group Holdings: Definitely. Let the record note that you brought up weather not us.

Brent Thielman, Analyst, D.A. Davidson: All I hear about, Travis.

Travis Boone, Chief Executive Officer, Orion Group Holdings: Yes, it is it was definitely a factor in actually the first half of the year. We’ve had a tough year for concrete, lots of weather in Texas and in Florida for our concrete guys, has been challenging to overcome. And it has impacted us on the revenue side of things. We’re optimistic that the back half of the year weather won’t and typically the back half of the year the weather is better in these areas generally speaking, to throw out the chance of a big name storm or whatever. But generally speaking, the back half of the year, the weather is better and we’re expecting to kind of recover some of the lost revenue in the first half and the back half in the concrete business.

Brent Thielman, Analyst, D.A. Davidson: Okay. Maybe just one more. The federal military kind of naval opportunities are vast, I know. Just to update, Travis, on timing, maybe I know is normal for these things to move around, but what are the award timing opportunities here for those things you’re tracking and particularly in the Pacific?

Travis Boone, Chief Executive Officer, Orion Group Holdings: Yes. We’re definitely seeing some sliding around of some of these Navy opportunities. Have been seems like they tend to slide to the right and take longer to award than we would think they should. And we are seeing more of that. As far as expected timing, I don’t anticipate that well, I’m pretty confident we won’t get awarded anything this year.

There won’t be much effect as last night, the update I saw, I don’t expect there to be projects awarded this fiscal year. Hopefully, by mid next year, we’ll see a couple of those things come in, but it’ll be next year at best.

Brent Thielman, Analyst, D.A. Davidson: And sorry, hope, but absent that, do you feel pretty comfortable there’s pretty good opportunities to build the backlog into the end of the year? Does the private side hesitation give you a pause on that? Maybe that if you could just comment on that?

Travis Boone, Chief Executive Officer, Orion Group Holdings: Yes. There’s still a ton of opportunities, Brent. It’s on the private side as well as public side across the business that we feel we still feel really good about building backlog. It might maybe it’s we’re not quite as ambitious as we were early in the year with kind of having a quarter of slower opportunities, but definitely still optimistic about the year and building our backlog this year.

Brent Thielman, Analyst, D.A. Davidson: Great, great. Thanks.

Conference Operator: Our next question comes from Laura Meyer from B. Riley Securities. Please go ahead.

Laura Meyer, Analyst, B. Riley Securities: Hi, Travis and Allison. Good morning. My first question is you mentioned developing relationships with strong partners in data centers. Are you seeing opportunities to expand these relationships into other verticals?

Travis Boone, Chief Executive Officer, Orion Group Holdings: Good question. Yes, definitely. We’ve got some of our strongest relationships with some of these general contractors. We are leveraging those to be we’re working on a medical project for example with one of our strong partners doing some kind of higher ed as well as some kind of more commercial type industrial projects. So definitely we’ve been able to leverage those relationships and other types of opportunities.

Laura Meyer, Analyst, B. Riley Securities: Great. And then one more. Are your order wins coming from market growth or more taking share from competitors? And how sustainable is this competitive advantage?

Travis Boone, Chief Executive Officer, Orion Group Holdings: Are you referring to concrete or marine or all of the above?

Laura Meyer, Analyst, B. Riley Securities: All of the above, Travis.

Travis Boone, Chief Executive Officer, Orion Group Holdings: Okay. I would say we’re it’s probably a mix a little where we’re taking from competitors and as well as having a better approach to winning the work as far as putting a lot of effort into upfront development of our bids and our proposals and doing the work upfront necessary to have a better mousetrap so to speak to win the project.

Margaret Boyce, Investor Relations, Orion Group Holdings: Great. Thanks.

Conference Operator: This concludes our question and answer session. I would like to turn the conference back over to Mr. Travis Boone for any closing remarks.

Travis Boone, Chief Executive Officer, Orion Group Holdings: Just want to thank everybody for joining. Appreciate everybody sitting through our call today as well as also want to as always thank our guys out in the field working in the elements day in and day out to help us deliver our business. Have a good day.

Conference Operator: This concludes our presentation. Thank you for attending today’s conference. You may now disconnect.

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