Orion Group Q2 2024 net loss $0.20/sh, cuts FY guidance on project delays

Orion Group Holdings Inc

2024-Q2 EPS reported -$0.39 revenue$352,839,000

Q2 contract revenues $192.2M +5.3% YoY; GAAP net loss $6.6M ($0.20 diluted loss).
Adjusted net loss $5.2M ($0.16/sh); Adjusted EBITDA $5.5M vs $3.7M prior year.
Backlog $758.4M at June 30; $118M awarded in July, total backlog and awards $876.3M.
Guidance lowered: FY 2024 revenue $850-900M, Adjusted EBITDA $40-45M.
Delays on Grand Bahama dry dock and Pearl Harbor projects shift revenue recognition.

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