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Orion (ORN) - 2024 Q4 - Annual Results
ORNOrion (ORN)2025-03-04 22:20

Financial Performance - For the full year 2024, revenue increased by almost 12% to 796.4million,withgrossprofitimprovingby48796.4 million, with gross profit improving by 48% to 91 million, and Adjusted EBITDA rising by 76%[3]. - In Q4 2024, contract revenues were 216.9million,a7.6216.9 million, a 7.6% increase from 201.6 million in Q4 2023, driven by revenue growth in both Marine and Concrete segments[5][7]. - GAAP net income for Q4 2024 was 6.8million(6.8 million (0.17 per diluted share), compared to a net loss of 4.4million(4.4 million (0.13 per diluted share) in Q4 2023[10]. - Adjusted EBITDA for Q4 2024 increased by 15.3% to 17.1million,withanAdjustedEBITDAmarginof7.917.1 million, with an Adjusted EBITDA margin of 7.9%[11]. - Total contract revenues for the year ended December 31, 2024, were 796,394,000, a 11.9% increase from 711,778,000in2023[27].−AdjustednetincomefortheyearendedDecember31,2024,was711,778,000 in 2023[27]. - Adjusted net income for the year ended December 31, 2024, was 5,193,000, compared to a loss of 10,081,000in2023[31].−Thecompanyanticipates2025revenuetobeslightlyhigherthan2024,withapipelinevaluedatapproximately10,081,000 in 2023[31]. - The company anticipates 2025 revenue to be slightly higher than 2024, with a pipeline valued at approximately 16 billion[6]. - For 2025, the company projects revenue in the range of 800millionto800 million to 850 million and Adjusted EBITDA between 42millionand42 million and 46 million[21]. Operational Metrics - Cash flow from operations for Q4 2024 was 13.4million,comparedto13.4 million, compared to 12.7 million in Q4 2023[5]. - Selling, general and administrative expenses increased to 21.6millioninQ42024,representing9.921.6 million in Q4 2024, representing 9.9% of total contract revenues[9]. - The company had current assets of 269.3 million and total debt outstanding of 23.2millionasofDecember31,2024[14].−TotalbacklogasofDecember31,2024,was23.2 million as of December 31, 2024[14]. - Total backlog as of December 31, 2024, was 729.1 million, with a contracted backlog, including awards subsequent to quarter end, totaling 977.3million[12][13].−CashflowsprovidedbyoperatingactivitiesfortheyearendedDecember31,2024,were977.3 million[12][13]. - Cash flows provided by operating activities for the year ended December 31, 2024, were 12,676, down from 17,178in2023,primarilyduetochangesinworkingcapital[40].−CapitalexpendituresfortheyearendedDecember31,2024,were17,178 in 2023, primarily due to changes in working capital[40]. - Capital expenditures for the year ended December 31, 2024, were 14,091, up from 8,909in2023,reflectingongoinginvestmentsingrowth[40].SegmentPerformance−Themarinesegment′scontractrevenuesforQ42024were8,909 in 2023, reflecting ongoing investments in growth[40]. Segment Performance - The marine segment's contract revenues for Q4 2024 were 143,959,000, a 6.5% increase from 135,163,000inQ42023[29].−Theconcretesegment′soperatingincomeimprovedto135,163,000 in Q4 2023[29]. - The concrete segment's operating income improved to 2,467,000 in Q4 2024 from a loss of 4,844,000inQ42023[29].−TheAdjustedEBITDAmarginfortheMarinesegmentimprovedto9.24,844,000 in Q4 2023[29]. - The Adjusted EBITDA margin for the Marine segment improved to 9.2% in Q4 2024 from 8.4% in Q4 2023, while the Concrete segment maintained a margin of 5.3%[36]. - The operating income margin for the Concrete segment improved to 3.4% in 2024 from a loss margin of (3.3)% in 2023, showcasing operational efficiency[36]. Financial Health - Total assets increased slightly to 417,317 as of December 31, 2024, compared to 416,893in2023,reflectingstableassetmanagement[42].−OrionGroup′stotalliabilitiesdecreasedto416,893 in 2023, reflecting stable asset management[42]. - Orion Group's total liabilities decreased to 266,638 in 2024 from 295,418in2023,indicatingimprovedfinancialhealth[42].−OrionGroup′scashandcashequivalentsattheendof2024were295,418 in 2023, indicating improved financial health[42]. - Orion Group's cash and cash equivalents at the end of 2024 were 28,316, a decrease from 30,938attheendof2023,indicatinganeedforcarefulcashmanagement[42].FutureProjections−ThecompanyprovidedguidanceforAdjustedEBITDAfortheyearendingDecember31,2025,rangingfrom30,938 at the end of 2023, indicating a need for careful cash management[42]. Future Projections - The company provided guidance for Adjusted EBITDA for the year ending December 31, 2025, ranging from 42,000 to 46,000[44].−Thecompanyreportedanetlossincomerangingfrom46,000[44]. - The company reported a net loss income ranging from (2,226) million to 1,533millionfortheyearendingDecember31,2025[47].−Adjustednetlossincomeisprojectedbetween1,533 million for the year ending December 31, 2025[47]. - Adjusted net loss income is projected between 4,302 million and 6,900million[47].−AdjustedEPSisestimatedtobebetween6,900 million[47]. - Adjusted EPS is estimated to be between 0.11 and 0.17[47].−Totaladjustingitemsandtaxeffectsamountto0.17[47]. - Total adjusting items and tax effects amount to 6,999 million[47]. - Share-based compensation accounted for 7,604millioninadjustingitems[47].−ERPimplementationcostsareestimatedat7,604 million in adjusting items[47]. - ERP implementation costs are estimated at 1,485 million[47]. - Federal and state tax valuation allowances range from (471)millionto(471) million to (1,632) million[47]. - A tax rate of 23% was applied to the adjusting items[47].