Orion (US:ORN)2025-03-04 22:20Financial Performance - For the full year 2024, revenue increased by almost 12% to $796.4 million, with gross profit improving by 48% to $91 million, and Adjusted EBITDA rising by 76%[3]. - In Q4 2024, contract revenues were $216.9 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 $6.8 million ($0.17 per diluted share), compared to a net loss of $4.4 million ($0.13 per diluted share) in Q4 2023[10]. - Adjusted EBITDA for Q4 2024 increased by 15.3% to $17.1 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 $711,778,000 in 2023[27]. - Adjusted net income for the year ended December 31, 2024, was $5,193,000, compared to a loss of $10,081,000 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 $800 million to $850 million and Adjusted EBITDA between $42 million and $46 million[21]. Operational Metrics - Cash flow from operations for Q4 2024 was $13.4 million, compared to $12.7 million in Q4 2023[5]. - Selling, general and administrative expenses increased to $21.6 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 $23.2 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 $977.3 million[12][13]. - Cash flows provided by operating activities for the year ended December 31, 2024, were $12,676, down from $17,178 in 2023, primarily due to changes in working capital[40]. - Capital expenditures for the year ended December 31, 2024, were $14,091, up from $8,909 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 $135,163,000 in Q4 2023[29]. - The concrete segment's operating income improved to $2,467,000 in Q4 2024 from a loss of $4,844,000 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 $416,893 in 2023, reflecting stable asset management[42]. - Orion Group's total liabilities decreased to $266,638 in 2024 from $295,418 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 $30,938 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]. - The company reported a net loss income ranging from $(2,226) million to $1,533 million for the year ending December 31, 2025[47]. - Adjusted net loss income is projected between $4,302 million and $6,900 million[47]. - Adjusted EPS is estimated to be between $0.11 and $0.17[47]. - Total adjusting items and tax effects amount to $6,999 million[47]. - Share-based compensation accounted for $7,604 million in adjusting items[47]. - ERP implementation costs are estimated at $1,485 million[47]. - Federal and state tax valuation allowances range from $(471) million to $(1,632) million[47]. - A tax rate of 23% was applied to the adjusting items[47].