Orion (US:ORN) Globenewswireยท2025-03-04 21:05Core Insights - Orion Group Holdings, Inc. reported a strong financial performance for the fourth quarter and full year ended December 31, 2024, with significant increases in revenue, gross profit, and adjusted EBITDA [5][8][12]. Financial Performance Highlights - For the fourth quarter of 2024, contract revenues reached $216.9 million, a 7.6% increase from $201.6 million in the same quarter of the previous year [7][8]. - The full year 2024 saw total revenue of $796.4 million, up nearly 12% from $711.8 million in 2023 [5][8]. - Gross profit for Q4 2024 was $30.3 million, representing 14.0% of revenue, compared to $23.0 million or 11.4% of revenue in Q4 2023 [9][30]. - Adjusted EBITDA for Q4 2024 increased by 15.3% to $17.1 million, with an adjusted EBITDA margin of 7.9% [12][38]. Management Commentary - The CEO emphasized the company's focus on profitable revenue growth and improved earnings, highlighting a disciplined approach to securing high-value projects [5][6]. - The company has a robust project pipeline estimated at approximately $16 billion, with expectations for revenue in 2025 to be slightly higher than in 2024 [6][5]. Backlog and Contract Awards - The total backlog as of December 31, 2024, was $729.1 million, with a significant increase to $977 million when including awards issued after the quarter end [13][14]. - In the first quarter of 2025, the company successfully secured nearly $250 million in new contract awards [6]. Balance Sheet and Cash Flow - As of December 31, 2024, current assets totaled $269.3 million, with unrestricted cash and cash equivalents of $28.3 million [15]. - The company reported cash flow from operations of $13.4 million for Q4 2024 [8][45]. 2025 Financial Guidance - For the full year 2025, Orion anticipates revenue in the range of $800 million to $850 million, adjusted EBITDA between $42 million and $46 million, and adjusted EPS between $0.11 and $0.17 [18].