HOUSTON, Oct. 26, 2022 (GLOBE NEWSWIRE) — Orion Group Holdings, Inc. ORN (the “Company”), a leading specialty home builder, today reported net income of $0.2 million ($0.01 diluted earnings per share) for the third quarter ended September 30, 2022. Excluding specified items, adjusted net income was $0.8 million ($0.02 diluted earnings per share).
Highlights of the third quarter of 2022
- The Company has enhanced the capabilities of its management team with the addition of two experienced and operations-minded executives, Chief Executive Officer Travis Boone and Chief Financial Officer Scott Thanisch.
- Continued efforts to focus on more attractive markets and seek higher bid margins resulted in improved project margins in new contract awards of $128 million during the quarter.
- The Company has signed a $10.5 million sale-leaseback agreement for its Port Lavaca property, which is expected to close in December, and continues to evaluate options to monetize additional real estate assets.
- Operating income was $1.1 million for the third quarter of 2022 compared to an operating loss of $8.7 million for the third quarter of 2021.
- Net income for the third quarter of 2022 was $0.2 million ($0.01 diluted earnings per share) compared to a net loss of $10.2 million ($0.33 diluted loss per share) in the third quarter of 2021.
- Third quarter 2022 net income included $0.5 million ($0.01 diluted earnings per share) of non-recurring items. Adjusted net income for the third quarter of 2022 was $0.8 million ($0.02 diluted earnings per share). (See page 7 of this press release for a discussion of adjusted net income, adjusted earnings per share and a reconciliation to the next GAAP measure).
“We are pleased to see bid spreads on recent awards increasing in the third quarter, reflecting more disciplined bidding practices implemented over the past few months,” said Travis Boone, Orion’s chief executive officer. “These higher-margin projects will provide a solid working basis for 2023. We will…
