Orion Group Holdings, Inc. today reported robust financial results for the third quarter ended September 30, 2024, with contract revenues increasing 34.5% year-over-year to $226.7 million. This growth was primarily driven by an increase in Marine segment revenue, including contributions from the Pearl Harbor drydock project.
The company achieved a gross profit of $27.1 million, representing an 11.9% margin, up from $19.1 million and an 11.3% margin in the prior year. Net income for the quarter was $4.3 million, or $0.12 per diluted share, a significant improvement from a net loss of $0.7 million in Q3 2023. Adjusted EBITDA grew 62% to $15.2 million, with a 6.7% margin.
Orion also announced $116 million in new contract awards subsequent to the quarter end. These include a $30.6 million marine subcontract for the SR 520 bridge project in Washington, an $8.5 million contract for Port of Houston bulkhead repairs, and an $18.2 million concrete subcontract for the Ritz Carlton Residences in The Woodlands, Texas. The company reaffirmed its full-year 2024 Adjusted EBITDA guidance of $40 million to $45 million.
The company's balance sheet was strengthened by a $26.5 million net proceeds offering of 5.6 million shares at $5.15 per share on September 12, 2024. As of September 30, 2024, Orion had $28.3 million in unrestricted cash and $28.0 million in total debt, with no outstanding borrowings on its revolving credit facility. Backlog stood at $690.5 million.
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