Orion Group Holdings, Inc. (ORN) today reported a net loss for the three months ended September 30, 2017, of $5 million.
These results compare to net income of $4.7 million for the same period a year ago.
During the three months ended September 30, 2017, the company experienced unprecedented weather impacts, including three major hurricanes – Hurricane Harvey, Hurricane Irma and Hurricane Maria – which affected over 85 percent of its operations. This resulted in total impacts of $12.4 million, or $0.44 per share.
“ There is no doubt this has been a historic weather quarter with significant personal and professional losses ,” said Mark Stauffer, Orion Group Holdings’ President and Chief Executive Officer . “ Our primary concern was, and continues to be, our employees’ well-being.”
“ I am also pleased to report that we have returned to full operations, and are safely back to work. As a result of the destruction caused by the hurricanes, we are experiencing higher demand for services in our marine segment. To date, we are processing and working on multiple emergency call-out projects and we are ready to meet our customers’ needs ,” added Stauffer.
Mr. Stauffer continued, “ During the third quarter, three major hurricanes impacted 85% of the company’s operations. This caused a change in the anticipated timing of the majority of the company’s projects along the Gulf Coast, East Coast, and Caribbean operations. ”
The company also reported that the backlog of work under contract as of September 30, 2017 was approximately $383 million, which is essentially flat when compared to backlog under contract at September 30, 2016 of approximately $388 million. Of the backlog as of September 30, 2017, approximately $199 million was attributable to the marine segment.
Currently, the company has approximately $970 million worth of bids outstanding, including approximately $140 million on which ORN is apparent low bidder, or have been awarded subsequent to the end of the third quarter, of which, approximately $100 million pertains to the marine segment.
For the group’s full third-quarter results click here .