Orion Group Holdings, Inc. has reported a net income of $0.2 million ($0.01 diluted earnings per share) for the fourth quarter ended December 31, 2019.
“Our fourth quarter was a solid finish to a year of significant progress for Orion,” stated Mark Stauffer, Orion Group Holding’s President and Chief Executive Officer . “We doubled the top-line compared to the prior year fourth quarter and posted our highest revenue quarter in company history, despite the seasonal factors that affect our final months of the year. Our strong revenue generation, along with the benefits of our Invest, Scale & Grow (ISG) initiative and improved weather patterns led to substantially improved performance year-over-year.”
“With respect to our segment performance, our concrete business generated significant year-over-year improvement facilitated by increased productivity as measured by greater cubic yard production and improved man hours per cubic yard.
“Even with the impact of customer scheduling delays, marine revenues and operating profit were up sharply in the fourth quarter of 2019, driven by execution on large construction projects in backlog. Also contributing to marine’s year-over-year growth was increased dredging work, which led to higher fleet utilization and increased absorption of fixed costs.”
Fourth Quarter 2019 Highlights