Orion Group Holdings Reports Strong Q3 2024 Results and $116 Million in New Awards

ORN
September 21, 2025
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. The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.