Home Equities Score Why Orion Group Holdings Inc (ORN) stock price fluctuated on Thursday?

Why Orion Group Holdings Inc (ORN) stock price fluctuated on Thursday?

Orion Group Holdings Inc. (ORN) shares lost 0.16% to trade at $6.13 in after-market on Thursday, May 20, 2021. Earlier, ORN’s stock gained 2.16% to close Thursday’s session at $6.14. ORN shares have surged 170.48% over the last 12 months, and they have jumped 9.06% in the past week. Over the past three months, the stock has gained 4.42%, while over the past six months, it has added 55.84%.

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Let’s see what are the latest news about Orion Group Holdings Inc.

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Orion Group received contract awards 

On May 20, 2021, Orion Group Holdings Inc announced three contract awards for its Concrete segment in each of its key markets, totaling approximately $17 million.

  • The Company was awarded a $5.5 million contract from Hensel Phelps to provide concrete services for the new Royal Caribbean Cruise Terminal in the Port of Galveston, Texas.
  • The 2nd contract won by the company is a $6.5 million project in San Antonio, Texas, that requires the construction of four tilt-wall buildings and associated paving.
  • The third award was a $5.1 million contract to construct multiple tilt-wall buildings and perform site paving for a new business park northwest of the Dallas-Fort Worth area.

The company also received two more contract awards totaling approximately $38 million.

  • The first contract is valued at $28.5 million to perform demolition and construction to establish a new aquatic habitat to benefit juvenile salmon in the Puget Sound area of Washington.
  • The 2nd contract is to design and construct a private marine facility in the Tampa, Florida area, valued at approximately $9 million. 

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Financial results announcement

On April 28, 2021, Orion Group Holdings Inc announced its financial results for the first quarter ended March 31, 2021.

Q1 2021 financial highlights

  • Contract revenues were $153.3 million in Q1 2021 compared to $166.6 million in Q1 2020.
  • Orion Group reported an operating income of $2.1 million for the first quarter of 2021 compared to an operating income of $4.4 million for the first quarter of 2020.
  • In Q1 2021, Gross profit was $15.5 million, compared to $19.8 million in Q1 2020.
  • In Q1 2021, Net income was $0.9 million or $0.03 diluted earnings per share compared to net income of $2.7 million or $0.09 diluted earnings per share for the first quarter of 2020.
  • Adjusted EBITDA was $9.5 million in Q1 2021 compared to adjusted EBITDA of $12.2 million for the first quarter of 2020.

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Conclusion

Well, as of this writing we have some positive news from yesterday but it is a bit strange that ORN stock faced negativity in the after-market session on Thursday. we hope that ORN will end the week on a positive note.

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