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%.
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.
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.