Following the Orion Marine Group (ORN) Q1 earnings release, shares vaulted from $9 in early April to $13 by mid July. Most of these gains however, faded after the Q2 earnings release on 8/1/13. The following overview will shed some light on the Q2 earnings call and revisit the 2/28/13 investment thesis Dredging For Dollars: The Value Case For Orion Marine Group.
Q2 Earnings Review
- Rebound to profitability: EPS of 1 cent in 2013 vs. a 20-cent loss in 2012.
- Rebound in top-line: Contract revenue up 25% YOY to $84m (42% public sector and 58% private).
- Backlog: $243m, the highest level of reported backlog since Q1 2010…58% in private sector. Improved asset utilization in