Orion Group Holdings, Inc. reported a significant increase in financial performance for the first quarter of 2026, with contract revenues reaching $216.3 million, a 15% rise from $188.7 million in the same period last year. The company achieved a gross profit of $25.9 million, up 12% from $23.0 million, primarily driven by strong project execution and favorable completions. However, Orion recorded an operating loss of $795,000, compared to an operating income of $833,000 in the prior year, largely due to increased selling, general, and administrative expenses, which rose to $26.3 million from $22.5 million.
The company’s financial position has also improved, with total assets increasing to $478.7 million as of March 31, 2026, compared to $414.7 million at the end of 2025. This growth was bolstered by the acquisition of J.E. McAmis, Inc. and JEM Marine Leasing, LLC, completed on February 3, 2026, for a total consideration of approximately $69.8 million. The acquisition is expected to enhance Orion's marine platform and expand its presence in the West Coast and Pacific markets. The company financed this acquisition through cash on hand and borrowings under its UMB Credit Agreement.
Operationally, Orion's marine segment saw a decline in revenues to $110.1 million from $127.2 million, while the concrete segment experienced substantial growth, with revenues increasing to $106.2 million from $61.5 million. The concrete segment's operating income rose significantly to $7.7 million, reflecting an expansion of services and strong project execution. In contrast, the marine segment's operating income fell to $6.6 million, attributed to the timing of project completions and new project starts.
As of March 31, 2026, Orion's backlog stood at $668 million, up from $640 million at the end of 2025, indicating a positive outlook for future revenues. The company reported unrestricted cash of $6.3 million and had approximately $45.6 million available under its revolving credit facility. Management believes that the company will maintain adequate liquidity for its operations over the next 12 months, despite the challenges posed by fluctuating commodity prices and interest rates.
Looking ahead, Orion Group Holdings remains focused on leveraging its recent acquisition to enhance its service offerings and market presence. The company is optimistic about its growth prospects, supported by a solid backlog and strategic initiatives aimed at improving operational efficiency and expanding its market share in the construction sector.
About Orion Group Holdings Inc
Orion Group Holdings, Inc. is a leading specialty construction company providing marine and concrete services across the U.S., Alaska, Hawaii, Canada, and the Caribbean. Its marine segment offers port expansion, dredging, bridge, and environmental construction, serving government and private clients. The concrete segment delivers commercial, industrial, and institutional construction. The company emphasizes safety, project management, and a diverse equipment fleet to support infrastructure development and environmental projects.
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