Orion Group Holdings, Inc. reported a revenue of $796.4 million for the fiscal year ending December 31, 2024, marking an increase of 11.9% from $711.8 million in 2023. The marine segment contributed $521.3 million to total revenue, while the concrete segment accounted for $275.1 million. The company experienced a net loss of $1.6 million, a significant improvement compared to the net loss of $17.9 million reported in the previous year. The gross profit also saw a notable increase, rising to $91.2 million, or 11.4% of total revenues, compared to $61.7 million, or 8.7%, in 2023.
The company’s backlog at the end of 2024 stood at $729.1 million, reflecting a diverse range of projects across its marine and concrete segments. The marine segment backlog was $582.8 million, while the concrete segment backlog was $146.3 million. This backlog indicates a solid pipeline of work, with the company optimistic about future opportunities driven by infrastructure investments, particularly in marine construction and concrete services in Texas and beyond.
Strategically, Orion Group has focused on disciplined bidding practices to secure high-quality projects, particularly in its concrete segment, which has seen a decrease in revenue due to these standards. The company has also been involved in significant projects, including a $2.8 billion contract with the U.S. Navy for the construction of a dry dock at Pearl Harbor, which is expected to contribute substantially to future revenues. Additionally, Orion has expanded its geographic footprint, with operations in the Caribbean Basin and plans for further expansion.
Operationally, Orion Group employed a total of 1,887 individuals across its marine and concrete segments as of December 31, 2024. The company has emphasized safety and training, achieving recognition for its safety performance in various regions. Looking ahead, Orion anticipates continued demand for its services, particularly in light of federal infrastructure funding and the ongoing need for marine and concrete construction services driven by population growth and economic expansion in Texas. The company remains committed to leveraging its capabilities to capture emerging opportunities in the market.
About Orion Group Holdings Inc
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.