Orion Marine Group (ORN) Reports In-Line Q3 EPS; Lowers Outlook
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Orion Marine Group (NYSE: ORN) reported Q3 EPS of $0.17, in-line with the analyst estimate of $0.17. Revenue for the quarter came in at $164 million versus the consensus estimate of $177.14 million.
CFO Chris DeAlmeida continued, "In the beginning of October, Hurricane Matthew impacted our operations on the East Coast. This resulted in delayed projects as we took appropriate precautions necessary to maintain the safety of our employees, prevent any significant damage to ongoing projects, and prevent damage to our equipment. We were successful in our approach, but our East Coast operations saw delays in projects as a result of the storm. Additionally, some of our customers have experienced permit delays causing the anticipated start date of certain jobs to push out into 2017. As a result of these two factors, we believe fourth quarter results will fall below our initial expectations, causing full year 2016 results to be below our previously stated EPS range of $0.30 to $0.40; however, this delay in activity will benefit 2017. Given the backlog we have today, the amount of low bids outstanding, and the amount of work to bid in the coming quarters, we are poised to achieve our full year 2017 EBITDA goal of $70 million," concluded Mr. DeAlmeida.
For earnings history and earnings-related data on Orion Marine Group (ORN) click here.
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