Orion Group Holdings reported higher revenue and earnings for the third quarter, with growth in both operating segments and a larger contribution from its Concrete business. The specialty construction company also booked $179 million in awards and change orders, secured positions on two additional U.S. Navy contract vehicles, and reaffirmed its 2026 financial guidance.
Key details
- Revenue rose 14% to $256.2 million, from $225.1 million a year earlier. Orion attributed the increase to activity in both operating segments, favorable operating conditions, project execution and its acquisition of J.E. McAmis.
- Net income increased to $5.5 million, or 14 cents per diluted share, from $3.3 million, or 8 cents per share, in the prior-year quarter.
- Adjusted EBITDA climbed to $17.9 million from $13.1 million. Adjusted earnings per share rose to 12 cents from 9 cents.
- Gross profit was $33.1 million, up 11% from $29.8 million. Orion cited higher revenue and stronger profitability in Concrete, partly offset by marine project close-out benefits in the year-earlier quarter that did not recur. Selling, general and administrative expenses edged down to $24.7 million from $25.1 million.
- Concrete delivered growth in revenue and profit, with margin expansion that Orion attributed to strong execution. The company said demand remains active in mission-critical and large-scale infrastructure work.
- Marine market conditions remain strong, according to Orion, which said it is pursuing large, complex projects. It booked $179 million in awards and change orders during the quarter.
- Orion was selected for two additional U.S. Navy Multiple Award Construction Contract vehicles. These positions broaden its access to federal construction opportunities; they are not, by themselves, a disclosed value of specific work awarded.
- The company reaffirmed its 2026 guidance. The materials provided here do not include the guidance ranges.
- Orion posted its third-quarter investor presentation on October 28. The announcement provided no additional presentation details in the text supplied.
The quarter’s reported results show higher revenue, net income and adjusted EBITDA. The Navy contract-vehicle selections expand Orion’s access to potential federal projects, while the $179 million in awards and change orders represents business booked during the quarter.