2024 ends on a high note for Orion Group

Orion Group Holdings (ORN) yesterday reported its financial results for the fourth quarter and full year ended December 31, 2024.

According to ORN, contract revenues of $216.9 million increased $15.3 million or 7.6% from $201.6 million in the fourth quarter last year, primarily due to an increase in revenue in both the Marine and Concrete segments.

Gross profit increased to $30.3 million or 14.0% of revenue, up from $23.0 million or 11.4% of revenue in the fourth quarter of 2023.

The increases in gross profit dollars and margin were primarily driven by improved performance of projects in both segments stemming from higher-quality projects and improved execution.

“2024 ended on a high note with our team delivering improved performance through the disciplined execution of our strategic objectives. We remain focused on smart, profitable revenue growth and better earnings. For the full year, revenue was up almost 12% to $796.4 million, gross profit improved 48% to $91 million, and Adjusted EBITDA increased 76%,” said Travis Boone, Chief Executive Officer of Orion Group Holdings.

Boone continued: “In 2025, we are focused on continuing to make investments that will help us capture key opportunities within our pipeline, which now sits at approximately $16 billion. Given Marine’s longer lead times on large projects in our backlog, we expect 2025 revenue to be slightly higher than 2024 revenue. While strategically investing in future opportunities, we are focused on continued progress expanding margins in 2025 and building our backlog. We see 2026 as a year of transformational growth.”

For the full results, please visit Orion Group website.