Orion Marine Group Stock Earnings Reports

Orion Group delivered a strong Q3 2025 with revenue of $225M, operating income of $5M, adjusted EBITDA of $13M and adjusted EPS of $0.09. Sequentially revenue rose 10%, adjusted EBITDA 20% and adjusted EPS 27%. Management raised full-year 2025 guidance: revenue to $825M–$860M, adjusted EBITDA to $44M–$46M and adjusted EPS to $0.18–$0.22. Cash generation improved (Q3 operating cash flow $23M; net debt ~$21M, ~0.5x TTM EBITDA). Backlog was $679M and bookings in Q3 were ~$160M. The aggregate opportunity pipeline is ~$18B with >$1B of submitted bids awaiting award. Key strategic developments: expanded bonding capacity by $400M, shortlisted on major NAVFAC MACs including the PDI MAC (Pacific Deterrence Initiative) and Hawaii/Wake Island MACs, and closed the East West Jones property sale for $23.5M (net cash proceeds >$22M) with a 10-year exclusive dredge spoils agreement. Segment highlights: Marine performed strongly—revenues $143M and marine adjusted EBITDA $18M (12% margin), driven by dredging, equipment utilization and project closeouts. Concrete revenue was $82M (sequentially up) but reported a $4M adjusted EBITDA loss this quarter (weather impact, fewer favorable 2024 closeout benefits); data centers remain a meaningful and growing part of concrete demand (~27% of concrete revenue and pipeline). Management emphasizes a healthy balance sheet, disciplined capital deployment (proceeds to reduce debt / general purposes), strong safety/performance track record, and positioning to capture defense, marine infrastructure and data center-driven growth in 2026 and beyond.