Erin Spectula
Analyst, Craig-Hallam & Co.
Replay available
Orion Group Holdings, Inc. (ORN) Q3 2025 Earnings Call
Orion Group Holdings, Inc. (NYSE: ORN) Q3 2025 earnings conference call, held 2025-10-29. Replay captured from the company's public earnings webcast.
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Replay transcript excerpt
WEBVTT 00:00:00.031 -- 00:00:05.240 14 million year to date. We wrapped up the quarter with 21 million of net 00:00:05.240 -- 00:00:10.469 debt or just under half a turn of leverage on a TTM EBITDA basis, which is a very 00:00:10.469 -- 00:00:13.174 healthy place for Orion. 00:00:13.174 -- 00:00:17.701 As the boss covered earlier, in October, we were very happy to close on the sale of the 00:00:17.701 -- 00:00:22.701 East West Jones property. The transaction resulted in a significant cash 00:00:22.701 -- 00:00:27.827 upside of over $22 million net of commissions and taxes and a nominal 00:00:27.827 -- 00:00:32.191 book charge, which will be reflected in our fourth quarter results. 00:00:32.191 -- 00:00:37.735 We expect to use the proceeds to pay down debt and for general corporate purposes. 00:00:38.438 -- 00:00:43.223 From a backlog perspective, we added approximately $160 million in new awards and change 00:00:43.223 -- 00:00:49.207 orders in the quarter, and at quarter end, backlog stood at $679 million. 00:00:49.238 -- 00:00:54.947 Moving on to segment results. From a segment perspective, marine revenues increased 00:00:54.947 -- 00:01:00.215 just about 2% over the third quarter of 2024 and 6% sequentially 00:01:00.215 -- 00:01:05.343 to $143 million in the quarter. And marine adjusted EBITDA grew over 50% to 00:01:05.343 -- 00:01:10.371 $18 million in the quarter, which represents a 12% margin 00:01:10.371 -- 00:01:15.884 this period compared to 7% in the same quarter of 2024. 00:01:15.884 -- 00:01:20.910 Strong marine margins are attributable to a greater mix of higher margin revenue, 00:01:20.910 -- 00:01:26.556 excellent execution and project closeouts, and favorable equipment utilization. 00:01:26.556 -- 00:01:31.842 Concrete revenues decreased 5% over prior...