Orion Marine Group, Inc. Updates Its Outlook
HOUSTON, Dec. 21, 2010 (GLOBE NEWSWIRE) -- Orion Marine Group, Inc. (NYSE:ORN) (the "Company"), a leading heavy civil marine contractor, today provided an operations, market and outlook update.
In December, as part of its normal monthly review of backlog and work in progress, the Company identified changes in the anticipated timing and mix of projects as well as three jobs experiencing production issues. As a result, the Company expects to see a material change in its forecasted fourth quarter 2010 revenue and EBITDA margin. The Company is lowering its full year 2010 revenue goal from between $360 million and $370 million, to between $345 million and $355 million and is lowering its full year 2010 EBITDA margin goal from 16% - 18%, to 14% - 16%.
"We are not pleased with having to make this adjustment, but feel it is imperative to promptly update you given the changes we have seen," said Mike Pearson, Orion Marine Group's President and Chief Executive Officer. "We expect the revenue from any timing related shortfalls which occur during the quarter will be recognized in 2011. We have acted on those production issues which are within our control and have made the necessary changes to eliminate them in the future."Factors affecting the fourth quarter: Revenue Impacts
- Production schedule shifts
- Sub-contractor delays
- Revenue mix change
- Production issues
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV