This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Orion Marine Group Updates Investors

HOUSTON, Oct. 4, 2012 (GLOBE NEWSWIRE) -- Orion Marine Group, Inc. (NYSE:ORN) (the "Company"), a leading heavy civil marine contractor serving the infrastructure sector, today is providing it's investors an update on the Company's outlook and end markets.

Market Outlook

The Company continues to maintain a solid backlog and increase construction equipment utilization as the projects booked in the first half of 2012 are underway. However, the Company's dredge fleet remains underutilized as Corps lettings continue to be choppy. The Company's strategy to rebuild backlog has proven to be successful, resulting in a larger volume of work to execute as it progresses through the back half of 2012.  

The Company continues to track a high level of bid opportunities. During the third quarter, the Company bid on approximately $500 million worth of opportunities and was successful on approximately $100 million, representing a win rate of approximately 20%. Currently the Company has over $211 million worth of bids outstanding, of which it is the apparent low bidder on approximately $37 million. The Company remains comfortable with its future outlook and level of bid opportunities as indicated by its tracking database that currently has over $6.5 billion worth of opportunities over the next few years.  

Hurricane Isaac delayed some of the Company's ongoing projects during the quarter, but the Company does not expect these delays will have a material adverse impact to its results for the third quarter.     

Federal Update

The choppiness of Corps lettings continues to effect the utilization of the Company's dredging assets. On the legislative front, the President has signed a 6-month continuing resolution that funds the Corps, along with the entire federal government at FY2012 levels for the first six months of the new federal fiscal year.

Additionally, the Company is closely monitoring developments concerning the RESTORE Act, which will dedicate 80% of fines collected against BP relating to the oil spill of 2010 to coastal restoration in the Gulf Coast region. The Company expects this to be a significant long term driver of restoration opportunities in the Gulf Coast region once fines are collected.         

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,131.86 +47.37 0.28%
S&P 500 2,014.89 +15.91 0.80%
NASDAQ 4,838.6430 +8.1730 0.17%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs