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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Orion Marine Group Updates Investors

HOUSTON, Sept. 20, 2013 (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 enjoy a steady demand for its heavy civil marine construction services, and overall, has continued to see a healthy pace of bid opportunities, particularly in the private sector. Quarter to date, the Company has bid on approximately $290 million worth of opportunities and was successful on approximately $65 million, representing a win rate of approximately 22%. Additionally, the Company currently has approximately $175 million worth of bids outstanding of which it is the apparent low bidder on approximately $85 million. The Company reminds investors that the timing and size of awards can and does affect the win rate in any particular quarter.

The Company has seen the start date on some jobs, particularly those involving dredging services, move to future periods to meet customer demands. This is a normal occurrence in the construction industry, but can create uncertain, choppy results and cause temporary underutilization of assets, as the Company has seen in the third quarter. Additionally, the Company has experienced an increase in certain job costs associated with differing site conditions, which should result in recovery through change orders in future periods. Given the timing of these developments, profitability in the third quarter is unlikely; however, the Company expects to have positive EBITDA in the period. Additionally, the gaps in our schedule may continue into the fourth quarter as several large jobs begin. However, these changes, particularly the shift in job start dates and recovery through change orders, should benefit 2014 results. Sustained increases in backlog, a steady level of identified projects in the Company's market tracking database, and continued strong demand from the private sector demonstrates the market for the Company's services has not diminished and should lead to full year 2014 profitable results. 

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

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.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,000.70 +18.11 0.11%
S&P 500 1,980.00 +1.09 0.06%
NASDAQ 4,457.7490 +12.84 0.29%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs