Orion Group Holdings Inc Cancels Land Purchase Deal - What Does This Mean for Investors?
Orion Group Holdings Inc (NYSE:ORN) recently announced the termination of a land purchase deal in Harris County, Texas. The deal, which was set to expand Orion's asset base, was worth approximately $30.5 million. Following the cancellation, the company has not disclosed any immediate plans.
In other news, Orion Marine Group reported Q2 2024 revenues of $192 million with an adjusted EBITDA of $5.5 million. However, due to project delays, the company has revised its annual guidance. B.Riley, an analyst firm, has adjusted its outlook on Orion Marine Group as well.
Despite these challenges, Orion Group Holdings maintains a strong backlog of awarded work totaling $876 million. The company has secured significant project contracts with Port Everglades, Port Tampa Bay, and Costco Wholesale (NASDAQ:).
InvestingPro Insights reveal that Orion Group Holdings has a market capitalization of approximately $260.06 million. The company's revenue over the last twelve months stood at $722.91 million, with a modest growth rate. However, Orion operates with a significant debt burden and high stock volatility.
Overall, investors should consider these financial metrics and expert tips from InvestingPro to assess the risks and opportunities associated with Orion Group Holdings. For more in-depth analysis and guidance, additional InvestingPro Tips are available to help make informed investment decisions.