Orion Group Lowers Full-Year Outlook as Marine Volume Slumps
The company lowered its full-year adjusted earnings per share guidance to a range of $0.23-$0.30 from a previous estimate of $0.36-$0.42.
Orion Group Holdings (ORN) reported a net loss of $4.1 million for the second quarter of 2026. The infrastructure company swung from a profit of $0.8 million in the same period last year.
Revenue rose 8% to $221.9 million, up from $205.3 million in the second quarter of 2025. Despite the top-line growth, adjusted EBITDA fell to $7.9 million from $11.0 million a year earlier, compressing the adjusted EBITDA margin from 5.3% to 3.5%.
Gross profit decreased 11% to $22.9 million from $25.8 million in the prior-year quarter. The decline was primarily due to lower volume and equipment utilization within its Marine segment.
Performance varied by business unit. Revenue for the Concrete segment grew over 30% and its adjusted EBITDA increased over 45%. Conversely, Marine contract revenue and adjusted EBITDA declined due to project start-up timing and lower equipment utilization.
Orion reset its full-year 2026 guidance, lowering the adjusted EBITDA range to $50-$54 million from a previous estimate of $54-$58 million. The company also lowered its adjusted EPS guidance to $0.23-$0.30 from $0.36-$0.42, though revenue guidance remained unchanged at $900-$950 million.
Total backlog increased to $722 million as of June 30, 2026, compared to $640 million at the end of 2025. This growth was supported by $277 million in new awards during the second quarter.
The company's opportunity pipeline grew to approximately $27 billion as of July 2026. This follows a pipeline of $24 billion reported in the first quarter of 2026 and $23 billion reported for the 2025 fiscal year.