Orion Group Holdings, Inc. (NYSE:ORN) Q1 2023 Earnings Conference Call May 9, 2023 9:00 AM ET

Company Participants

Margaret Boyce - Investor Relations

Travis Boone - Chief Executive Officer

Scott Thanisch - Chief Financial Officer

Conference Call Participants

Julio Romero - Sidoti

Joe Gomes - Noble Capital

Poe Fratt - AGP

Operator

Good day, and welcome to Orion Group Holdings First Quarter 2023 Earnings Conference Call and Webcast. All participants will be in a listen-only mode. [Operator Instructions] On today's call, management will provide prepared remarks and then we will open up the call for your questions. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the conference over to Margaret Boyce, Investor Relations for Orion. Please go ahead.

Margaret Boyce

Thank you, operator, and thank you all for joining us today to discuss Orion Group Holdings first quarter 2023 financial results. We issued our earnings release after market last night. It is available in the Investor Relations section of our website at oriongroupholdingsinc.com.

I'm here today with Travis Boone, Chief Executive Officer of Orion; and Scott Thanisch, Chief Financial Officer. On today's call, management will provide prepared remarks and then we'll open up the call for your questions.

Before we begin, I would like to remind you that today's comments will include forward-looking statements under the federal securities laws. Forward-looking statements are identified by words such as will, be, intend, believe, expect, anticipate or other comparable words and phrases. Statements that are not historical facts, such as statements regarding the current and expected status of our negotiations regarding a replacement credit facility are forward-looking statements. Our actual financial condition and the results of operations may vary materially from those contemplated by such forward-looking statements. Discussion of the factors that could cause our results to differ materially from these forward-looking statements are contained in our SEC filings, including our reports on Form 10-Q and 10-K.

With that, I'd now like to turn the call over to Travis. Travis please go ahead.

Travis Boone

Thank you, Margaret. On our last earnings call, we outlined our strategic plan for improved performance. And today, we have a lot of positive news to share.

Before that, I want to acknowledge that our first quarter results did not meet expectations. The main issue was volume and continued ramp-up of problem projects. We had several marine jobs that experienced owner delays in the quarter. And I know no one wants to hear us talk about weather, but we did, in fact, have some abnormally bad weather that impacted our business in Texas in January, and this significantly impacted our production rates and volume for the quarter.