Orion Group Holdings, Inc. (NYSE:ORN) Q1 2024 Earnings Conference Call April 25, 2024 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 & Company
Alex Rygiel - B. Riley
David Storms - Stonegate Capital

Operator

Good morning, and welcome to the Orion Group Holdings First Quarter 2024 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] Please note, this event is being recorded.

I would now like to turn the conference over to Margaret Boyce of 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 2024 financial results.

We issued our earnings release aftermarket last night. It's available on 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 will 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 are forward-looking statements.

Our actual financial condition and 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 would now like to turn the call over to Travis. Travis, please go ahead.

Travis Boone

Thank you, Margaret. Good morning, everyone, and thank you for joining our first quarter 2024 conference call.

I'll start with a quick overview of our first quarter results, as well as providing more color on the tremendous opportunities before us. Then, I'll turn it over to Scott to cover our financial results.

We generated first quarter revenue of $160.7 million and adjusted EBITDA of $4.1 million. We are continuing to focus on increasing our margins. We expect revenue to build throughout the year with our current backlog and strong pipeline of opportunities.

In addition to first quarter being our seasonally slowest period, revenue was affected by reduced activity on two major projects related to scheduling impacts outside of our control. These delays should not impact the critical completion of these large projects under contract or the total anticipated revenues or margins generated from these contracts. It is normal on construction projects for unexpected delays to occur. We have strong project teams that are nimble and able to respond quickly to get the projects back where they need to be. We expect to recover this work in the upcoming quarters with strong momentum in the back half of the year.