Orion Group Holdings, Inc. (NYSE:ORN) Q2 2024 Earnings Conference Call July 25, 2024 9:00 AM ET

Company Participants

Margaret Boyce - IR
Travis Boone - CEO
Scott Thanisch - CFO

Conference Call Participants

Aaron Spychalla - Craig-Hallum
Julio Romero - Sidoti & Company
Min Cho - B. Riley Securities
David Storms - Stonegate Capital

Operator

Good day, and welcome to the Orion Group Holdings Second Quarter of 2024 Conference Call. [Operator Instructions] Please also note that this call is being recorded today.

I would now like to turn the call over to Margaret Boyce of Investor Relations. Please go ahead.

Margaret Boyce

Thank you, Joe, and thank you all for joining us today to discuss Orion Group Holdings' second quarter 2024 financial results. We issued our earnings release after market last night. It's 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'd 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'd now like to turn the call over to Travis. Travis, please go ahead.

Travis Boone

Thank you, Margaret. And good morning, everyone, and thank you for joining our second quarter 2024 conference call.

I'll start with an overview of our second quarter results, recent wins and a market update, and then I'll turn it over to Scott to cover our financial results. In the second quarter, we generated revenue of $192 million and adjusted EBITDA of $5.5 million. As we discussed over the past two quarters, we anticipated a slower ramp-up with two large projects over the first half of the year. We don't like surprises and recognize that we fell short of consensus.

We have been transparent about what we were seeing ahead. There's nothing more important to me than doing what we say we will do. This is a short-term challenge. We have an incredibly talented team and a strong foundation with a huge market opportunity ahead.