Orion Group Holdings, Inc. (NYSE:ORN) Q3 2024 Earnings Conference Call October 31, 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 & Co.
Min Cho - B. Riley Securities
Jason Ursaner - Bumbershoot Holdings

Operator

Good morning and welcome to the Orion Group Holdings Third Quarter 2024 Financial Results Conference Call. [Operator Instructions]. I'll now like to turn the comments over to Margaret Boyce, Investor Relations. Please go ahead.

Margaret Boyce

Thank you, Operator, and thank you all for joining us today to discuss Orion Group Holdings Third Quarter 2024 Financial Results. We issued our earnings release after market 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, 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 those forward looking statements are contained in our SEC filings, including our reports on Form-10Q and 10-K.

With that, I'll 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 third quarter 2024 conference call. I'll start with an overview of our third quarter results and market update, and then I'll turn it over to Scott to cover our financial results. For the last few quarters we said that we expected momentum to pick up strongly in the back half of this year, and that did play out in the third quarter, total revenue came in at $226.7 million and adjusted EBITDA was $15.2 million, a 62% improvement year over year. The $15.2 million in adjusted EBITDA is higher than the $9.6 million we reported in the entire first half of this year. In fact, 59% higher. Our top line growth was largely driven by the ramp up of our Pearl Harbor and Grand Bahama projects now that the project delays have been resolved. Also, a number of projects that began during the summer contributed to the strong quarter.