Orion Group Holdings, Inc. (ORN - Free Report) has won several contracts with a combined value of approximately $134 million within its Concrete and Marine segments.
Under the Concrete unit, Orion received contracts worth $100 million, including $25 million for a 22-story high-rise building in Houston, $12 million for a Dallas hospital and $10 million for a Dallas packaging center.
Within the Marine business, the company has won its largest diving services contract, worth $20 million, from a private client to support the U.S. Army Corps of Engineers’ ongoing deepening and widening of Gulf Coast shipping channels. The contract will be completed by the end of 2023. Orion’s world-class specialty divers will remove 31 pipelines from the ship’s channel floor.
Also, the Marine segment received several projects with a value of $14 million and won a bid on a $7 million dredging procurement by the U.S. Army Corps of Engineers in the Gulf of Mexico.
Travis Boone, chief executive officer of Orion, said, “Refocusing our Concrete business in the Dallas and Houston markets is delivering results. In our Marine business, we’re excited to participate in this important pipeline project that will ultimately accommodate larger ships servicing the Gulf Coast. Our specialty divers are the best in the industry with an outstanding record for performance and safety.”
Orion derives revenues from various marine construction, dredging, turnkey concrete services and other specialty services contracts. These projects are of typically short duration and usually span less than a year.
For 2022, the company expects strong bid margins to boost profitability on disciplined bidding practices established over the past few months. These higher-margin projects are likely to establish a solid base for 2023. The company will continue to focus on disciplined bidding and strong project delivery.
Shares of this Zacks Rank #3 (Hold) company have surged 4.15% on Mar 10 and 16.7% in the past year compared with the industry’s 13% growth. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Stocks to Consider
Installed Building Products, Inc. (IBP - Free Report) : The company is a leading installer of insulation and complementary building products. It primarily banks on a robust pipeline of acquisition opportunities across multiple geographies, products and end markets.
Installed Building’s earnings for 2023 are expected to decline 6%. It currently sports a Zacks Rank #1.
Simpson Manufacturing Co., Inc. (SSD - Free Report) : The company designs, engineers and manufactures high-quality wood and concrete building construction products designed to make structures safer and more secure that perform at high levels. It has been benefiting from product price increases and key growth initiatives.
Simpson’s earnings for 2023 are expected to decrease by 16.8%. It currently sports a Zacks Rank #1.
United Rentals, Inc. (URI - Free Report) currently carries a Zacks Rank #2 (Buy). The long-term earnings growth rate of the company is 16.3%.
The Zacks Consensus Estimate for URI’s 2023 sales and EPS indicates growth of 20.3% and 28.3%, respectively, from the previous year’s reported levels.
Free Report Reveals How You Could Profit from the Growing Electric Vehicle Industry
Globally, electric car sales continue their remarkable growth even after breaking records in 2021. High gas prices have fueled his demand, but so has evolving EV comfort, features and technology. So, the fervor for EVs will be around long after gas prices normalize. Not only are manufacturers seeing record-high profits, but producers of EV-related technology are raking in the dough as well. Do you know how to cash in? If not, we have the perfect report for you – and it’s FREE! Today, don't miss your chance to download Zacks' top 5 stocks for the electric vehicle revolution at no cost and with no obligation.
>>Send me my free report on the top 5 EV stocks<<
Orion Group Holdings, Inc. (ORN - Free Report) has won several contracts with a combined value of approximately $134 million within its Concrete and Marine segments.
Under the Concrete unit, Orion received contracts worth $100 million, including $25 million for a 22-story high-rise building in Houston, $12 million for a Dallas hospital and $10 million for a Dallas packaging center.
Within the Marine business, the company has won its largest diving services contract, worth $20 million, from a private client to support the U.S. Army Corps of Engineers’ ongoing deepening and widening of Gulf Coast shipping channels. The contract will be completed by the end of 2023. Orion’s world-class specialty divers will remove 31 pipelines from the ship’s channel floor.
Also, the Marine segment received several projects with a value of $14 million and won a bid on a $7 million dredging procurement by the U.S. Army Corps of Engineers in the Gulf of Mexico.
Travis Boone, chief executive officer of Orion, said, “Refocusing our Concrete business in the Dallas and Houston markets is delivering results. In our Marine business, we’re excited to participate in this important pipeline project that will ultimately accommodate larger ships servicing the Gulf Coast. Our specialty divers are the best in the industry with an outstanding record for performance and safety.”
Orion derives revenues from various marine construction, dredging, turnkey concrete services and other specialty services contracts. These projects are of typically short duration and usually span less than a year.
For 2022, the company expects strong bid margins to boost profitability on disciplined bidding practices established over the past few months. These higher-margin projects are likely to establish a solid base for 2023. The company will continue to focus on disciplined bidding and strong project delivery.
Shares of this Zacks Rank #3 (Hold) company have surged 4.15% on Mar 10 and 16.7% in the past year compared with the industry’s 13% growth. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Stocks to Consider
Installed Building Products, Inc. (IBP - Free Report) : The company is a leading installer of insulation and complementary building products. It primarily banks on a robust pipeline of acquisition opportunities across multiple geographies, products and end markets.
Installed Building’s earnings for 2023 are expected to decline 6%. It currently sports a Zacks Rank #1.
Simpson Manufacturing Co., Inc. (SSD - Free Report) : The company designs, engineers and manufactures high-quality wood and concrete building construction products designed to make structures safer and more secure that perform at high levels. It has been benefiting from product price increases and key growth initiatives.
Simpson’s earnings for 2023 are expected to decrease by 16.8%. It currently sports a Zacks Rank #1.
United Rentals, Inc. (URI - Free Report) currently carries a Zacks Rank #2 (Buy). The long-term earnings growth rate of the company is 16.3%.
The Zacks Consensus Estimate for URI’s 2023 sales and EPS indicates growth of 20.3% and 28.3%, respectively, from the previous year’s reported levels.
Free Report Reveals How You Could Profit from the Growing Electric Vehicle Industry
Globally, electric car sales continue their remarkable growth even after breaking records in 2021. High gas prices have fueled his demand, but so has evolving EV comfort, features and technology. So, the fervor for EVs will be around long after gas prices normalize. Not only are manufacturers seeing record-high profits, but producers of EV-related technology are raking in the dough as well. Do you know how to cash in? If not, we have the perfect report for you – and it’s FREE! Today, don't miss your chance to download Zacks' top 5 stocks for the electric vehicle revolution at no cost and with no obligation.
>>Send me my free report on the top 5 EV stocks<<
Get the latest research report on URI - FREE
Get the latest research report on ORN - FREE
Get the latest research report on SSD - FREE
Get the latest research report on IBP - FREE