Orion Group Q2 adjusted EPS and EBITDA miss estimates; lowers FY outlook

• Concrete segment growth - The company said Concrete segment revenue grew more than 30% and adjusted EBITDA rose more than 45%, driven by expansion of site civil services, favorable utilization and solid execution.
• Marine segment decline - Marine contract revenue and adjusted EBITDA fell because of timing of project start-ups and lower equipment utilization, with delays attributed to client-related issues such as site readiness and material delivery.
• Higher SG&A costs - Selling, general and administrative expenses increased due to costs to support business growth.

Orion now sees 2026 revenue between $900 million and $950 million, unchanged from prior guidance. However, the company lowered its 2026 adjusted EBITDA forecast to $50 million-$54 million from $54 million-$58 million, and cut its 2026 adjusted EPS outlook to $0.23-$0.30 from $0.36-$0.42.

The current average analyst rating on the shares is "buy," with 6 "strong buy" or "buy" recommendations, no "hold" and no "sell" or "strong sell." The average consensus recommendation for the construction and engineering peer group is "buy."

Wall Street's median 12-month price target for Orion Group Holdings Inc. is $17.00, about 36.9% above its July 27 closing price of $12.42. The stock recently traded at 24 times next-12-month earnings versus a P/E of 26 three months ago.