Orion Marine Group Given Market Outperform Rating From CJS Securities (ORN)
March 08, 2010 1:56 PM
According to CJS, Orion Marine Group (NYSE: ORN) reported Q4’09 EPS of $0.15, in-line with their recently reduced estimate of $0.14 and consensus. Sales of $71 million (vs. $69mmE) were consistent with management’s January 28th guidance revision and down 10% y/y.
Quarter-end (12/31/09) backlog reached a record level of $253 million, up 59% y/y and 13% sequentially. The January 29th acquisition of T.W. LaQuay brings an additional $25 million in backlog to the company’s book of work and appears an excellent strategic fit given its strong presence in the Gulf Coast dredging market. CJS notes that now with nearly $280 million in backlog including LaQuay, the company has booked ~70% of expected revenue for the next twelve months versus an average of 50% over the previous 13 quarters.
ORN is down 1% today to $17.31 per share; well below it’s January 13th close of $22.20.
