Q1 Earnings Highs And Lows: Orion (NYSE:ORN) Vs The Rest Of The Construction and Maintenance Services Stocks

Max Juang

July 19, 2024 at 3:56 a.m.·4 min read

ORN Cover Image — Q1 Earnings Highs And Lows: Orion (NYSE:ORN) Vs The Rest Of The Construction and Maintenance Services Stocks

The end of an earnings season can be a great time to discover new stocks and assess how companies are handling the current business environment. Let’s take a look at how Orion (NYSE:ORN) and the rest of the construction and maintenance services stocks fared in Q1.

Construction and maintenance services companies not only boast technical know-how in specialized areas but also may hold special licenses and permits. Those who work in more regulated areas can enjoy more predictable revenue streams - for example, fire escapes need to be inspected every five years–. More recently, services to address energy efficiency and labor availability are also creating incremental demand. But like the broader industrials sector, construction and maintenance services companies are at the whim of economic cycles as external factors like interest rates can greatly impact the new construction that drives incremental demand for these companies’ offerings.

The 10 construction and maintenance services stocks we track reported an ok Q1; on average, revenues were in line with analyst consensus estimates. Stocks--especially those trading at higher multiples--had a strong end of 2023, but 2024 has seen periods of volatility. Mixed signals about inflation have led to uncertainty around rate cuts, but construction and maintenance services stocks have performed well, with the share prices up 12.5% on average since the previous earnings results.

Orion (NYSE:ORN)

Established in 1994, Orion Group (NYSE:ORN) provides construction services for marine infrastructure and industrial projects.

Orion reported revenues of $160.7 million, flat year on year, falling short of analysts' expectations by 8.1%. Overall, it was a weak quarter for the company with many shareholders expecting a better outcome.

“We generated first quarter revenue of $161 million and Adjusted EBITDA of $4.1 million. We expect revenue to continue to build throughout the year with our current backlog and strong pipeline of opportunities. We remain focused on increasing our margins as a top priority. In addition to first quarter being our seasonally slowest period, revenue was affected by reduced activity on two major projects related to scheduling delays outside of our control. At this point, we have no concerns that these scheduling delays will have any material impact on total anticipated revenues and margins generated from these contracts. We expect to recover this work in upcoming quarters, with strong momentum in the back half of the year,” said Travis Boone, Chief Executive Officer of Orion

The stock is up 39.9% since reporting and currently trades at $11.11.

Read our full report on Orion here, it's free.

Best Q1: Great Lakes Dredge & Dock (NASDAQ:GLDD)

Founded as Lydon & Drews dredging company, Great Lakes Dredge & Dock (NASDAQ:GLDD) provides dredging services, land reclamation, and coastal protection projects in the United States and internationally.

Great Lakes Dredge & Dock reported revenues of $198.7 million, up 25.7% year on year, outperforming analysts' expectations by 13.2%. It was an incredible quarter for the company with an impressive beat of analysts' earnings estimates.

Great Lakes Dredge & Dock pulled off the biggest analyst estimates beat among its peers. The market seems happy with the results as the stock is up 28.7% since reporting. It currently trades at $9.07.

Is now the time to buy Great Lakes Dredge & Dock? Access our full analysis of the earnings results here, it's free.

Weakest Q1: Matrix Service (NASDAQ:MTRX)

Founded in Oklahoma, Matrix Service Company (NASDAQ: MTRX) provides engineering, fabrication, construction, and maintenance services primarily to the energy and industrial markets.

Matrix Service reported revenues of $166 million, down 11.2% year on year, falling short of analysts' expectations by 15%. It was a weak quarter for the company with a miss of analysts' earnings estimates.

Matrix Service had the weakest performance against analyst estimates and slowest revenue growth in the group. As expected, the stock is down 14.3% since the results and currently trades at $10.15.

Read our full analysis of Matrix Service's results here.

APi (NYSE:APG)

Started in 1926 as an insulation contractor, APi (NYSE:APG) provides life safety solutions and specialty services for buildings and infrastructure.

APi reported revenues of $1.60 billion, flat year on year, in line with analysts' expectations. Zooming out, it was a weaker quarter for the company with a miss of analysts' organic revenue estimates.

The stock is down 2.1% since reporting and currently trades at $37.02.

Read our full, actionable report on APi here, it's free.

WillScot Mobile Mini (NASDAQ:WSC)

Originally focusing on mobile offices for construction sites, WillScot (NASDAQ:WSC) provides ready-to-use temporary spaces, largely for longer-term lease.

WillScot Mobile Mini reported revenues of $587.2 million, up 3.8% year on year, surpassing analysts' expectations by 1.1%. Overall, it was a slower quarter for the company with underwhelming EBITDA guidance for the full year and a miss of analysts' earnings estimates.

WillScot Mobile Mini had the weakest full-year guidance update among its peers. The stock is up 9.8% since reporting and currently trades at $41.31.

Read our full, actionable report on WillScot Mobile Mini here, it's free.

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Orion (NYSE:ORN)

Best Q1: Great Lakes Dredge & Dock (NASDAQ:GLDD)

Weakest Q1: Matrix Service (NASDAQ:MTRX)

APi (NYSE:APG)

WillScot Mobile Mini (NASDAQ:WSC)

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