HOUSTON (AP) — Orion Marine Group Inc. (ORN) on Wednesday reported second-quarter net income of $2 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Houston-based company said it had profit of 7 cents. Earnings, adjusted for non-recurring gains, came to 4 cents per share.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was breakeven on a per-share basis.
The heavy civil marine contractor posted revenue of $183.7 million in the period, also beating Street forecasts. Three analysts surveyed by Zacks expected $162.1 million.
In the final minutes of trading on Wednesday, the company's shares hit $2.99. A year ago, they were trading at $4.07.