1Q22. Contract revenue increased 14.1% year-over-year to $174.9 million, driven by the beginning of large jobs awarded in the second half of 2021 in the marine segment and increased cubic yard production on light commercial projects in the concrete segment. Operating loss was $2.9 million versus operating income of $2.1 million last year. Orion reported an adjusted net loss of $0.10 per share versus EPS of $0.04 a year ago.Marine Segment. The Marine business generated revenue of $84.5 million in the quarter, up from $72.1 million last year. Operating income fell to $1.8 million from $2.8 million, due to a change in mix of work. The Marine segment won $25 million of work in the quarter, a win rate of 6.0% and a book-to-bill of 0.3x.Concrete Segment. Segment revenue for the quarter totaled $90.5 million, up from $81.2 million last year. The segment reported an operating loss of $4.7 million versus an operating loss of $793,000 a year ago, driven by write-downs as a result of project conditions. During the quarter, Orion was awarded some $164 million of work, representing a win rate of 17.7% and a book-to-bill of 1.81 times.Backlog. Quarter-end backlog totaled $604.1 million, up from $364.8 million last year, of which $317.4 million was in the marine segment and $266.7 million in the concrete segment. First quarter book-to-bill was 1.08x. Subsequent to quarter's end, Orion was the successful bidder on approximately $112 million of projects.Conference Call. Management will hold a call to discuss results this morning at 10am ET. Dial-in is 201-493-6739. We will provide additional commentary and update our model following the call. Read More >>