HOUSTON (AP) _ Orion Marine Group Inc. (ORN) on Wednesday reported a second-quarter loss of $1.6 million, after reporting a profit in the same period a year earlier.
The Houston-based company said it had a loss of 6 cents per share. Earnings, adjusted for one-time gains and costs, came to 1 cent per share.
The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 14 cents per share.
The heavy civil marine contractor posted revenue of $166 million in the period.
In the final minutes of trading on Wednesday, the company's shares hit $4.07. A year ago, they were trading at $9.17.