What caused ORN's earnings to decline in 2024?

Orion Group Holdings Inc (ORN) experienced a decline in earnings in 2024 primarily due to **Logistical Setbacks and Increased Expenses**, despite notable revenue growth in certain quarters.

1. **Q2 2024 Earnings Call Highlights**:
- Orion reported a 5% revenue increase and significant new contracts.
- However, the company faced challenges including logistical setbacks, which contributed to the decline in earnings.
- The earnings call also mentioned increased expenses, which likely impacted the net profit margin.
2. **Q3 2024 Earnings Call Highlights**:
- Orion reported a 35% revenue increase and significant cash flow improvement.
- The company's gross profit margin improved to $27.1 million, representing 11.9% of revenue, up from 11.3% in the previous year.
- Despite these positive developments, the earnings call did not mention any negative factors that would explain a decline in earnings.
3. **Strategic Shifts and Growth Prospects**:
- Orion outlined strategic shifts and significant growth prospects in the naval and data center sectors.
- The company's adjusted EBITDA for Q1 2024 was $4.1 million, with a full-year expectation between $860 million to $950 million.
- These strategic shifts and growth prospects suggest that any decline in earnings was not due to a lack of opportunity, but rather operational challenges.

In conclusion, Orion Group Holdings Inc (ORN) experienced a decline in earnings in 2024 due to logistical setbacks and increased expenses, despite a notable revenue increase in certain quarters. The company's strategic shifts and growth prospects in new sectors suggest that the decline in earnings was not due to a lack of opportunity.