How will ORN's earnings trend in the coming quarters?

Orion Group Holdings (NYSE:ORN) is poised to face a challenging earnings trajectory in the immediate future, with estimates indicating a loss per share (EPS) of -$0.11 for the fiscal quarter ending March 31, 2025, according to the latest report period. However, there are signs of potential improvement in the pipeline, which could influence the company's earnings trend over the next several quarters.

1. **Current Estimates and Recent Performance**:
- Orion Group's estimated EPS for Q1 2025 is -$0.11, suggesting a loss for the period.
- The company's last reported earnings per share (EPS) was $0.16 for Q4 2024, which exceeded the consensus estimate of $0.15.
2. **Analyst Opinions and Future Estimates**:
- B. Riley, a research firm, has issued estimates for Orion Group's future earnings, projecting a significant decline in EPS to -$0.09 for Q2 2025, followed by a slight improvement to $0.09 for Q3 2025.
- The consensus estimate for FY2025 earnings is $0.06 per share, indicating that analysts expect minimal profitability for the full year.
3. **Market Ratings and Price Target**: B. Riley has given Orion Group a "Strong-Buy" rating, indicating a positive outlook despite the current earnings challenges. The average analyst one-year price target is $11.67, suggesting a potential upside from the current price.
4. **Strategic Position and Growth Prospects**: Orion Group has reported an increase in contract revenues and gross profit for the fourth quarter of 2024, reflecting strategic initiatives and improved execution. The company's pipeline is said to be strong, with a backlog of approximately $16 billion.
5. **Breakeven Projection**: Industry analysts are optimistic about Orion Group's potential to break even, with a projected final loss in 2025 before turning to a profit of $13 million in 2026. This suggests that while the near-term outlook is challenging, there is a positive long-term forecast.

In conclusion, Orion Group is likely to face a difficult earnings period in the immediate future, as indicated by the projected loss in Q1 2025. However, the company's strategic positioning and potential for growth could lead to improved earnings in the subsequent quarters, potentially breakeven by 2026. Investors should monitor the company's execution of strategic initiatives and the realization of its backlog to gauge the likelihood of these projections coming to fruition.