- Orbital Infrastructure Group, Inc OIG reported third-quarter revenue growth of 302.2% year-on-year to $99.8 million, missing the consensus of $132.1 million.
- The Y/Y improvement is primarily due to acquisitions in the electric power and telecommunications segments and organic growth across all operating segments.
- Electric Power revenue was $36.7 million compared to $12.2 million in the third quarter of 2021.
- Telecommunications revenue was $24.1 million compared to $8.7 million in the third quarter of 2021.
- Renewables revenue was $39.0 million compared to $3.9 million in the third quarter of 2021.
- Loss from continuing operations before income taxes was $(141.4) million compared to $(11.6) million in the third quarter of 2021.
- EPS loss of $(1.23) widened from $(0.16) in the year-ago quarter.
- OIG's Vice-Chairman and CEO, Jim O'Neil, commented, "I am disappointed in our quarterly results, primarily driven by losses in the renewables segment, specifically the underperformance of one of our utility-scale solar projects currently under construction. Despite reporting significant year-over-year and sequential revenue growth, the third quarter results fell short of our prior expectations and led to a downward revision to our fiscal year 2022 guidance."
- Guidance: On November 2, 2022, OIG lowered its full-year 2022 consolidated revenue guidance to $350 million- $375 million from $405 million - $450 million (consensus $426.3 million). Challenges primarily in the company's Renewable Segment led to the revision.
- Price Action: OIG shares traded lower by 6.89% at $0.2458 on the last check Monday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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