Orbital Energy Stock Gains After Q1 Results; Reiterates FY22 Forecast

Orbital Energy Group Inc OEG reported first-quarter revenue of $70.25 million, compared to $5.56 million in 1Q21, marginally missing the consensus of $70.49 million.
EPS loss widened to $(0.44) from $(0.36) in 1Q21, missing the consensus of $(0.05).
OEG reported a gross profit of $11.58 million, compared to a loss of $(2.52) million in 1Q21.
The loss from operation narrowed down to $(1.79) million versus $(15.62) million a year ago.
OEG's net cash used in operating activities for Q1 totaled $(1.57) million, compared to $(13.48) million in 1Q21.
Adjusted EBITDA from continuing operations for the quarter was $3.78 million, an improvement from $(9.61) million a year ago.
Backlog was $513.5 million as of March 31, 2022, with $294.6 million expected to be recognized in the next twelve months.
"Our backlog and end market drivers remain strong, as well as customer demand for our services and we believe we are well positioned to achieve our 2022 financial guidance provided on our year end call, which we are reiterating today," commented Jim O'Neil, Vice Chairman, and CEO.
FY22 Outlook, reaffirmed: Orbital Energy expects revenue of $375 million - $425 million vs. consensus of $330.88 million and adjusted EBITDA of $38 million - $43 million.
Price Action: OEG is trading higher by 7.74%% at $1.01 on the last check Monday.