As the Q3 earnings season comes to a close, it’s time to take stock of this quarter’s best and worst performers in the construction and maintenance services industry, including Orion (NYSE:ORN) and its peers.

Construction and maintenance services companies not only boast technical know-how in specialized areas but also may hold special licenses and permits. Those who work in more regulated areas can enjoy more predictable revenue streams - for example, fire escapes need to be inspected every five years–. More recently, services to address energy efficiency and labor availability are also creating incremental demand. But like the broader industrials sector, construction and maintenance services companies are at the whim of economic cycles as external factors like interest rates can greatly impact the new construction that drives incremental demand for these companies’ offerings.

The 12 construction and maintenance services stocks we track reported a slower Q3. As a group, revenues missed analysts’ consensus estimates by 1.1%.

Thankfully, share prices of the companies have been resilient as they are up 8.9% on average since the latest earnings results.

Orion (NYSE:ORN)

Established in 1994, Orion (NYSE:ORN) provides construction services for marine infrastructure and industrial projects.

Orion reported revenues of $226.7 million, up 34.5% year on year. This print fell short of analysts’ expectations by 3.6%, but it was still a strong quarter for the company with an impressive beat of analysts’ EPS estimates and a solid beat of analysts’ EBITDA estimates.

“I am pleased to report that our team delivered a strong third quarter, including 35% contract revenue growth, 62% Adjusted EBITDA growth, and cash flow from operations of $35.2 million. In the beginning of the year, we said that we expected momentum to pick up in the back half of the year and that played out in the third quarter,” said Travis Boone, CEO of Orion Group Holdings.

Interestingly, the stock is up 41.7% since reporting and currently trades at $7.68.

Is now the time to buy Orion? Access our full analysis of the earnings results here, it’s free.

Best Q3: Limbach (NASDAQ:LMB)

Established in 1901, Limbach (NASDAQ: LMB) provides integrated building systems solutions, including mechanical, electrical, and plumbing services.

Limbach reported revenues of $133.9 million, up 4.8% year on year, outperforming analysts’ expectations by 3.4%. The business had a stunning quarter with a solid beat of analysts’ EPS and EBITDA estimates.

Limbach pulled off the highest full-year guidance raise among its peers. The market seems happy with the results as the stock is up 15.8% since reporting. It currently trades at $90.35.

Is now the time to buy Limbach? Access our full analysis of the earnings results here, it’s free.

Slowest Q3: Tutor Perini (NYSE:TPC)

Known for constructing the Philadelphia Eagles’ Stadium, Tutor Perini (NYSE:TPC) is a civil and building construction company offering diversified general contracting and design-build services.

Tutor Perini reported revenues of $1.08 billion, up 2.1% year on year, falling short of analysts’ expectations by 7.2%. It was a disappointing quarter as it posted a significant miss of analysts’ EPS estimates.

Tutor Perini delivered the weakest performance against analyst estimates in the group. As expected, the stock is down 15.3% since the results and currently trades at $25.65.

Read our full analysis of Tutor Perini’s results here.

Great Lakes Dredge & Dock (NASDAQ:GLDD)

Founded as Lydon & Drews dredging company, Great Lakes Dredge & Dock (NASDAQ:GLDD) provides dredging services, land reclamation, and coastal protection projects in the United States and internationally.

Great Lakes Dredge & Dock reported revenues of $191.2 million, up 63.1% year on year. This number topped analysts’ expectations by 3.5%. Zooming out, it was a slower quarter as it logged a significant miss of analysts’ EBITDA and EPS estimates.

Great Lakes Dredge & Dock achieved the biggest analyst estimates beat and fastest revenue growth among its peers. The stock is flat since reporting and currently trades at $11.72.

Read our full, actionable report on Great Lakes Dredge & Dock here, it’s free.

Primoris (NYSE:PRIM)

Listed on the NASDAQ in 2008, Primoris (NYSE:PRIM) builds, maintains, and upgrades infrastructure in the utility, energy, and civil construction industries.

Primoris reported revenues of $1.65 billion, up 7.8% year on year. This result surpassed analysts’ expectations by 3.5%. It was a very strong quarter as it also put up a solid beat of analysts’ EBITDA estimates.

The stock is up 25.3% since reporting and currently trades at $80.65.

Read our full, actionable report on Primoris here, it’s free.

Market Update

Thanks to the Fed's series of rate hikes in 2022 and 2023, inflation has cooled significantly from its post-pandemic highs, drawing closer to the 2% goal. This disinflation has occurred without severely impacting economic growth, suggesting the success of a soft landing. The stock market has thrived in 2024, spurred by recent rate cuts (0.5% in September and 0.25% each in November and December), and a notable surge followed Donald Trump's presidential election win in November, propelling indices to historic highs. Nonetheless, the outlook for 2025 remains clouded by the pace and magnitude of future rate cuts as well as potential changes in trade policy and corporate taxes once the Trump administration takes over. The path forward is marked by uncertainty.

Want to invest in winners with rock-solid fundamentals? Check out our Top 6 Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.

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