LED lighting solution provider Orion Lighting reported results of the third quarter of its fiscal 2020 ended December 31, 2019. Orion lighting registered a revenue of US$34 million for the quarter, which increased by 110%, compared to the same period last year. The company said that the strong growth came from a large turnkey LED lighting retrofit contract for a major national account.
Gross profit also grew by 98% YoY to US$8.3 million for a gross margin of 24.2%. EBITDA rose to US$2.8 million in fiscal 3Q20 and US$14.7 million for the first 9 months of fiscal 2020, versus EBITDA losses of US$0.1 million and US$4.1 million, respectively, in the comparable prior-year periods
Mike Altschaefl, Orion’s CEO and Board Chair, commented, "Our fiscal 2020 performance to date reflects the continued successful execution of a nationwide turnkey design-build-install LED lighting system retrofit and controls project for a major national account. As anticipated, we expect to complete initial awards for this project in our current fiscal fourth quarter. In addition, installations for our recently announced US$18 to US$20 million project expansion for this same customer are slated for completion during our fiscal fourth quarter and our fiscal 2021 first quarter ending June 30, 2020.”
Orion addressed its capabilities in providing advanced LED lighting systems, controls and IoT-based solutions based on its experience and national service network, confirming its relationships with its customers.
The company plans to expand project with its major national account and expect a continuously growing fourth quarter for fiscal 2020. It increased the revenue goal of fiscal 2020 from a range of US$135 to 145 million to US$150 to 155 million.
