Babcock & Wilcox Enterprises, Inc. Q1 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

Babcock & Wilcox Q1 2021 Earnings Summary

Overview: B&W reported improved financial results amid ongoing COVID-19 impacts, with all segments generating positive adjusted EBITDA. The company highlighted cost reductions, debt paydown, international expansion, new segment launches, and growth in bookings/backlog. Focus areas include decarbonization technologies, Renewable/Environmental segments, and parts/services recovery.

Key Financial Performance (Q1 2021 vs Q1 2020)

  • Revenues: $168.2 million, +13% YoY, driven by higher construction activity (partially offset by COVID-related project delays and travel restrictions).
  • GAAP Operating Loss: $6.5 million (improved from $10.3 million loss), inclusive of $4.3 million in restructuring, settlement, and advisory fees.
  • Adjusted EBITDA: $8.5 million (vs $1.0 million), ahead of internal plan; improvement due to higher volume, better project execution, and G&A/overhead reductions.
  • Cash Flow from Operations: Use of $54 million (primarily from full revolver repayment using offering proceeds).
  • Bookings: $170 million in Q1 2021 ($645 million for full-year 2020).
  • Backlog: $535 million at quarter-end (excludes shorter-lead-time parts/services).

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Operator: Good day and thank you for standing by. Welcome to the Babcock & Wilcox Q1 2021 Earnings Conference Call. I would now like to hand the conference over to your speaker today, Megan Wilson, Vice President of Investor Relations. Please go ahead. Megan Wilson: Thank you, Cindy and good morning everyone. Welcome to Babcock & Wilcox Enterprises’ first quarter 2021 earnings conference call. I am Megan Wilson, Vice President of Investor Relations at B&W. Joining me this morning are Kenny Young, B&W’s Chairman and Chief Executive Officer and Lou Salamone, Chief Financial Officer, to discuss our first quarter results. Kenny Young: Thank you, Megan. Good morning, everyone and thanks for joining our call. Our results for the first quarter of 2021 really reflect the ongoing drive, commitment and dedication by our employees, the strength of this management team and our turnaround efforts, including cost reductions and growth strategies. All segments generated positive adjusted EBITDA and we ended the first quarter well despite continued adverse effects of COVID across each of the segments. With our strategic growth initiatives over the last year, which included launching new segments, expanding our sales and service presence internationally, implementing additional cost saving and overhead reduction initiatives, significantly reducing our secured debt and our continued focus on smaller projects, we have positioned this company to successfully leverage the global demands while pr

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