Babcock & Wilcox Enterprises, Inc. Q1 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Babcock & Wilcox Enterprises Q1 2022 Earnings Summary

Key Highlights: B&W reported strong Q1 2022 results with revenue growth, record backlog since 2018, and continued progress on decarbonization technologies. The company highlighted supply chain challenges from the Ukraine war and COVID-19 resurgence in China but noted mitigation efforts via global sourcing. Focus remains on clean energy transition, including ClimateBright platform and hydrogen solutions. 12-month adjusted EBITDA through March 31, 2022 reached ~USD75 million.

Consolidated Financial Performance (Q1 2022 vs Q1 2021)

  • Revenues: USD204 million (+21% from USD168.3 million implied), driven by higher new build projects and acquisitions (Q4 2021 & Q1 2022).
  • Operating Loss: USD6.8 million (vs USD6.5 million loss).
  • Adjusted EBITDA: USD12 million (+39.5% from USD8.6 million).
  • Bookings: USD239 million (+41% from USD169.5 million implied).
  • Backlog: USD721 million (+35% from ~USD534 million implied; highest since 2018).
  • Balance Sheet: Total debt USD343.8 million; cash & equivalents USD117 million.

Segment Results

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Operator: Good afternoon. Thank you for attending today’s Babcock & Wilcox Enterprises Q1 2022 Earnings Conference Call. My name is Bethany and I will be your moderator for today’s call. I would now like to pass the conference over to our host, Sharyn Brooks with Babcock and Wilcox. Please go ahead. Sharyn Brooks: Thank you, Bethany, and thanks to everyone for joining us on Babcock & Wilcox Enterprises first quarter 2022 earnings conference call. I’m Sharyn Brooks, Director of Communications. Joining the call today are Kenny Young, B&W’s Chairman and Chief Executive Officer; and Lou Salamone, Chief Financial Officer, to discuss our first quarter results. During this call, certain statements we make will be forward-looking. These statements are subject to risks and uncertainties, including those set forth in our safe harbor provision for forward-looking statements that can be found at the end of our earnings press release and also in our Form 10-Q that will be filed today and our Form 10-K that is on file with the SEC and provide further detail about the risks related to our business. Additionally, except as required by law, we undertake no obligation to update any forward-looking statements. We also provide non-GAAP information regarding certain of our historical and targeted results to supplement the results provided in accordance with GAAP. This information should not be considered superior to or as a substitute for the comparable GAAP measures. A reconciliation of histor

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