Babcock & Wilcox Enterprises, Inc. Q1 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

Babcock & Wilcox Enterprises Q1 2023 Earnings Summary

Financial Highlights (vs Q1 2022)

  • Consolidated revenues: $257.2 million (+26%), driven by higher volumes in Renewables, Environmental, and Thermal segments.
  • Adjusted EBITDA: $14.2 million (vs $12.5 million), exceeding internal projections.
  • Net operating income: $1.4 million (vs operating loss of $6.8 million).
  • Loss per share: $0.18 (vs $0.14).
  • Bookings: $206 million (+11%).
  • Ending backlog: $663 million (+15%).
  • Parts & services bookings (all segments): $114 million, highest since 2016.
  • Cash, cash equivalents, and restricted cash: $91.1 million; total debt: $351.7 million.

Segment Performance (vs Q1 2022)

  • Renewables: Revenues $100.1 million (+47%); Adjusted EBITDA $4.9 million (vs $2.0 million). Growth from new build projects and parts/services.
  • Environmental: Revenues $39.4 million (+13%); Adjusted EBITDA $1.9 million (vs $1.4 million). Driven by dry cooling technology projects.
  • Thermal: Revenues $119.2 million (+17%); Adjusted EBITDA $13.7 million (vs $14.2 million). Higher construction volumes and Optimus Industries inclusion offset by growth expenses.

Strategic Updates & Outlook

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Operator: Hello, everyone, and welcome to the Babcock & Wilcox Enterprises First Quarter 2023 Earnings Conference Call. My name is Nadia, and I’ll be coordinating the call today. If you would like to ask a question pad. I will now hand over to your host, Sharyn Brooks to begin. Sharon, please go ahead. Sharyn Brooks: Thank you, Nadia, and thanks to everyone for joining us on Babcock & Wilcox Enterprises first quarter 2023 earnings conference call. I’m Sharon 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 was 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 historical

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