Babcock & Wilcox Enterprises, Inc. Q1 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

Babcock & Wilcox Enterprises Q1 2024 Earnings Summary

Overview: B&W reported Q1 2024 results ahead of expectations, driven by strategic focus on higher-margin projects, aftermarket strength, and robust bookings. The company raised its full-year 2024 adjusted EBITDA target (excluding Brightloop/Climate Bright) to $105-115 million. New contract awards reached ~$500 million (nearly double Q1 2023 levels). Backlog + implied backlog grew 29% YoY to $826 million.

Key Financial Highlights (Q1 2024 vs Q1 2023)

  • Consolidated revenue: $207.6 million (-14% YoY), primarily due to fewer waste-to-energy projects and completion of a large Thermal construction project.
  • Adjusted EBITDA (excl. Brightloop/Climate Bright expenses): $13.2 million (vs $14.7 million).
  • Net operating income: $4.3 million (vs $1.3 million operating income).
  • Loss per share: $0.22 (vs $0.18 loss).
  • Implied bookings: $506 million; ending implied backlog: $826.4 million (+29% YoY).

Segment Performance

  • B&W Renewables: Revenue $52.3 million (-38% from $84.1 million) due to shift away from lower-margin new builds. Adj. EBITDA $1.7 million (vs $4.3 million).
  • B&W Environmental: Revenue $48.4 million (+23% from $39.4 million) on higher flue gas and cooling projects. Adj. EBITDA $3.3 million (+74% from $1.9 million).

Continue Reading

Unlock the full AI-powered summary with key highlights, financial performance, and analyst Q&A.

Upgrade to Professional
Operator: Good evening. My name is Sierra, and I will be your conference operator today. At this time, I would like to welcome everyone to the conference call. [Operator Instructions]Thank you. Sharyn , you may begin your conference call. Sharyn Brooks: Thank you, Sierra, and thanks to everyone for joining us on Babcock & Wilcox Enterprises First Quarter 2024 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 historical non-GAAP measures can be found in our first quarter earning

Continue Reading

Unlock the full earnings call transcript with speaker labels and formatted dialogue.

Upgrade to Professional