Babcock & Wilcox Enterprises, Inc. Q2 FY2020 Earnings Call

· Earnings call transcript and AI-powered summary

Babcock & Wilcox Enterprises Q2 2020 Earnings Summary

Overview: Results were negatively impacted by COVID-19, causing project delays and deferred bookings across all segments. The company launched new branding and reorganized into three market-facing segments to align with growth in renewables, environmental solutions, and thermal technologies. Pipeline exceeds $5 billion in identified projects over the next three years.

Key Financial Highlights (Q2 2020)

  • Consolidated revenues: $135.4 million (COVID-19 delays across segments).
  • GAAP operating loss: $7.7 million (includes $4.4 million in restructuring, settlement, and advisory costs).
  • GAAP loss from continuing operations: $18.1 million.
  • Adjusted EBITDA: $1.4 million (impacted by COVID-19 and completion of large projects at end of 2019/early 2020).
  • Unrestricted cash and equivalents: $36.8 million; available revolver borrowings: ~$40.3 million.
  • Total debt (June 30): $338 million ($164.7M revolver, $173.3M last-out term loans).
  • Cash flow from operations: Use of ~$13.8 million (primarily working capital).

Comparisons to Q2 2019

  • GAAP loss from continuing operations improved by $10.2 million (Q2 2020: $18.1M vs. Q2 2019: ~$28.3M).
  • Consolidated SG&A expense reduced by $7.5 million, a 17.8% improvement.

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Operator: Ladies and gentlemen, thank you for standing by. Welcome to the Babcock & Wilcox Second Quarter 2020 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session [Operator Instructions]. I would now like to hand the conference over to your speaker for today, Megan Wilson, Vice President Investor Relations. Please go ahead, ma’am. Megan Wilson: Thank you, Chantal, and good afternoon, everyone. Welcome to Babcock & Wilcox Enterprises second quarter 2020 earnings conference call. I’m Megan Wilson, Vice President of Investor Relations at B&W. Joining me this afternoon are Kenny Young, B&W’s Chief Executive Officer and Louis Salamone, Chief Financial Officer, to discuss our second 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 yesterday, 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 results to supplement the results provided in accordance with GA

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