Babcock & Wilcox Enterprises, Inc. Q2 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Babcock & Wilcox Enterprises Q2 2022 Earnings Summary

Overview

B&W reported strong Q2 2022 results driven by growth in renewables and environmental segments, record bookings/backlog, and progress on clean energy initiatives (ClimateBright, BrightLoop hydrogen, solar). Revenues rose despite supply chain and geopolitical challenges; the company reiterated its full-year adjusted EBITDA target. Leadership changes were announced to focus on thermal and clean energy segments.

Key Financial Highlights (Q2 2022 vs Q2 2021)

  • Consolidated Revenues: $221 million (+9% from $203 million), driven by new build projects, acquisitions, and higher renewable volumes; partially offset by lower thermal construction activity.
  • Net Operating Income: $3.7 million (vs $2.8 million).
  • Adjusted EBITDA: $20.6 million (+35% from $15.2 million).
  • Bookings: $245 million (+46% from prior year).
  • Backlog: $731 million (+46% from Q2 2021 end).
  • Cash & Restricted Cash: $80.2 million; Total Debt: $334 million.

Segment Performance

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Operator: Good afternoon. Thank you for attending Babcock & Wilcox Second Quarter 2022 Earnings Call. My name is Matt and I will be your moderator for today’s call. All lines will be muted during the presentation portion of the call and opportunities for question-and-answer at the end. I would now like to pass the conference over to our host Sharyn Brooks, with Babcock & Wilcox. Sharyn please go ahead. Sharyn Brooks: Thank you Matt and thanks everyone for joining us on Babcock & Wilcox Enterprises second quarter 2022 earnings conference call. I’m Sharyn Brooks, Director of Communications. Joining the call today are Kenny Young B&Ws, Chairman and Chief Executive Officer and Lou 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 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 cons

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