Babcock & Wilcox Enterprises, Inc. Q2 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

Babcock & Wilcox Q2 2023 Earnings Summary

Overview: B&W exceeded expectations with strong double-digit revenue growth across all segments, driven by renewables, environmental, and thermal businesses. The company reported improved underlying performance year-over-year despite increased investments in clean energy technologies. Pipeline stands at $9 billion over three years, including over $1 billion in BrightLoop hydrogen opportunities.

Key Financial Metrics (Q2 2023 vs Q2 2022)

  • Consolidated Revenues: $305.2 million (+38% YoY)
  • Adjusted EBITDA: $21.9 million (vs $22.9 million reported; improved from $15.9 million when excluding one-time asset sale gain in 2022)
  • Operating Income: $7.0 million (vs $3.7 million)
  • Loss Per Share: $0.10 (vs $0.07; underlying loss improved excluding non-cash pension benefit and one-time gain)
  • Bookings: $191 million
  • Ending Backlog: $567 million (-6% QoQ, primarily due to large 2022 thermal project)
  • Parts & Services: ~37% of total revenues

Segment Performance

  • Renewable: Revenues $98.9M (+31% from $75.2M); Adj. EBITDA $0.5M (vs $4.2M excluding $7M one-time solar gain in 2022). Growth from renewable services and solar businesses.

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Operator: Hello, all, and a warm welcome to Babcock & Wilcox Second Quarter 2023 Earnings Conference Call. My name is Louisa, and I’ll be your moderator for today. [Operator Instructions] I now have the pleasure of turning over to your host today, Sharyn Brooks. Sharon, please go ahead when you’re ready. Sharyn Brooks: Thank you, Louisa, and thanks everyone for joining us on Babcock & Wilcox Enterprises second quarter 2023 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 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 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 historica

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