Babcock & Wilcox Enterprises, Inc. Q3 FY2020 Earnings Call

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Babcock & Wilcox Q3 2020 Earnings Summary

  • Overview: Results strengthened primarily due to a $26M nonrecurring loss recovery from historical European EPC projects (settled Oct 10, 2020), alongside ongoing turnaround execution. COVID-19 impacted revenues across segments, but adjusted EBITDA was roughly breakeven before the recovery, highlighting cost-saving effectiveness. Bookings surged with project restarts.
  • Key Strategic Updates: Rebranded and realigned into three segments (B&W Renewable, B&W Environmental, B&W Thermal) reflecting core markets. Pipeline exceeds $5B in opportunities through 2023 (excluding parts/services). International expansion in Middle East, Africa, and Asia Pac progressing. Focus on renewable/waste-to-energy, emissions controls, and thermal upgrades for clean energy infrastructure.

Financial Performance (Q3 2020 vs Q3 2019)

  • Revenues: $132.5M (down YoY due to COVID-19 delays and focus on core profitable technologies across all segments).
  • GAAP Operating Income: $14.1M (includes $26M loss recovery in Renewables; offset by lower volume, COVID impacts, $6.2M in restructuring/settlement/advisory costs).
  • GAAP Net Income: $34.7M (+$91.7M improvement vs Q3 2019), driven by loss recovery and favorable FX, partially offset by lower interest expense.

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Operator: Ladies and gentlemen, thank you for standing by. Welcome to the Babcock & Wilcox Third Quarter 2020 Earnings Conference Call. [Operator Instructions] I would now like to turn the call over to Megan Wilson, Vice President of Investor Relations. Please go ahead. Megan Wilson: Thank you, Natalia, and good morning, everyone. Welcome to Babcock & Wilcox Enterprises Third Quarter 2020 Earnings Conference Call. I'm Megan Wilson, Vice President of Investor Relations at B&W. Joining me this morning are Kenny Young, B&W's Chairman and Chief Executive Officer; and Lou Salamone, Chief Financial Officer, to discuss our third 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 by tomorrow evening 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 GAAP. This information should not be considered superior to, or as a substitute for, the comparable GAAP measures. A reconciliation of historical non-G

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