Babcock & Wilcox Enterprises, Inc. Q3 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

Key Highlights
  • Strong quarter with Q3 2021 revenues of $160 million, a 21% increase compared to Q3 2020, driven by higher project activity in thermal and environmental segments, partially offset by COVID-related project timing delays in renewables.
  • GAAP operating income rose to $14.8 million in Q3 2021 from $14.1 million in Q3 2020 (Q3 2020 included a $26 million insurance settlement benefit).
  • Adjusted EBITDA reached $18.7 million in Q3 2021, up significantly from $0.8 million in Q3 2020 (Q3 2020 adjusted EBITDA excludes the $26 million non-recurring insurance recovery).
  • New bookings of $194 million in Q3 2021; backlog at September 30, 2021 totaled $540 million (after $21 million de-booking from a 2016 thermal project). Backlog does not generally include shorter-lead-time parts and services.
  • Overall pipeline exceeds $6.5 billion in identified opportunities through 2024 (excluding parts and services); over 60% tied to renewables and environmental projects.
Strategic and Operational Updates
  • Awarded two renewable waste-to-energy projects: $35 million contract in Greenland and $38 million award in East Asia. Progress toward 2-3 additional renewable new-build awards in Q4 2021.
  • Accelerated post-Q3 bookings: ~$90 million in October alone; Q4 2021 bookings targeted at $250-300 million, potentially the highest annual total since 2017.

Continue Reading

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

Upgrade to Professional
Operator: Hello and welcome to the Babcock & Wilcox Enterprises Third quarter 2021 Earnings Conference Call. My name is Charlie and I will be coordinating your call today. I would now hand you over to your host, Megan Wilson, Vice President of Investor Relations to begin. Megan, please go ahead. Megan Wilson: Thank you, Charlie and good morning everyone. Welcome to Babcock & Wilcox Enterprises' third quarter 2021 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 in our quarterly report on Form 10-Q filed this afternoon 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 reco

Continue Reading

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

Upgrade to Professional