Babcock & Wilcox Enterprises, Inc. Q3 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Babcock & Wilcox Enterprises (BW) Q3 2022 Earnings Summary

Overall Context: Results impacted by global supply chain pressures, geopolitical issues (including war in Ukraine), lingering COVID restrictions, and solar tariff effects. These caused project delays and timing shifts in revenue recognition. Despite headwinds, strong bookings/backlog growth supports optimism for 2023 growth. Company reiterated full-year 2023 adjusted EBITDA target of $100M-$120M. Pipeline expanded to $7.8B in identified opportunities (from $7.5B prior quarter). Focus remains on clean energy, decarbonization (ClimateBright, BrightLoop, SolveBright), and waste-to-energy.

Key Consolidated Financials (Q3 2022 vs Q3 2021)

  • Revenues: $214M (up 34% from $159.7M implied prior-year base) - driven by higher volumes and prior-year acquisitions; partially offset by lower Thermal construction activity.
  • Operating Income/(Loss): ($10.3M) loss vs $14.8M income - impacted by supply chain/geopolitical issues, $7.2M solar goodwill impairment, absence of 2021 one-time $13.8M asset sale gain and $6.3M recovery, higher interest/taxes, and solar tariff effects.
  • Adjusted EBITDA: $13.1M vs $18.9M - variance primarily from 2021 one-time gains/recoveries, solar tariff, supply chain challenges, and international COVID/geopolitical issues.

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Operator: Good evening. Thank you for attending today's Babcock & Wilcox Enterprises Third Quarter 2022 Earnings Conference Call. My name is Megan, and I'll be your moderator for today's call. [Operator Instructions] I would now like to pass the conference over to your host, Sharyn Brooks, Director of Communications. Sharyn, please go ahead. Sharyn Brooks: Thank you, Megan, and thanks to everyone for joining us on Babcock & Wilcox Enterprises third quarter 2022 earnings conference call. Joining the call today 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 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 historical non

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