Babcock & Wilcox Enterprises, Inc. Q3 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

Babcock & Wilcox Enterprises Q3 2023 Earnings Summary

Financial Highlights (Continuing Operations)

  • Revenue: $239.4 million, +13% vs. Q3 2022 ($211.8 million implied); third consecutive quarter of YoY growth.
  • Adjusted EBITDA: $20 million, +54% or +$7 million vs. Q3 2022 ($13 million); includes ~$2 million in BrightLoop/ClimateBright expenses.
  • Net loss per share: $0.18 vs. $0.15 loss in Q3 2022.
  • Bookings: $198 million; ending backlog $507 million (flat YoY due to timing on larger deals).
  • Segment revenue drivers: Thermal +17%, Renewable services +11%, Environmental +4% (all vs. Q3 2022).

Segment Performance (Q3 2023 vs. Q3 2022)

  • Renewable: Revenue $87.1 million (+11% from $78.5 million); Adj. EBITDA $10.1 million (vs. $4.5 million) driven by higher services volume.
  • Environmental: Revenue $46.4 million (+4% from $44.6 million); Adj. EBITDA $5 million (vs. $3.1 million) from favorable product mix and project closeouts.
  • Thermal: Revenue $107 million (+17% from $91.3 million); Adj. EBITDA $11.3 million (vs. $10.8 million) from construction, parts & services growth.

Strategic Updates & Realignment

  • Focus shifting to higher-margin aftermarket parts/services across segments to generate predictable cash flows; reducing overhead tied to large newbuild projects.

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Operator: Good evening. My name is Hannah and I will be your conference operator today. At this time, I would like to welcome everyone to the Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions]. Thank you. Sharyn, you may begin your conference call. Sharyn Brooks : Thank you, Hannah. And thanks to everyone for joining us on Babcock & Wilcox Enterprises' Third Quarter 2023 Earnings Conference Call. I'm Sharyn Brooks, Director of Communications. Joining the call today are Kenny Young B&W 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 statement. 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 o

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