Babcock & Wilcox Enterprises, Inc. Q3 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

Babcock & Wilcox Enterprises Q3 2024 Earnings Summary

Overall Performance: Strong margin improvement and adjusted EBITDA growth YoY (Q3 2024 vs Q3 2023), driven by strategic shift away from low-margin projects, cost reductions, and favorable project performance. Results impacted by divestitures and one-time items. Company positioned for growth from baseload power demand, natural gas conversions, and decarbonization technologies.

Key Financial Highlights (Q3 2024 vs Q3 2023)

  • Consolidated Revenues: $209.9M (down YoY primarily due to BWRS divestiture; excluding BWRS, revenues up $4.7M driven by Environmental and Thermal growth).
  • Adjusted EBITDA: $22.3M (vs $20M in Q3 2023); excluding BWRS, up 78% from $12.6M.
  • Adjusted EBITDA (excl. BrightLoop/ClimateBright expenses): $23.3M (ahead of expectations).
  • Operating Income/(Loss): ($1.4M) loss (vs $5.5M income in Q3 2023), due to one-time charges.
  • Net Income/(Loss) per Share: ($0.10) (vs ($1.35) in Q3 2023).
  • Implied Bookings: $810.5M; Implied Backlog: $628.2M (up 48% YoY excluding divestitures).
  • One-time Items: $5.8M non-cash SPIG impairment; $4.9M O&M contract settlement (exiting loss-making U.K. biomass contract with >$15M prior losses).

Segment Results (Q3 2024 vs Q3 2023)

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Operator: Good afternoon. Thank you for attending the Babcock & Wilcox Enterprises Third Quarter 2024 Conference Call. [Operator Instructions] I would like to turn the conference over to your host, Sharyn Brooks, B&W's Director of Communications. Thank you. You may proceed, Ms. Brooks. Sharyn Brooks : Thank you, Victoria, and thanks to everyone for joining us on Babcock & Wilcox Enterprises Third Quarter 2024 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 was 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 reconciliation of historical non-GAAP measures can be found in our third quarter

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