Babcock & Wilcox Enterprises, Inc. Q4 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Babcock & Wilcox (B&W) Q4 & Full-Year 2022 Earnings Summary

Overview: B&W reported strong sequential Q4 results and full-year growth despite supply chain pressures. Revenues rose significantly year-over-year, bookings hit a record high since 2017, and backlog expanded. The company achieved its revised 2022 adjusted EBITDA target and reiterated 2023 guidance of $100M–$120M adjusted EBITDA, supported by an $8B+ pipeline and clean energy momentum.

Full-Year 2022 Financial Highlights (vs. 2021)

  • Revenues: $889.8M (+23% YoY), driven by higher Renewable/Environmental activity, geographic expansion, 2021 acquisitions, and COVID mitigation.
  • Adjusted EBITDA: $72.4M (achieved revised target >$70M; vs. $70.6M in 2021).
  • GAAP Operating Loss: $4.2M (vs. $20.8M operating income in 2021).
  • Net Loss: $26.6M (vs. $31.5M net income in 2021), primarily due to ~$31.1M non-cash items (tax benefits, pension mark-to-market).
  • Bookings: $908M (+17% YoY; highest since 2017); included 7 renewable waste-to-energy projects.
  • Backlog (end of 2022): $704M (+19% vs. end of 2021; excludes standard parts/services).

Q4 2022 Financial Highlights (vs. Q4 2021)

  • Revenues: $249.9M (+30% YoY), due to higher volumes and acquisitions (partially offset by lower Thermal construction activity).
  • Adjusted EBITDA: $26.7M (vs. $27.8M).

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Operator: Hello, everyone and welcome to the Babcock and Wilcox Q4 and Full-Year 2022 Earnings Conference Call. My name is Emily and I'll be coordinating your call today. [Operator Instructions] I will now turn the call over to our host, Sharyn Brooks; Director of Communications. Please go ahead. Sharyn Brooks: Thank you, Emily and thanks to everyone for joining us on Babcock and Wilcox Enterprises fourth quarter and full-year 2022 earnings conference call. I'm Sharyn Brooks, Director of Communications. Joining the call today are Kenny Young, B&W's Chairman and Chief Executive Officer; and Lou Salamone, Chief Financial Officer to discuss our fourth quarter and full-year 2022 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 Annual Report on Form 10-K that will be filed with the SEC tomorrow, March 16, 2023 after the close of the market. 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-GAA

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