Babcock & Wilcox Enterprises, Inc. Q4 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

Babcock & Wilcox Enterprises (BW) Q4 & Full Year 2023 Earnings Summary

Overview: The company reported year-over-year revenue growth across segments driven by activity in environmental, thermal, and renewable areas. Strategic realignment focuses on higher-margin parts/services, waste-to-energy, gas conversions, and decarbonization (Bright Loop/Climate Bright). 2023 adjusted EBITDA met revised targets. 2024 guidance reiterated at $100-110M adjusted EBITDA (excl. Bright Loop/Climate Bright). Pipeline exceeds $9B, with $1.5B in clean tech opportunities. New $150M credit facility completed post-year-end for improved liquidity and ~$5M annual interest savings. Cost savings of >$19M realized toward >$30M annualized target.

Full Year 2023 Financial Highlights (vs. Full Year 2022)

  • Consolidated Revenues: $999.4M (+18% YoY) – driven by higher activity in all segments, especially environmental (+31% YoY).
  • Net Loss: $78.6M (vs. $20M loss) – impacted by higher costs, interest expense, FX losses, and goodwill impairment.
  • GAAP Operating Income: $19.9M (vs. $2.3M income).
  • Adjusted EBITDA (excl. Bright Loop/Climate Bright): $84.1M (vs. $71.8M) – met 2023 target range.
  • Bookings: $878M (+2% YoY).
  • Backlog (Dec 31, 2023): $530M (slight decrease vs. prior year-end) – due to extended negotiations on select projects.

Q4 2023 Financial Highlights (vs. Q4 2022)

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Operator: Good evening. My name is Joel 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, Joel, and thanks to everyone for joining us on Babcock & Wilcox Enterprises Fourth Quarter and Full Year 2023 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 2023 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 15, 2024. Additionally, except as required by law, we undertake no obligation to update any forward-looking statements. We also provide non-GAAP information regarding serving 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

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