Loading...
•
Mar 31, 2020
Babcock & Wilcox Q1 2020 Earnings Report
Babcock & Wilcox reported results for Q1 2020 with revenue decreasing but adjusted EBITDA improving.
Key Takeaways
Babcock & Wilcox Enterprises announced first quarter 2020 results, reporting a decrease in consolidated revenues to $148.6 million. However, the company saw improvements in GAAP operating income and adjusted EBITDA, achieving its fourth consecutive quarter of profitability on an adjusted EBITDA basis.
Consolidated revenues reached $148.6 million.
GAAP operating loss improved by $21.7 million year-over-year to a loss of $10.3 million.
Consolidated adjusted EBITDA improved by $5.1 million year-over-year.
Financing process completed successfully, providing a two-year credit extension and additional liquidity.
Babcock & Wilcox
Babcock & Wilcox
Forward Guidance
Company expects deferrals and delays of certain projects to affect performance in the second quarter of 2020, and anticipates the majority of deferred projects to re-mobilize in late 2020 and through 2021.
Challenges Ahead
- Deferrals and delays of certain projects are expected to affect the performance in the second quarter of 2020.
- The full impact of COVID-19 on the company's business, liquidity, capital resources, or financial results is impossible to fully predict.
- The company's headquarters are currently subject to lock-down or shelter-in-place orders under local ordinances.
- Certain customers and significant projects are located in areas where travel restrictions have been imposed.
- Timelines for completion of certain projects have been extended into next year.