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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.
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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