Loading...
•
Mar 31, 2023
Babcock & Wilcox Q1 2023 Earnings Report
Babcock & Wilcox exceeded first quarter expectations with strong results, driven by increased volumes across Renewable and Environmental segments, leading to consolidated revenue and adjusted EBITDA above expectations.
Key Takeaways
Babcock & Wilcox reported a 26% increase in consolidated revenues to $257.2 million, driven by higher volumes in the Renewable and Environmental segments. The company's net loss was $12.5 million, and GAAP operating income was $1.4 million. Adjusted EBITDA was $14.2 million, and bookings increased by 11% to $266 million.
Consolidated revenues increased by 26% to $257.2 million, primarily due to higher volumes in the Renewable and Environmental segments.
Net loss was $12.5 million, primarily related to foreign exchange losses and non-cash pension expenses.
GAAP operating income was $1.4 million, compared to an operating loss of $6.8 million in the first quarter of 2022.
Bookings increased by 11% to $266 million, and ending backlog increased by over 15% to $663 million.
Babcock & Wilcox
Babcock & Wilcox
Forward Guidance
The company expects improved full-year performance, supported by strategic growth initiatives and a strong pipeline of global project opportunities.
Positive Outlook
- Success in qualifying additional suppliers.
- Capitalizing on growing customer demand across all business segments.
- Advancement of strategic growth initiatives.
- Significant traction with BrightLoop™ technology.
- Expanded pipeline of $8 billion in identified global project opportunities.
Challenges Ahead
- Continued supply chain pressures.
- Rising inflation.
- Higher interest rates.
- Foreign exchange rate fluctuations.
- Impact of the ongoing conflict in Ukraine and the COVID-19 pandemic.