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Dec 31, 2024
Babcock & Wilcox Q4 2024 Earnings Report
Babcock & Wilcox reported increased Q4 2024 revenue and improved adjusted EBITDA, though it remained unprofitable due to ongoing restructuring and interest expenses.
Key Takeaways
Babcock & Wilcox posted Q4 2024 revenue of $200.8 million, a 15% increase year-over-year, alongside a narrowed net loss and positive operating income. Adjusted EBITDA climbed to $23.9 million as core operations performed strongly, particularly in the Thermal segment. However, substantial interest expenses and continued development costs for strategic projects contributed to a $45 million net loss.
Revenue grew to $200.8 million, up 15% YoY.
Adjusted EBITDA increased to $23.9 million from $15.4 million.
Operating income reached $11.6 million, compared to a $3.3 million loss in Q4 2023.
Net loss narrowed to $45.0 million from $58.3 million in Q4 2023.
Forward Guidance
The company expects continued growth in adjusted EBITDA and plans to return to positive net cash flow in 2025, supported by its largest backlog in recent history and new project wins.
Positive Outlook
- Entered 2025 with a backlog of $540.1 million.
- Continued progress on BrightLoop and ClimateBright projects.
- Strong Thermal segment demand driven by gas conversion and base load generation.
- Expected positive net cash flow in 2025 excluding BrightLoop investments.
- Increased FEED opportunities representing over $1 billion in potential revenue.
Challenges Ahead
- Ongoing net losses due to high interest and restructuring costs.
- Environmental segment revenue declined significantly in Q4.
- Continued reliance on debt refinancing and asset sales.
- Losses from discontinued operations added to overall loss.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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