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Babcock & Wilcox(BW) - 2024 Q3 - Quarterly Results
BWBabcock & Wilcox(BW)2024-11-12 21:46

Financial Performance - Revenue for Q3 2024 was 209.9million,downfrom209.9 million, down from 239.4 million in Q3 2023, which included 34.2millionfromadivestedasset[2]−AdjustedEBITDAforQ32024was34.2 million from a divested asset[2] - Adjusted EBITDA for Q3 2024 was 22.3 million, an increase of 11.5% from 20.0millioninQ32023[2]−OperatinglossforQ32024was20.0 million in Q3 2023[2] - Operating loss for Q3 2024 was 1.5 million, compared to an operating income of 5.5millioninQ32023[2]−NetlossforQ32024was5.5 million in Q3 2023[2] - Net loss for Q3 2024 was 11.1 million, an improvement from a net loss of 12.3millioninQ32023[2]−RevenuesforthethreemonthsendedSeptember30,2024,were12.3 million in Q3 2023[2] - Revenues for the three months ended September 30, 2024, were 209.9 million, a decrease of 12.3% compared to 239.4millioninthesameperiodof2023[29]−TheoperatinglossforthethreemonthsendedSeptember30,2024,was239.4 million in the same period of 2023[29] - The operating loss for the three months ended September 30, 2024, was (1.5) million, compared to an operating income of 5.5millioninthesameperiodof2023[29]−ThenetlossattributabletostockholdersforthethreemonthsendedSeptember30,2024,was5.5 million in the same period of 2023[29] - The net loss attributable to stockholders for the three months ended September 30, 2024, was (5.3) million, compared to a net loss of (116.9)millioninthesameperiodof2023[29]−Thecompanyreportedagainof(116.9) million in the same period of 2023[29] - The company reported a gain of 5.7 million from discontinued operations for the three months ended September 30, 2024, compared to a loss of (104.5)millioninthesameperiodof2023[29]−AdjustedEBITDAfortheninemonthsendedSeptember30,2024,was(104.5) million in the same period of 2023[29] - Adjusted EBITDA for the nine months ended September 30, 2024, was 58.1 million, down from 59.6millioninthesameperiodof2023[35]−Thecompanyreportedanetlossfromcontinuingoperationsof59.6 million in the same period of 2023[35] - The company reported a net loss from continuing operations of 11.1 million for Q3 2024, compared to a loss of 12.3millioninQ32023[35]BookingsandBacklog−Totalyear−to−dateimpliedbookingsreached12.3 million in Q3 2023[35] Bookings and Backlog - Total year-to-date implied bookings reached 810.5 million, with a 27% increase compared to the same period in 2023[1] - Implied backlog, excluding divestitures, was 628.2million,reflectinga48628.2 million, reflecting a 48% increase year-over-year[1] - The company achieved bookings of 161 million in Q3 2024, a decrease from 198millioninQ32023,withimpliedbacklogtotaling198 million in Q3 2023, with implied backlog totaling 362 million compared to 507 million in the previous year[34] - Babcock & Wilcox's total bookings for the nine months ended September 30, 2024, were 544 million, compared to 628millionforthesameperiodin2023[34]SegmentPerformance−TheThermalsegmentrevenuesincreasedby12628 million for the same period in 2023[34] Segment Performance - The Thermal segment revenues increased by 12% to 119.9 million in Q3 2024, driven by a large natural gas project[11] - The Environmental segment revenues rose by 22% to 56.6 million in Q3 2024, attributed to growth in domestic and European markets[10] - Babcock & Wilcox Renewable segment reported revenues of 38.2 million for Q3 2024, up from 34.2millioninQ32023,representinga11.734.2 million in Q3 2023, representing a 11.7% increase[34] - Babcock & Wilcox Thermal segment generated revenues of 119.9 million in Q3 2024, compared to 107.0millioninQ32023,markinganincreaseof26.9107.0 million in Q3 2023, marking an increase of 26.9%[34] - The Environmental segment's revenues were 56.6 million for Q3 2024, a significant increase from 46.4millioninQ32023,reflectinga2246.4 million in Q3 2023, reflecting a 22% growth[34] Costs and Expenses - Total costs and expenses for the three months ended September 30, 2024, were 211.3 million, down from 233.9millioninthesameperiodof2023[29]−ResearchanddevelopmentcostsforthethreemonthsendedSeptember30,2024,increasedto233.9 million in the same period of 2023[29] - Research and development costs for the three months ended September 30, 2024, increased to 1.4 million from 0.9millioninthesameperiodof2023[29]−Corporateexpenseswerereportedat0.9 million in the same period of 2023[29] - Corporate expenses were reported at (5.7) million for Q3 2024, slightly improved from (5.6)millioninQ32023[34]−Thecompanyincurredresearchanddevelopmentcostsof(5.6) million in Q3 2023[34] - The company incurred research and development costs of (0.2) million in Q3 2024, down from (0.9)millioninQ32023[34]CashFlowandLiquidity−Cashandcashequivalentsdecreasedfrom(0.9) million in Q3 2023[34] Cash Flow and Liquidity - Cash and cash equivalents decreased from 65.3 million to 30.6million,adeclineof53.230.6 million, a decline of 53.2%[31] - Total current assets increased from 497.6 million to 530.2million,anincreaseof6.5530.2 million, an increase of 6.5%[31] - Net cash used in operating activities increased to (96.3) million from (50.5)million,adeclineof90.4(50.5) million, a decline of 90.4%[32] - Net cash provided by investing activities was 78.0 million, compared to (8.6)millioninthepreviousperiod[32]−Netcashprovidedbyfinancingactivitieswas(8.6) million in the previous period[32] - Net cash provided by financing activities was 70.8 million, up from 11.9million[33]−Cash,cashequivalents,andrestrictedcashattheendoftheperiodtotaled11.9 million[33] - Cash, cash equivalents, and restricted cash at the end of the period totaled 127.9 million, up from 65.1million[33]MarketConditionsandGuidance−Thecompanycontinuestofacechallengesfrommacroeconomicconditions,includinginflationandsupplychaindisruptions,impactingitsabilitytomeetcustomerdemands[22]−Managementisactivelymonitoringmarketconditionsandmanagingcoststomaintainliquidityandsupportcustomerneeds[22]−Thecompanyhasnotprovidedspecificfinancialguidanceduetotheunpredictabilityofongoingmarketconditions[22]AssetManagement−ThecompanycompletedthesaleofitsSPIG/GMABbusinessfornetproceedsof65.1 million[33] Market Conditions and Guidance - The company continues to face challenges from macroeconomic conditions, including inflation and supply chain disruptions, impacting its ability to meet customer demands[22] - Management is actively monitoring market conditions and managing costs to maintain liquidity and support customer needs[22] - The company has not provided specific financial guidance due to the unpredictability of ongoing market conditions[22] Asset Management - The company completed the sale of its SPIG/GMAB business for net proceeds of 33.7 million, contributing to over 116millionraisedfromassetdivestituresin2024[6]−Goodwilldecreasedfrom116 million raised from asset divestitures in 2024[6] - Goodwill decreased from 102.0 million to 84.6million,adeclineof17.584.6 million, a decline of 17.5%[31] - Total stockholders' deficit increased from (200.4) million to (203.1)million,adeclineof0.9(203.1) million, a decline of 0.9%[31] - Total liabilities increased from 976.0 million to $1,007.8 million, an increase of 3.3%[31]