Babcock & Wilcox(US:BW)2024-11-12 21:46Financial Performance - Revenue for Q3 2024 was $209.9 million, down from $239.4 million in Q3 2023, which included $34.2 million from a divested asset[2] - Adjusted EBITDA for Q3 2024 was $22.3 million, an increase of 11.5% from $20.0 million in Q3 2023[2] - Operating loss for Q3 2024 was $1.5 million, compared to an operating income of $5.5 million in Q3 2023[2] - Net loss for Q3 2024 was $11.1 million, an improvement from a net loss of $12.3 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 $239.4 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 $5.5 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) 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) million in the same period of 2023[29] - Adjusted EBITDA for the nine months ended September 30, 2024, was $58.1 million, down from $59.6 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 $12.3 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 $628.2 million, reflecting a 48% increase year-over-year[1] - The company achieved bookings of $161 million in Q3 2024, a decrease from $198 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 $628 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 $34.2 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 $107.0 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 $46.4 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 $233.9 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 $0.9 million in the same period of 2023[29] - Corporate expenses were reported at $(5.7) million for Q3 2024, slightly improved from $(5.6) million in Q3 2023[34] - The company incurred research and development costs of $(0.2) million in Q3 2024, down from $(0.9) million in Q3 2023[34] Cash Flow and Liquidity - Cash and cash equivalents decreased from $65.3 million to $30.6 million, a decline of 53.2%[31] - Total current assets increased from $497.6 million to $530.2 million, an increase of 6.5%[31] - Net cash used in operating activities increased to $(96.3) million from $(50.5) million, a decline of 90.4%[32] - Net cash provided by investing activities was $78.0 million, compared to $(8.6) million in the previous period[32] - Net cash provided by financing activities was $70.8 million, up from $11.9 million[33] - Cash, cash equivalents, and restricted cash at the end of the period totaled $127.9 million, up from $65.1 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 $116 million raised from asset divestitures in 2024[6] - Goodwill decreased from $102.0 million to $84.6 million, a decline of 17.5%[31] - Total stockholders' deficit increased from $(200.4) million to $(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]