Babcock & Wilcox Enterprises Reports Fourth Quarter and Full Year 2024 Results
-
Revenue from Continuing Operations in Q4 2024 of
$200.8 million 15% Year over Year -
Operating Income from Continuing Operations in Q4 2024 of
$11.6 million $14.8 million -
Announced Full Year 2024 Bookings from Continuing Operations of
$889.6 million 39% increase compared to the same period of 2023 -
Announced Continuing Operations Backlog of
$540.1 million 47% increase compared to the same period of 2023 -
Progressed BrightLoop™ project in
Massillon, Ohio , and maintaining target to produce hydrogen and sequester CO2 by early 2026 - Anticipate positive net cash flow in 2025 excluding BrightLoop
-
Awarded
$10.0 million West Virginia for development of BrightLoop™ hydrogen production and carbon capture facility project - Continued negotiations regarding potential sale of assets and with certain bondholders to reduce overall debt
Q4 2024 Continuing Operations Financial Highlights
-
Revenue increased to
$200.8 million $174.7 million -
Operating income from Continuing Operations increased to
$11.6 million $3.3 million -
Net loss from Continuing Operations reduced to
$45.0 million $58.3 million -
Loss per share of
$0.52 $0.70 -
Adjusted EBITDA from Continuing Operations of
$23.9 million $15.4 million $24.6 million
Full Year 2024 Continuing Operations Financial Highlights
-
Revenues of
$717.3 million -
Net loss from Continuing Operations of
$73.0 million $75.8 million -
Loss per share of
$0.96 $1.02 -
Adjusted EBITDA from Continuing Operations of
$68.9 million $60.8 million -
Adjusted EBITDA from Continuing Operations excluding BrightLoop™ and ClimateBright™ expenses, of
$72.6 million $65.7 million -
Bookings of
$889.6 million 39% compared to full year 2023 bookings -
Ending backlog of
$540.1 million 47% increase compared to the end of 2023
“During 2024, we successfully completed combined asset sales of
"Our full year results displayed continued year over year improvement in Adjusted EBITDA, excluding BrightLoop™ and ClimateBright™, achieving a
"We believe the increasing need for power and electricity fueled by demand from artificial intelligence data centers, electric vehicles and expanding economies will be key drivers for growth across our broad range of technologies, and we are seeing our utility and industrial clients, including in the oil and gas sector, continuing to increase capacity utilizing our core technologies while evaluating further power generation augmentation through biomass, hydrogen and natural gas," Young continued. "We expect these tailwinds to increase in the coming years, as the amount of front-end engineering design (FEED) opportunities have grown. Today we have 12 to 15 active FEED studies that represent potential projects of over
“We also remain dedicated to our development, engineering and construction activities around our several BrightLoop projects and are intently focused on our strategic investments to enhance our ClimateBright decarbonization platform and BrightLoop hydrogen generation technology," Young added. "Notably, we continued to move forward on our BrightLoop project in
“Looking forward, the refinancing of our current debt obligations remains one of our top priorities. We are in discussions regarding the refinancing of the debt with key bondholders in addition to other potential asset sales. Finally in 2024, adjusted EBITDA from continuing operations was
Q4 2024 Continuing Operations Financial Summary
Revenues in the fourth quarter of 2024 were
Babcock & Wilcox Renewable segment revenues were
Babcock & Wilcox Environmental segment revenues were
Babcock & Wilcox Thermal segment revenues were
Full Year 2024 Continuing Operations Financial Summary
Consolidated revenues in 2024 were
Babcock & Wilcox Renewable segment revenues were
Babcock & Wilcox Environmental segment revenues were
Babcock & Wilcox Thermal segment revenues were
Liquidity and Balance Sheet
At December 31, 2024, the Company had total debt of
The Company has a credit agreement that provides for an up to
Earnings Call Information
B&W plans to host a conference call and webcast on Monday, March 31, 2025 at 5 p.m. ET to discuss the Company's fourth quarter 2024 results. The listen-only audio of the conference call will be broadcast live via the Internet on B&W’s Investor Relations site. The dial-in number for participants in the
Non-GAAP Financial Measures
The Company uses non-GAAP financial measures internally, also referred to in this release as “adjusted” financial measures, to evaluate its performance and in making financial and operational decisions. When viewed in conjunction with GAAP results and the accompanying reconciliation, the Company believes that its presentation of these measures provides investors with greater transparency and a greater understanding of factors affecting its financial condition and results of operations than GAAP measures alone. The presentation of non-GAAP financial measures should not be considered in isolation or as a substitute for the Company’s related financial results prepared in accordance with GAAP.
Adjusted EBITDA on a consolidated basis is a non-GAAP metric defined as the sum of the Adjusted EBITDA for each of the segments, further adjusted for corporate allocations and research and development costs. At a segment level, the Adjusted EBITDA presented is consistent with the way the Company's chief operating decision maker reviews the results of operations and makes strategic decisions about the business and is calculated as earnings before interest expense, tax, depreciation and amortization adjusted for items such as gains or losses arising from the sale of non-income producing assets, net pension benefits, restructuring costs, impairments, gains and losses on debt extinguishment, costs related to financial consulting, research and development costs and other costs that may not be directly controllable by segment management and are not allocated to the segment. The Company presents consolidated Adjusted EBITDA because it believes it is useful to investors to help facilitate comparisons of the ongoing, operating performance before corporate overhead and other expenses not attributable to the operating performance of the Company's revenue generating segments. In addition, the Company presents the non-GAAP financial measure of Adjusted EBITDA excluding BrightLoop and ClimateBright. Management believes this measure is useful to investors because of the increasing importance of BrightLoop and ClimateBright to the future growth of the Company. Management uses Adjusted EBITDA excluding BrightLoop and ClimateBright to assess the Company's performance independent of these technologies.
This release also presents certain targets for the Company's Adjusted EBITDA in the future; these targets are not intended as guidance regarding how the Company believes the business will perform. The Company is unable to reconcile these targets to their GAAP counterparts without unreasonable effort and expense. Prior period results have been revised to conform with the revised definition and present separate reconciling items in our reconciliation, including business transition costs.
Bookings and Backlog
Bookings and backlog are our measures of remaining performance obligations under our sales contracts. It is possible that our methodology for determining bookings and backlog may not be comparable to methods used by other companies.
We generally include expected revenue from contracts in our backlog when we receive written confirmation from our customers authorizing the performance of work and committing the customers to payment for work performed. Backlog may not be indicative of future operating results, and contracts in our backlog may be canceled, modified or otherwise altered by customers. Backlog can vary significantly from period to period, particularly when large new build projects or operations and maintenance contracts are booked because they may be fulfilled over multiple years. Because we operate globally, our backlog is also affected by changes in foreign currencies each period. We do not include orders of our unconsolidated joint ventures in backlog.
Bookings represent changes to the backlog. Bookings include additions from booking new business, subtractions from customer cancellations or modifications, changes in estimates of liquidated damages that affect selling price and revaluation of backlog denominated in foreign currency. We believe comparing bookings on a quarterly basis or for periods less than one year is less meaningful than for longer periods and that shorter-term changes in bookings may not necessarily indicate a material trend.
Impacts of Market Conditions
Management continues to adapt to macroeconomic conditions, including the impacts from inflation, changing interest rates and foreign exchange rate volatility, geopolitical conflicts (including the ongoing conflicts in
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical or current fact included in this release are forward-looking statements. You should not place undue reliance on these statements. Forward-looking statements include words such as “expect,” “intend,” “plan,” “likely,” “seek,” “believe,” “project,” “forecast,” “target,” “goal,” “potential,” “estimate,” “may,” “might,” “will,” “would,” “should,” “could,” “can,” “have,” “due,” “anticipate,” “assume,” “contemplate,” “continue” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operational performance or other events.
The forward-looking statements included herein are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events, or otherwise, except as required by law. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties, including, but not limited to: that our financial condition raises substantial doubt as to our ability to continue as a going concern and we have entered into a number of amendments and waivers to our Debt Facilities; our need of additional financing to continue as a going concern; any negative reactions to the substantial doubt about our ability to continue as a going concern by our customers, suppliers, vendors, employees and other third parties; risks associated with contractual pricing in our industry; our relationships with customers, subcontractors and other third parties; our ability to comply with our contractual obligations; disruptions at our manufacturing facilities or a third-party manufacturing facility that we have engaged; the actions or failures of our co-venturers; our ability to implement our growth strategy, including through strategic acquisitions, which we may not successfully consummate or integrate; our evaluation of strategic alternatives for certain businesses and non-core assets may not result in a successful transaction; the risks of unexpected adjustments and cancellations in our backlog; professional liability, product liability, warranty and other claims; our ability to compete successfully against current and future competitors; our ability to develop and successfully market new products; the impacts of macroeconomic downturns, industry conditions and public health crises; the cyclical nature of the industries in which we operate; changes in the legislative and regulatory environment in which we operate; supply chain issues, including shortages of adequate components; failure to properly estimate customer demand; our ability to comply with the covenants in our debt agreements; our ability to refinance our
The forward-looking statements included herein are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events, or otherwise, except as required by law.
About B&W Enterprises, Inc.
Headquartered in
Exhibit 1
|
||||||||||||
|
Three months ended December 31, |
Year ended December 31, |
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Revenues |
$ |
200.8 |
|
$ |
174.7 |
|
$ |
717.3 |
|
$ |
727.3 |
|
Costs and expenses: |
|
|
|
|
||||||||
Cost of operations |
|
150.5 |
|
|
135.3 |
|
|
540.3 |
|
|
550.6 |
|
Selling, general and administrative expenses |
|
32.6 |
|
|
37.2 |
|
|
141.5 |
|
|
150.1 |
|
Restructuring activities |
|
0.2 |
|
|
0.4 |
|
|
1.3 |
|
|
2.6 |
|
Research and development costs |
|
2.6 |
|
|
5.0 |
|
|
5.8 |
|
|
7.2 |
|
Impairment on long-lived assets |
|
3.7 |
|
|
— |
|
|
3.7 |
|
|
— |
|
(Gain) loss on asset disposals, net |
|
(0.4 |
) |
|
0.1 |
|
|
(0.4 |
) |
|
0.1 |
|
Total costs and expenses |
|
189.3 |
|
|
178.0 |
|
|
692.2 |
|
|
710.7 |
|
Operating income (loss) |
|
11.5 |
|
|
(3.3 |
) |
|
25.1 |
|
|
16.6 |
|
Other (expense) income: |
|
|
|
|
||||||||
Interest expense |
|
(12.1 |
) |
|
(11.1 |
) |
|
(46.1 |
) |
|
(42.6 |
) |
Interest income |
|
0.5 |
|
|
0.3 |
|
|
0.8 |
|
|
1.1 |
|
Loss on debt extinguishment |
|
(0.5 |
) |
|
— |
|
|
(7.3 |
) |
|
— |
|
Benefit plans, net |
|
(32.2 |
) |
|
(37.2 |
) |
|
(31.9 |
) |
|
(37.5 |
) |
Foreign exchange |
|
(2.6 |
) |
|
1.3 |
|
|
(0.1 |
) |
|
(2.6 |
) |
Other expense, net |
|
(0.9 |
) |
|
(0.2 |
) |
|
(1.2 |
) |
|
(1.0 |
) |
Total other expense, net |
|
(47.8 |
) |
|
(46.8 |
) |
|
(85.9 |
) |
|
(82.6 |
) |
Loss before income tax expense |
|
(36.2 |
) |
|
(50.1 |
) |
|
(60.8 |
) |
|
(66.0 |
) |
Income tax expense |
|
8.8 |
|
|
8.2 |
|
|
12.2 |
|
|
9.8 |
|
Loss from continuing operations |
|
(45.0 |
) |
|
(58.3 |
) |
|
(73.0 |
) |
|
(75.8 |
) |
(Loss) income from discontinued operations, net of tax |
|
(18.0 |
) |
|
(3.9 |
) |
|
13.2 |
|
|
(121.2 |
) |
Net loss |
|
(63.0 |
) |
|
(62.2 |
) |
|
(59.8 |
) |
|
(197.0 |
) |
Net loss attributable to non-controlling interest |
|
— |
|
|
— |
|
|
(0.1 |
) |
|
(0.2 |
) |
Net loss attributable to stockholders |
|
(63.1 |
) |
|
(62.2 |
) |
|
(59.9 |
) |
|
(197.2 |
) |
Less: Dividend on Series A preferred stock |
|
3.7 |
|
|
3.7 |
|
|
14.9 |
|
|
14.9 |
|
Net loss attributable to stockholders of common stock |
$ |
(66.8 |
) |
$ |
(66.0 |
) |
$ |
(74.8 |
) |
$ |
(212.1 |
) |
|
|
|
|
|
||||||||
Basic and diluted loss per share |
|
|
|
|
||||||||
Continuing operations |
$ |
(0.52 |
) |
$ |
(0.70 |
) |
$ |
(0.96 |
) |
$ |
(1.02 |
) |
Discontinued operations |
|
(0.19 |
) |
|
(0.04 |
) |
|
0.14 |
|
|
(1.36 |
) |
|
$ |
(0.71 |
) |
$ |
(0.74 |
) |
$ |
(0.82 |
) |
$ |
(2.38 |
) |
|
|
|
|
|
||||||||
Shares used in the computation of loss per share: |
|
|
|
|
||||||||
Basic and diluted |
|
94.1 |
|
|
89.4 |
|
|
91.7 |
|
|
89.0 |
|
(1) Figures may not be clerically accurate due to rounding |
||||||||||||
Exhibit 2
|
||||||
(In millions, except per share amount) |
December 31, 2024 |
December 31, 2023 |
||||
Cash and cash equivalents |
$ |
23.4 |
|
$ |
39.9 |
|
Current restricted cash |
|
94.2 |
|
|
3.9 |
|
Accounts receivable – trade, net |
|
112.7 |
|
|
101.4 |
|
Contracts in progress |
|
82.4 |
|
|
50.3 |
|
Inventories, net |
|
108.9 |
|
|
97.6 |
|
Other current assets |
|
25.1 |
|
|
42.2 |
|
Current assets held for sale |
|
43.6 |
|
|
162.3 |
|
Total current assets |
|
490.2 |
|
|
497.6 |
|
Net property, plant and equipment, and finance leases |
|
69.6 |
|
|
69.4 |
|
Goodwill |
|
82.1 |
|
|
85.1 |
|
Intangible assets, net |
|
19.1 |
|
|
23.6 |
|
Right-of-use assets |
|
32.8 |
|
|
26.1 |
|
Long-term restricted cash |
|
10.0 |
|
|
0.3 |
|
Deferred tax assets |
|
— |
|
|
2.1 |
|
Other assets |
|
23.1 |
|
|
20.8 |
|
Noncurrent assets held for sale |
|
— |
|
|
50.8 |
|
Total assets |
$ |
727.0 |
|
$ |
775.7 |
|
|
||||||
Accounts payable |
$ |
101.0 |
|
$ |
83.2 |
|
Accrued employee benefits |
|
4.9 |
|
|
3.8 |
|
Advance billings on contracts |
|
58.5 |
|
|
59.1 |
|
Accrued warranty expense |
|
3.4 |
|
|
4.4 |
|
Financing lease liabilities |
|
1.6 |
|
|
1.4 |
|
Operating lease liabilities |
|
3.6 |
|
|
3.3 |
|
Other accrued liabilities |
|
36.0 |
|
|
51.1 |
|
Current borrowings |
|
125.1 |
|
|
6.2 |
|
Current liabilities held for sale |
|
54.4 |
|
|
137.9 |
|
Total current liabilities |
|
388.5 |
|
|
350.2 |
|
Senior notes |
|
340.2 |
|
|
337.9 |
|
Borrowings, net of current portion |
|
8.6 |
|
|
35.4 |
|
Pension and other postretirement benefit liabilities |
|
192.7 |
|
|
172.9 |
|
Finance lease liabilities, net of current portion |
|
28.5 |
|
|
26.2 |
|
Operating lease liabilities, net of current portion |
|
30.3 |
|
|
23.9 |
|
Deferred tax liability |
|
11.0 |
|
|
10.2 |
|
Other noncurrent liabilities |
|
10.4 |
|
|
13.9 |
|
Non-current liabilities held for sale |
|
— |
|
|
5.4 |
|
Total liabilities |
|
1,010.2 |
|
|
976.1 |
|
Stockholders' deficit: |
|
|
||||
Preferred stock, par value |
|
0.1 |
|
|
0.1 |
|
Common stock, par value |
|
5.2 |
|
|
5.1 |
|
Capital in excess of par value |
|
1,558.8 |
|
|
1,546.3 |
|
Treasury stock at cost, 2,379 and 2,139 shares at December 31, 2024 and December 31, 2023, respectively |
|
(115.5 |
) |
|
(115.2 |
) |
Accumulated deficit |
|
(1,645.7 |
) |
|
(1,570.9 |
) |
Accumulated other comprehensive loss |
|
(86.7 |
) |
|
(66.4 |
) |
Stockholders' deficit attributable to shareholders |
|
(283.8 |
) |
|
(201.0 |
) |
Non-controlling interest |
|
0.6 |
|
|
0.6 |
|
Total stockholders' deficit |
|
(283.2 |
) |
|
(200.4 |
) |
Total liabilities and stockholders' deficit |
$ |
727.0 |
|
$ |
775.7 |
|
(1) Figures may not be clerically accurate due to rounding. |
||||||
Exhibit 3
|
||||||
(In millions) |
Year ended December 31, |
|||||
|
|
2024 |
|
|
2023 |
|
Cash flows from operating activities: |
|
|
||||
Net loss from continuing operations |
$ |
(73.0 |
) |
$ |
(75.8 |
) |
Net income (loss) from discontinued operations |
|
13.2 |
|
|
(121.2 |
) |
Net loss |
|
(59.8 |
) |
|
(197.0 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
||||
Depreciation and amortization of long-lived assets |
|
16.7 |
|
|
21.0 |
|
Impairment of goodwill and long-lived assets |
|
9.6 |
|
|
56.6 |
|
Amortization of deferred financing costs and debt discount |
|
5.8 |
|
|
5.7 |
|
Amortization of guaranty fee |
|
2.9 |
|
|
0.9 |
|
Non-cash operating lease expense |
|
7.4 |
|
|
6.8 |
|
Loss on debt extinguishment |
|
7.3 |
|
|
— |
|
Gain on sale of business |
|
(58.9 |
) |
|
— |
|
Loss on asset disposals |
|
0.4 |
|
|
0.2 |
|
Provision for (benefit from) deferred income taxes, including valuation allowances |
|
7.1 |
|
|
(1.5 |
) |
Mark to market, prior service cost amortization for pension and postretirement plans |
|
34.9 |
|
|
38.9 |
|
Stock-based compensation, net of associated income taxes |
|
4.7 |
|
|
8.7 |
|
Foreign exchange |
|
3.1 |
|
|
2.5 |
|
Changes in operating assets and liabilities: |
|
|
||||
Accounts receivable - trade, net and other |
|
(13.4 |
) |
|
31.2 |
|
Contracts in progress |
|
(41.6 |
) |
|
40.2 |
|
Advance billings on contracts |
|
(3.3 |
) |
|
(47.3 |
) |
Inventories, net |
|
(6.4 |
) |
|
(8.1 |
) |
Income taxes |
|
9.7 |
|
|
(6.3 |
) |
Accounts payable |
|
8.1 |
|
|
12.9 |
|
Accrued and other current liabilities |
|
(28.5 |
) |
|
(2.6 |
) |
Accrued contract loss |
|
(2.4 |
) |
|
0.8 |
|
Pension liabilities, accrued postretirement benefits and employee benefits |
|
(16.8 |
) |
|
(5.0 |
) |
Other, net |
|
(5.3 |
) |
|
(1.0 |
) |
Net cash used in operating activities |
|
(118.7 |
) |
|
(42.3 |
) |
|
|
|
||||
Cash flows from investing activities: |
|
|
||||
Purchase of property, plant and equipment |
|
(11.2 |
) |
|
(9.8 |
) |
Proceeds from sale of business and assets, net |
|
120.9 |
|
|
— |
|
Purchases of available-for-sale securities |
|
(7.1 |
) |
|
(6.1 |
) |
Sales and maturities of available-for-sale securities |
|
7.4 |
|
|
8.1 |
|
Other, net |
|
— |
|
|
(0.1 |
) |
Net cash provided by (used in) investing activities |
|
110.0 |
|
|
(7.9 |
) |
Cash flows from financing activities: |
|
|
||||
Borrowings on loan payable |
|
215.6 |
|
|
252.5 |
|
Repayments on loan payable |
|
(121.9 |
) |
|
(226.6 |
) |
Payment of holdback funds from acquisition |
|
(3.0 |
) |
|
(2.8 |
) |
Finance lease payments |
|
(1.4 |
) |
|
(1.2 |
) |
Payment of preferred stock dividends |
|
(18.6 |
) |
|
(11.1 |
) |
Shares of common stock returned to treasury stock |
|
(0.3 |
) |
|
(1.4 |
) |
Issuance of common stock, net |
|
7.9 |
|
|
— |
|
Debt issuance costs |
|
(8.5 |
) |
|
(0.7 |
) |
Other, net |
|
(0.2 |
) |
|
(0.2 |
) |
Net cash provided by financing activities |
|
69.7 |
|
|
8.6 |
|
Effects of exchange rate changes on cash |
|
(1.3 |
) |
|
(0.4 |
) |
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
59.7 |
|
|
(42.1 |
) |
Cash, cash equivalents and restricted cash at beginning of period |
|
71.4 |
|
|
113.5 |
|
Cash, cash equivalents and restricted cash at end of period |
$ |
131.1 |
|
$ |
71.4 |
|
(1) Figures may not be clerically accurate due to rounding. |
||||||
Exhibit 4
|
||||||||||||
SEGMENT RESULTS |
Three months ended December 31, |
Year ended December 31, |
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
REVENUES: |
|
|
|
|
||||||||
Babcock & Wilcox Renewable |
$ |
33.6 |
|
$ |
28.5 |
|
$ |
110.1 |
|
$ |
140.8 |
|
Babcock & Wilcox Environmental |
|
19.0 |
|
|
31.3 |
|
|
109.4 |
|
|
108.7 |
|
Babcock & Wilcox Thermal |
|
148.2 |
|
|
115.0 |
|
|
497.9 |
|
|
499.2 |
|
Other |
|
— |
|
|
(0.1 |
) |
|
(0.1 |
) |
|
(21.4 |
) |
|
$ |
200.8 |
|
$ |
174.7 |
|
$ |
717.3 |
|
$ |
727.3 |
|
|
|
|
|
|
||||||||
ADJUSTED EBITDA: |
|
|
|
|
||||||||
Babcock & Wilcox Renewable |
$ |
5.0 |
|
$ |
3.1 |
|
$ |
15.1 |
|
$ |
6.4 |
|
Babcock & Wilcox Environmental |
|
4.0 |
|
|
(1.2 |
) |
|
10.8 |
|
|
4.1 |
|
Babcock & Wilcox Thermal |
|
17.9 |
|
|
16.3 |
|
|
61.4 |
|
|
64.8 |
|
Corporate |
|
(3.1 |
) |
|
(2.7 |
) |
|
(18.4 |
) |
|
(14.5 |
) |
|
$ |
23.9 |
|
$ |
15.4 |
|
$ |
68.9 |
|
$ |
60.8 |
|
|
|
|
|
|
||||||||
AMORTIZATION EXPENSE: |
|
|
|
|
||||||||
Babcock & Wilcox Renewable |
$ |
0.1 |
|
$ |
0.1 |
|
$ |
0.4 |
|
$ |
0.5 |
|
Babcock & Wilcox Environmental |
|
0.1 |
|
|
0.1 |
|
|
0.4 |
|
|
0.6 |
|
Babcock & Wilcox Thermal |
|
1.1 |
|
|
1.1 |
|
|
4.3 |
|
|
4.4 |
|
|
$ |
1.3 |
|
$ |
1.4 |
|
$ |
5.2 |
|
$ |
5.6 |
|
|
|
|
|
|
||||||||
DEPRECIATION EXPENSE: |
|
|
|
|
||||||||
Babcock & Wilcox Renewable |
$ |
— |
|
$ |
0.3 |
|
$ |
0.8 |
|
$ |
1.4 |
|
Babcock & Wilcox Environmental |
|
— |
|
|
0.3 |
|
|
0.9 |
|
|
1.5 |
|
Babcock & Wilcox Thermal |
|
0.4 |
|
|
1.5 |
|
|
4.3 |
|
|
5.9 |
|
|
$ |
0.4 |
|
$ |
2.2 |
|
$ |
6.0 |
|
$ |
8.7 |
|
|
|
|
|
|
||||||||
BOOKINGS AND BACKLOG |
Three months ended December 31, |
Year ended December 31, |
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
BOOKINGS: |
|
|
|
|
||||||||
Babcock & Wilcox Renewable |
$ |
17 |
|
$ |
19 |
|
$ |
108 |
|
$ |
130 |
|
Babcock & Wilcox Environmental |
|
11 |
|
|
15 |
|
|
65 |
|
|
108 |
|
Babcock & Wilcox Thermal |
|
395 |
|
|
111 |
|
|
717 |
|
|
410 |
|
Other/Eliminations |
|
3 |
|
|
(5 |
) |
|
0 |
|
|
(10 |
) |
|
$ |
426 |
|
$ |
140 |
|
$ |
890 |
|
$ |
638 |
|
|
|
|
|
|
||||||||
|
BACKLOG |
|
|
|||||||||
|
As of December 31, |
|
|
|||||||||
|
|
2024 |
|
|
2023 |
|
|
|
||||
Babcock & Wilcox Renewable |
$ |
54 |
|
$ |
63 |
|
|
|
||||
Babcock & Wilcox Environmental |
|
42 |
|
|
88 |
|
|
|
||||
Babcock & Wilcox Thermal |
|
437 |
|
|
211 |
|
|
|
||||
Other/Eliminations |
|
7 |
|
|
7 |
|
|
|
||||
|
$ |
540 |
|
$ |
369 |
|
|
|
||||
(1) Figures may not be clerically accurate due to rounding. |
||||||||||||
Exhibit 5
|
||||||||||||
|
Three months ended December 31, |
Year ended December 31, |
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Net loss from continuing operations |
$ |
(45.0 |
) |
$ |
(58.8 |
) |
$ |
(73.0 |
) |
$ |
(75.8 |
) |
Interest expense, net |
|
(11.7 |
) |
|
(10.8 |
) |
|
45.3 |
|
|
41.5 |
|
Income tax expense |
|
(8.8 |
) |
|
(8.2 |
) |
|
12.2 |
|
|
9.8 |
|
Depreciation & amortization |
|
0.4 |
|
|
2.2 |
|
|
11.1 |
|
|
14.3 |
|
EBITDA |
|
(22.9 |
) |
|
(36.2 |
) |
|
(4.3 |
) |
|
(10.2 |
) |
|
|
|
|
|
||||||||
Benefit plans, net |
|
32.2 |
|
|
37.2 |
|
|
31.9 |
|
|
37.5 |
|
Gain (loss) on asset sales, net |
|
(0.4 |
) |
|
0.1 |
|
|
(0.4 |
) |
|
0.1 |
|
Impairment of goodwill and long-lived assets |
|
3.7 |
|
|
— |
|
|
3.7 |
|
|
— |
|
Stock compensation |
|
0.5 |
|
|
1.2 |
|
|
4.5 |
|
|
7.1 |
|
Restructuring activities and business services transition costs |
|
0.2 |
|
|
2.4 |
|
|
1.3 |
|
|
2.6 |
|
Settlement and related legal costs (recoveries) |
|
0.8 |
|
|
1.5 |
|
|
4.0 |
|
|
(1.5 |
) |
Loss on debt extinguishment |
|
0.5 |
|
|
— |
|
|
7.3 |
|
|
— |
|
Advisory fees for settlement costs and liquidity planning |
|
(0.1 |
) |
|
0.6 |
|
|
1.2 |
|
|
1.1 |
|
Acquisition pursuit and related costs |
|
0.4 |
|
|
0.2 |
|
|
0.6 |
|
|
0.8 |
|
Product development (2) |
|
3.1 |
|
|
5.7 |
|
|
8.2 |
|
|
9.0 |
|
Foreign exchange |
|
2.6 |
|
|
(1.3 |
) |
|
0.1 |
|
|
2.6 |
|
Letter of credit fees |
|
1.3 |
|
|
2.1 |
|
|
7.0 |
|
|
7.7 |
|
Other - net |
|
1.9 |
|
|
1.9 |
|
|
3.6 |
|
|
3.8 |
|
Adjusted EBITDA |
$ |
23.9 |
|
$ |
15.4 |
|
$ |
68.9 |
|
$ |
60.8 |
|
Product development (2) |
|
(2.8 |
) |
|
(5.3 |
) |
|
(6.6 |
) |
|
(7.1 |
) |
BrightLoop™ and ClimateBright™ expenses |
|
3.4 |
|
|
6.6 |
|
|
10.3 |
|
|
12.0 |
|
Adjusted EBITDA excluding BrightLoop™ and ClimateBright™ expenses |
$ |
24.6 |
|
$ |
16.7 |
|
$ |
72.6 |
|
$ |
65.7 |
|
(1) Figures may not be clerically accurate due to rounding. |
||||||||||||
(2) Costs associated with development of commercially viable products that are ready to go to market. The elements of these costs associated with BrightLoop™ and ClimateBright™ are included in the BrightLoop™ and ClimateBright™ expenses line. |
||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20250331626741/en/
Investor Contact:
Cameron Frymyer, Chief Financial Officer
Babcock & Wilcox Enterprises, Inc.
330.860.6176 | investors@babcock.com
Media Contact:
Ryan Cornell, Public Relations Lead
Babcock & Wilcox Enterprises, Inc.
330.860.1345 | rscornell@babcock.com
Source: Babcock & Wilcox Enterprises, Inc.
