Babcock & Wilcox Enterprises I Stock Price, News & Analysis

Babcock & Wilcox (BW) announced a $3 million contract with a North American power plant to upgrade burners and provide other boiler equipment. This contract will enable the plant to use cleaner-burning natural gas as its primary fuel source. The order includes natural gas valve trains and other components, with material delivery expected in early 2021. B&W's COO emphasized the company's capability to support utilities in enhancing efficiency and emissions control as they transition to natural gas generation.

Babcock & Wilcox reported Q3 2020 financial results, highlighting a 34% decrease in revenues to $132.5 million, primarily due to COVID-19 impacts. GAAP net income showed significant improvement to $34.7 million, driven by a $26 million loss recovery in the Renewable segment. Adjusted EBITDA rose to $25.6 million from $10.1 million last year. The company secured $177 million in bookings, up 106% year-over-year, and maintains a robust pipeline exceeding $5 billion. B&W anticipates $70-$80 million in adjusted EBITDA for 2021 as it continues to navigate the challenges posed by the pandemic.

Babcock & Wilcox (BW) announced a three-year extension of CEO Kenny Young's contract, continuing through December 31, 2023. Young has led a turnaround since November 2018, including recovery from historical project losses and implementing $119 million in cost savings. B&W is expanding its global presence with new offices across Europe, Asia, and the Middle East. Additionally, Chief Strategy Officer Henry Bartoli's contract has been extended until December 31, 2020, followed by a consulting role. The company emphasizes its commitment to sustainable energy technologies.

Babcock & Wilcox Enterprises is set to host a conference call on November 12, 2020, at 8:30 a.m. ET to discuss its third quarter 2020 results. CEO Kenneth Young and CFO Louis Salamone will present the details, with a news release issued prior to market opening on the same day. Investors can join the call via a U.S. dial-in number or international number, and access a replay on the Company's investor relations website.

Babcock & Wilcox is based in Akron, Ohio, specializing in energy and environmental technologies.

Babcock & Wilcox (BW) announced a contract valued at over $7 million for boiler maintenance and refurbishing a bottom ash system at a North American power plant. The contract, awarded to its subsidiary Babcock & Wilcox Construction Co., is scheduled for spring 2021 and includes repairs and maintenance for the plant's boiler and auxiliary equipment. B&W Thermal is recognized for its extensive experience in the power industry, offering a wide range of services and solutions to enhance plant efficiency and reliability.

Babcock & Wilcox (BW) has secured a contract valued at over $3 million to upgrade the Shetland Islands Council’s energy recovery plant in Lerwick, Scotland. The upgrades aim to reduce emissions and enhance efficiency by improving waste processing capacity by 15%. The project involves the installation of patented technologies and is set for completion in fall 2021. B&W Renewable will also provide maintenance and performance optimization services. This contract underscores B&W's commitment to advancing renewable energy technologies in Europe.

Babcock & Wilcox (BW) announced a strategic partnership with Eos Energy Storage to market the innovative Znyth® zinc battery solution for industrial and utility-scale energy storage. The partnership enables B&W to serve as the exclusive installation provider for Eos in the U.S. and Canada while marketing the battery technology to its global customer base. This zinc-based solution offers improved safety and cost-effectiveness over traditional lithium-ion batteries, addressing supply chain concerns and safety limitations.

Babcock & Wilcox (BW) announced a contract valued at over $4 million with Creative Energy to supply two package boilers for district heating in Vancouver, Canada. The B&W Thermal segment will manufacture these FM model water-tube package boilers at its Monterrey, Mexico facility. Engineering is underway, with delivery scheduled for Spring 2021. This addition aims to enhance efficiency and provide redundancy for Creative Energy's existing heating system, which services 215 buildings through a 15-kilometer underground network.

Babcock & Wilcox (BW) has secured a contract worth approximately $5 million to supply and install replacement secondary air heater components for a U.S. power plant. The work will be executed by BW's subsidiary, Babcock & Wilcox Construction Co. (BWCC). Additionally, the company will resume previously delayed outage maintenance work at the same facility, valued at around $8 million, which was awarded in 2019. Both projects are anticipated to be completed in the fourth quarter of 2020, indicating B&W Thermal's capabilities and commitment to customer service.