Babcock & Wilcox Enterprises, Inc. (NYSE: BW) provides energy and environmental products and services for power and industrial markets worldwide. Company news commonly covers steam generation systems, natural gas and coal-to-gas fuel switching, environmental controls, carbon capture systems, BrightLoop hydrogen and syngas technology, and parts and field engineering services.
Recurring updates also include quarterly results, backlog and pipeline commentary, debt and balance-sheet actions, design-build power generation agreements for AI data center and industrial power demand, preferred stock dividends, board and executive governance changes, and investor presentations.
Babcock & Wilcox Enterprises (NYSE: BW) announced an agreement with B. Riley Financial on June 1, 2021. The Company issued 2,916,880 shares of 7.75% Series A Cumulative Perpetual Preferred Stock at $25.00 per share, and paid $850,171 in cash to B. Riley. This exchange reduced the Company's secured debt by $347 million, strengthening its balance sheet. Babcock & Wilcox aims to leverage its improved financial position to pursue growth in renewable technologies and environmental services.
Babcock & Wilcox (NYSE: BW) has introduced its ClimateBright™ suite, aimed at decarbonizing industries and combating greenhouse gas emissions. With over 90 patents in carbon capture technology, B&W collaborates with major partners to provide tailored solutions for various sectors, including energy and manufacturing. The ClimateBright™ technologies can capture CO2 and produce hydrogen, featuring solutions like BrightLoop™, SolveBright™, OxyBright™, and BrightGen™. Additionally, B&W's waste-to-energy technologies target landfill methane, contributing to sustainable energy production.
Babcock & Wilcox Enterprises (NYSE: BW) has been invited to present at the Jefferies Renewable Energy Conference, taking place virtually from May 25-27, 2021. The presentation is scheduled for May 25 at 1 p.m. Eastern time, with one-on-one meetings available throughout the event. This conference will explore various aspects of renewable energy, including power generation, energy storage, and key raw materials. Babcock & Wilcox is recognized for its leadership in energy and environmental services globally.
Babcock & Wilcox (BW) reported strong first-quarter 2021 results, achieving $168.2 million in revenues, a 13% increase from Q1 2020, despite ongoing COVID-19 challenges. The company recorded $169 million in bookings and a backlog of $535 million. Adjusted EBITDA rose to $8.5 million, up from $1 million a year ago. CEO Kenneth Young highlighted the success of cost-reduction strategies and the launch of new segments, positioning the company for future growth. The company has over $5 billion in identified project opportunities and plans to expand its clean energy technology.
Babcock & Wilcox Enterprises (BW) announced the closing of a public offering of 4,000,000 shares of its 7.75% Series A Cumulative Perpetual Preferred Stock, raising approximately $100 million. The offering netted about $95.7 million after expenses. The Preferred Stock will trade under the symbol 'BW PRA'. The funds are earmarked for corporate purposes, including clean energy initiatives and potential acquisitions. The first dividend is scheduled for June 30, 2021. CEO Kenneth Young highlighted growth opportunities in renewable technologies and a focus on increasing shareholder value.
Babcock & Wilcox Enterprises announced the pricing of its public offering of 4,000,000 shares of 7.75% Series A Cumulative Perpetual Preferred Stock at $25.00 per share, totaling approximately $100 million. A 30-day option for underwriters to purchase an additional 600,000 shares is included. The expected closing date is May 7, 2021, with potential trading under the symbol 'BW PRA' following approval. Proceeds will support general corporate purposes, including clean energy initiatives and acquisitions.
Babcock & Wilcox Enterprises (BW) has announced a public offering of $50 million in Series A Cumulative Perpetual Preferred Stock. The offering includes a 30-day option for underwriters to purchase additional shares. Proceeds will be allocated for general corporate purposes such as clean energy initiatives, potential acquisitions, and reducing net leverage. The offering is subject to market conditions, and B. Riley Securities is the lead manager. Forward-looking statements highlight risks including potential impacts from the COVID-19 pandemic and uncertainties surrounding the offering.
Babcock & Wilcox Enterprises (NYSE:BW) will host a conference call on May 13, 2021, at 8 a.m. ET to discuss its first quarter 2021 results. The call will be led by Chairman and CEO Kenneth Young and CFO Louis Salamone, with a news release detailing results released prior to the market open on the same day. Participants can join the call via the U.S. dial-in number (833) 227-5843 or internationally at (647) 689-4070 using conference ID 2970079. A replay will be available on the Company’s investor relations website.
Babcock & Wilcox Enterprises (NYSE: BW) reported preliminary results for Q1 2021, showing a net loss of $15.5 million and adjusted EBITDA of $8.5 million. The company secured $171 million in bookings and maintained a backlog of $538 million as of March 31, 2021. B&W highlighted its strategic initiatives, including international expansion and cost-saving measures, aiming for adjusted EBITDA targets of $70-$80 million for 2021 and $95-$105 million for 2022. Additionally, the passage of the U.S. American Rescue Plan Act has reduced pension funding requirements by $133 million through 2026.
Babcock & Wilcox (NYSE: BW) announced the awarding of parts and service contracts exceeding $24 million in key international markets, including Asia, the Middle East, and Europe. These contracts, secured in the first quarter, encompass aftermarket parts and maintenance services across various industries such as utilities and manufacturing. B&W has been actively expanding its presence since Q3 2020, with significant orders from utility customers in Indonesia and the Middle East. The company remains focused on enhancing its Renewable and Environmental businesses by pursuing high-margin opportunities internationally.