Babcock & Wilcox Enterprises I Stock Price, News & Analysis

Babcock & Wilcox Enterprises, Inc. (NYSE:BW) is set to hold a conference call and webcast on May 10, 2023, at 8 a.m. ET. The call will feature insights from CEO Kenneth Young and CFO Louis Salamone discussing the company’s first quarter 2023 results. A detailed news release regarding these results is anticipated before the market opens on the same day.

The conference call will be available through B&W’s Investor Relations site, with dial-in numbers provided for U.S., Canadian, and international participants. A replay of the call will be accessible through the company’s website for a limited time.

Babcock & Wilcox is a leader in energy and environmental products and services, operating globally.

Babcock & Wilcox Enterprises (NYSE: BW) has secured contracts exceeding $15 million from Summit Ridge Energy for five community solar projects in Illinois, totaling approximately 15 megawatts. This follows a previous award of over $20 million for seven solar farms in August 2022. The projects, driven by the increasing demand for renewable energy and incentives from the Inflation Reduction Act, are set for completion in 2023. B&W's expertise in solar project management is highlighted as essential for delivering clean energy to Illinois communities.

Babcock & Wilcox (BW) has secured a contract worth over $9 million to design and supply two cooling systems for a clean hydrogen production facility in the Middle East. These cooling towers, made of fiberglass-reinforced polymer (FRP), will support the use of renewable energy in hydrogen production, ensuring efficient and low-emissions operation. The company's Executive VP, Jimmy Morgan, stressed the importance of renewable energy for the future and highlighted their advanced technologies that aid clean energy production. B&W focuses on providing durable solutions that minimize environmental impact.

Babcock & Wilcox Enterprises reported a strong Q4 2022 with revenues of $250 million, a 30% increase year-over-year. Full-year revenues rose to $889.8 million, a 23% growth from 2021. Adjusted EBITDA for 2022 was $72.4 million, surpassing the target. However, the company faced a net loss of $26.6 million, a sharp contrast to the previous year's $31.5 million profit. Bookings reached $908 million, marking a 17% increase, with a year-end backlog of $704 million, a 19% rise from 2021. The company reiterated its 2023 adjusted EBITDA target of $100 million to $120 million amidst ongoing industry challenges and geopolitical pressures.