Babcock & Wilcox Enterprises, Inc. - BW STOCK NEWS

Babcock & Wilcox (BW) reported Q3 2024 results with revenue of $209.9 million, down from $239.4 million in Q3 2023. The company posted a net loss of $11.1 million ($0.16 per share), improving from a $12.3 million loss in Q3 2023. Adjusted EBITDA increased to $22.3 million from $20.0 million year-over-year.

Notable developments include receiving approval for a $246 million natural gas conversion project in Indiana and completing asset sales totaling $116 million in 2024. The company reported YTD implied bookings of $810.5 million, a 27% increase, and implied backlog of $628.2 million, up 48% compared to 2023.

Babcock & Wilcox (NYSE: BW) has secured a contract to conduct a feasibility study for implementing its SolveBright™ carbon capture technology at Mälarenergi AB's waste-to-energy plant in Västerås, Sweden. The project aims to capture 400,000 tonnes of CO2 emissions annually and achieve carbon neutrality by 2035. The study will focus on integrating the SolveBright system with the plant's operations, managing heat utilization, and optimizing facility efficiency. The waste-to-energy plant currently provides 50% of Västerås' district heating, and this initiative aligns with Sweden's net-zero emissions goals.

Babcock & Wilcox (NYSE: BW) has completed the previously announced sale of its Italian subsidiary SPIG S.p.A. and Swedish unit Babcock & Wilcox Vølund AB (formerly Götaverken Miljö AB) to AUCTUS Capital Partners AG for approximately $40 million, subject to customary adjustments and expenses. The company, headquartered in Akron, Ohio, continues to operate as a leader in energy and environmental products and services for power and industrial markets worldwide.

Babcock & Wilcox (NYSE:BW) has scheduled its third quarter 2024 conference call and webcast for Tuesday, November 12, 2024, at 5 p.m. ET. CEO Kenneth Young and CFO Louis Salamone will discuss the company's Q3 2024 results, which will be released after market close on the same day. The conference call will be accessible via live audio broadcast on B&W's Investor Relations website. U.S. participants can dial (833) 470-1428, Canadian participants (833) 950-0062, and international participants (929) 526-1599, using conference ID 883496.

Babcock & Wilcox Enterprises, Inc. (NYSE: BW) has announced an agreement to sell its Italy-based SPIG S.p.A. group and Sweden-based Babcock & Wilcox Vølund AB to funds managed by AUCTUS Capital Partners AG for approximately $40 million, subject to adjustments and expenses. The deal is expected to close at the end of October, pending customary closing conditions.

This divestment aligns with B&W's strategy to reduce long-term debt, improve its balance sheet, and increase liquidity. The company plans to focus on its core portfolio of technologies, including Thermal, Renewable, and Environmental solutions, as well as new technologies like BrightLoop™ and ClimateBright™. B&W is also supporting U.S. customers with coal-to-natural-gas conversions to meet emissions reduction needs while maintaining reliable baseload energy generation.

Babcock & Wilcox (NYSE: BW) has been awarded a contract to conduct front-end engineering and design (FEED) for Varme Energy's planned waste-to-energy with carbon capture and sequestration project in Alberta, Canada. The project, set to be Canada's first of its kind, will involve B&W engineering the plant's waste-fired boiler, emissions control technologies, and post-combustion carbon capture system.

The proposed facility, to be constructed northeast of Edmonton, would have the capacity to process up to 200,000 tons of waste per year. Following the FEED contract, B&W's anticipated scope includes design, supply, and construction of various plant components, including the combustion grate, boiler, economizer, air quality control system, and carbon capture systems.

Babcock & Wilcox (NYSE: BW) has secured an $8 million contract through its B&W Environmental segment to design and supply a cooling system for a U.K. renewable energy facility. The company will provide a SPIG® air-cooled condenser (ACC), which utilizes an advanced, high-efficiency design ideal for renewable energy applications. This system will support the plant in generating low-carbon baseload electricity.

The SPIG ACC technology offers several advantages, including high efficiency, low operating noise, and high corrosion resistance. It uses ambient air to condensate turbine exhaust steam without the need for water, making it an environmentally friendly solution. This contract underscores B&W's position as a trusted solutions provider in the U.K. renewable energy sector.

Babcock & Wilcox Enterprises (NYSE: BW) reported Q2 2024 results with revenue of $233.6 million, net income of $25.4 million, and operating income of $42.2 million. The company achieved Adjusted EBITDA of $23.3 million, exceeding expectations. BW reiterated its full-year 2024 Adjusted EBITDA target range of $105-115 million, excluding BrightLoop and ClimateBright expenses.

Key highlights include:

• Improved balance sheet through sale of Denmark renewable service subsidiary for $83.5 million
• Announced backlog of $472.4 million and implied backlog of $757.8 million
• Total YTD bookings of $383.1 million, a 71% increase compared to H1 2023
• Achieved annualized cost savings of $25 million to date

BW remains focused on strengthening its balance sheet, improving liquidity, and strategically investing in future growth.

Babcock & Wilcox (NYSE: BW) has announced that its subsidiary, Babcock & Wilcox Construction Co., (BWCC), has been awarded a $25 million contract for outage and maintenance services at a U.S. thermal power plant. The contract includes boiler upgrades, pressure part replacements, and other maintenance work to be executed during the plant's Fall 2024 outage.

BWCC Vice President Mike Hidas emphasized the importance of the coal power fleet, which provides approximately 20% of electrical power in the U.S. and is a critical source of baseload energy. The company aims to ensure energy security by helping customers maintain reliable and efficient baseload generating assets.

BWCC operates multiple regional construction offices across the U.S. and Canada, enabling quick response to customer requests and efficient project management.