Babcock & Wilcox North American Parts and Services Business Sees Growing Demand with Contracts Totaling More Than $23 Million in April

Rhea-AI Summary

Babcock & Wilcox (BW) reported over $23 million in parts and services bookings in April 2022, marking the strongest start since 2016. This surge reflects a return to pre-pandemic demand levels among utility and industrial customers in North America. Notable orders include environmental aftermarket parts, pulp and paper upgrades, and B&W's Diamond Power product lines. Executive VP Jimmy Morgan emphasized the ongoing strong demand and B&W's commitment to serving utility customers. The company expects this trend to continue in the coming months.

Positive

• April 2022 bookings reached over $23 million, indicating strong demand and growth.
• Highest level of North American parts and services activity since 2019.
• Strong demand for pulverizer mill parts due to high U.S. power fleet utilization.
• Diamond Power product lines off to strongest start since 2013.

Negative

• None.

Strongest start through April for North American parts and services bookings since 2016

AKRON, Ohio--(BUSINESS WIRE)--

Babcock & Wilcox (B&W) (NYSE: BW) announced today it has booked more than $23 million in orders for parts and services for utility and industrial customers in North America in the month of April, as overall demand for these services has returned to pre-pandemic levels.

Significant orders include environmental aftermarket parts and services for electrostatic precipitators and other equipment, pulp and paper upgrades and services, pulverizer mill parts, B&W’s Diamond Power ash-handling and boiler cleaning product lines and more.

“Overall parts and services demand in North America is returning to pre-pandemic levels and beyond,” said B&W Executive Vice President and Chief Operating Officer Jimmy Morgan. “We had a very strong level of demand in the first quarter of 2022 and that has continued in April. This is the highest level of activity we’ve seen in North American parts and services since 2019, and we expect it to continue in the coming months.”

“Our pulverizer mill parts orders have been particularly strong for our utility customers due to the high utilization of the U.S. power fleet, and due to B&W’s continued commitment to those customers,” Morgan added. “In addition, our Diamond Power product lines are off to their strongest start since 2013. We’re excited about continuing to provide market-leading quality, service, and availability to our customers and knowing that B&W is the technology of choice for so many North American utilities, as well as industrial customers.”

B&W offers a wide range of expert services for power and industry, including, aftermarket services and parts, inspections, tuning, feasibility studies and engineering support, equipment installation, removal, modifications and repairs, construction and field service support and more.

About Babcock & Wilcox

Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises, Inc. is a leader in energy and environmental products and services for power and industrial markets worldwide. Follow us on LinkedIn and learn more at babcock.com.

Forward-Looking Statements

B&W cautions that this release contains forward-looking statements, including, without limitation, statements relating to the awarding of contracts for, and the expected growth of, its North American parts and services business. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties. For a more complete discussion of these risk factors, see our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. We caution readers not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and we undertake no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220526005266/en/

Investor Contact:

Investor Relations

Babcock & Wilcox Enterprises, Inc.

704.625.4944 | investors@babcock.com

Media Contact:

Ryan Cornell

Public Relations

Babcock & Wilcox

330.860.1345 | rscornell@babcock.com

Source: Babcock & Wilcox Enterprises, Inc.

FAQ

What were Babcock & Wilcox's bookings in April 2022?

Babcock & Wilcox reported over $23 million in bookings for parts and services in April 2022.

How does April 2022 compare to previous years for Babcock & Wilcox?

April 2022 marks the strongest start for bookings since 2016 and the highest activity level since 2019.

What factors are driving demand for Babcock & Wilcox's products?

The demand is driven by the return to pre-pandemic levels and high utilization of the U.S. power fleet.

Which product lines are performing well for Babcock & Wilcox?

Significant performance was noted in environmental aftermarket parts and services, and the Diamond Power product lines.