Babcock & Wilcox Enterprises, Inc. - BW STOCK NEWS

Babcock & Wilcox has sold its Denmark-based Babcock & Wilcox Renewable Service A/S (BWRS) subsidiary to Hitachi Zosen Inova AG for $87 million, subject to customary fees and adjustments. The sale is part of B&W's strategic plan to reduce long-term debt and optimize its capital structure. BWRS, employing over 160 people, offers aftermarket parts and services for waste-to-energy plants in northern Europe and the UK. The transaction closed on June 28, 2024. B&W reiterates its Full Year 2024 Adjusted EBITDA target range of $105 million to $115 million, excluding BrightLoop and ClimateBright expenses. B&W will continue to focus on its core technologies and pursue a robust pipeline of opportunities in the renewable energy sector.

Babcock & Wilcox (NYSE: BW) announced that its B&W Environmental segment has secured over $18 million in contracts for wet and dry electrostatic precipitator (ESP) rebuilds. These rebuilds aim to control particulate emissions in utilities and industrial facilities across the U.S. and Europe.

According to Jimmy Morgan, B&W's Executive Vice President and COO, the company's ESP technologies are important for reducing particulate emissions in diverse industries such as power, waste-to-energy, petrochemical, cement, mining, and glass manufacturing.

B&W's ESP systems are customizable for diverse applications, including controlling particulate emissions from solid fuels, organic fumes, and sulfuric acid. They also serve as a pretreatment for carbon capture systems.

Babcock & Wilcox (NYSE: BW) has received a notice to proceed (LNTP) from NorthStar Clean Energy for a project converting a former coal-fired power plant in Filer City, Michigan, into a Bioenergy with Carbon Capture and Storage (BECCS) facility. Utilizing B&W's SolveBright™ CO2 capture technology, the plant will capture up to 550,000 tons of CO2 annually and generate carbon-negative power. The project will extend the life of the power plant by switching to biomass fuel. Full contract finalization and notice to proceed are expected in Q4 2024. The project's scope includes engineering, design, and delivery of necessary equipment, with B&W Construction Co. managing construction and mechanical aspects.

This initiative aims to help plant operators comply with emissions regulations while ensuring energy security. The Filer City plant is jointly owned by Tondu Corp and NorthStar Clean Energy, a subsidiary of CMS Energy

Babcock & Wilcox (NYSE: BW) announced that its subsidiary, Babcock & Wilcox Construction Co. (BWCC), has secured contracts worth over $20 million for power plant outage and rebuild work in the U.S. According to BWCC Vice President and General Manager Mike Hidas, maintaining the existing baseload power fleet is essential for energy security, reliability, and affordability. These contracts not only emphasize the need for plant maintenance but also increase the demand for replacement parts, for which B&W is a trusted provider. BWCC offers a range of services including outage services, installation, refurbishment, and mechanical repair across various industries such as utilities, oil and gas, petrochemical, and pulp and paper.

Babcock & Wilcox Enterprises, Inc. reported strong Q1 2024 results, exceeding revenue expectations with $207.6 million and operating income of $4.3 million. The company raised its full-year Adjusted EBITDA target to $105.0-$115.0 million. Noteworthy highlights include $500.0 million in contract signings, a backlog of $532.8 million, and annualized cost savings of $20.0 million. Despite lower Q1 revenues compared to 2023, B&W remains optimistic about 2024. The company is focused on operational excellence, strategic investments, and capitalizing on global project opportunities. The financial performance across segments, including Renewable, Environmental, and Thermal, reflects progress and growth.

Babcock & Wilcox Enterprises, Inc. (BW) will hold a conference call and webcast on May 9, 2024, at 5 p.m. ET to discuss the first quarter 2024 results. The call will feature B&W's Chairman and CEO Kenneth Young, and CFO Louis Salamone. The Company will release a news update after the market closes on the same day. Participants can listen to the call live on B&W's Investor Relations site or via phone. The conference ID is 306426.

Babcock & Wilcox (BW) has secured a $15 million contract to supply environmental equipment for an industrial plant in the Middle East. The company's Environmental segment continues to be a key player in providing solutions for various industries, including power generation, oil and gas, and petrochemicals.

Babcock & Wilcox (BW) has been awarded a $7 million contract to upgrade waste-fueled boilers in Southeast Asia, based on a successful FEED study. The project aims to increase steam production capacity, efficiency, and reduce emissions, showcasing BW's expertise in the renewable energy sector.

Babcock & Wilcox Enterprises, Inc. (BW) announced year-to-date contract signings and awards of approximately $500 million, nearly doubling the amount from the previous year. The company raised its Full-Year 2024 Adjusted EBITDA target to $105-115 million, excluding certain expenses, due to increased demand in power generation, environmental technologies, and renewable energy projects.