Babcock & Wilcox Announces Increased Full-Year Adjusted EBITDA Target of $105 Million to $115 Million, New Contracts and Awards of Approximately $500 Million Year-to-Date
10 Aprile 2024 - 10:52PM
Business Wire
- B&W’s 2024 contract signings and awards are approximately
$500 million year-to-date, nearly double the amount in the same
period last year
- Full-Year 2024 Adjusted EBITDA target increased to $105 million
to $115 million, excluding BrightLoop™ and ClimateBright™
expenses
Babcock & Wilcox Enterprises, Inc. ("B&W" or the
"Company") (NYSE: BW) announced today that year-to-date signed
contracts and awards total approximately $500 million, nearly
doubling the total value achieved during the same period in 2023.
As a result, the Company has increased its Full-Year 2024 Adjusted
EBITDA target to $105 million to $115 million excluding BrightLoop™
and ClimateBright™ expenses, an increase from its previous guidance
of $100 million to $110 million, excluding BrightLoop™ and
ClimateBright™ expenses.
“We believe that the global industrial and utility customers’
growing needs for increased and secure power generation, upgrades
and enhancements, environmental technologies and renewable and
hydrogen energy projects are reflected in our increased pipeline
and recent contract awards,” said Kenneth Young, B&W’s Chairman
and Chief Executive Officer. “In addition to our recently awarded
$246 million gas conversion project, our Environmental, Renewable
and Thermal segments also have received several projects with
values ranging from $5 million to $20 million each. These are
projects with solid margins which should impact our fourth quarter
2024 results and beyond.”
“As a result of these signings and commitments, we have
increased our guidance to $105 million to $115 million in adjusted
EBITDA, not including BrightLoop and ClimateBright expenses,” Young
added. “Our success with winning a significant number of new
contracts in the first 10 weeks of 2024, as well as our decision to
increase our Full-Year 2024 EBITDA target, reflects our optimism
about the successful execution of our revised business strategy and
the overall strength of our business.”
“While risks are inherent in any project execution, our project
performance continues to improve each quarter as we maneuver
through challenges including global business conditions and supply
chain and shipping pressures,” he said. “Through our operational
improvements, we continue to mitigate risks on various projects and
are focused on higher margin and higher quality projects across all
of our businesses, and we expect to continue to see the impact of
these improvements starting in Q4 2024 and beyond.”
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 Company’s bookings, business strategy, competitive position,
and planned projects. 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.
Non-GAAP Financial Measures
The Company uses non-GAAP financial measures internally to
evaluate its performance and in making financial and operational
decisions. When viewed in conjunction with GAAP results, the
Company believes that its presentation of these measures provides
investors with greater transparency and a greater understanding of
factors affecting its financial condition and results of operations
than GAAP measures alone. In addition to Adjusted EBITDA, in the
fourth quarter of 2023, the Company introduced the non-GAAP
financial measure of Adjusted EBITDA excluding BrightLoop™ and
ClimateBright™. Management believes this measure is useful to
investors because of the increasing importance of BrightLoop and
ClimateBright to the future growth of the Company. Management uses
EBITDA excluding BrightLoop and ClimateBright to assess the
Company’s performance independent of these technologies. The
presentation of non-GAAP financial measures should not be
considered in isolation or as a substitute for the Company’s
related financial results prepared in accordance with GAAP. This
release presents Adjusted EBITDA, which is a non-GAAP financial
measures. Adjusted EBITDA on a consolidated basis is defined as the
sum of the Adjusted EBITDA for each of the segments, further
adjusted for corporate allocations and research and development
costs. At a segment level, the Adjusted EBITDA presented is
consistent with the way the Company's chief operating decision
maker reviews the results of operations and makes strategic
decisions about the business and is calculated as earnings before
interest expense, tax, depreciation and amortization adjusted for
items such as gains or losses arising from the sale of non-income
producing assets, net pension benefits, restructuring costs,
impairments, gains and losses on debt extinguishment, costs related
to financial consulting, research and development costs and other
costs that may not be directly controllable by segment management
and are not allocated to the segment. The Company presents
consolidated Adjusted EBITDA because it believes it is useful to
investors to help facilitate comparisons of the ongoing, operating
performance before corporate overhead and other expenses not
attributable to the operating performance of the Company's revenue
generating segments. This release also presents certain targets for
the Company’s Adjusted EBITDA in the future; these targets are not
intended as guidance regarding how the Company believes the
business will perform. The Company is unable to reconcile these
targets to their GAAP counterparts without unreasonable effort and
expense.
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version on businesswire.com: https://www.businesswire.com/news/home/20240410154820/en/
Investor Contact: Investor Relations Babcock & Wilcox
704.625.4944 investors@babcock.com
Media Contact: Ryan Cornell Public Relations Babcock
& Wilcox 330.860.1345 rscornell@babcock.com
Grafico Azioni Babcock and Wilcox Enter... (NYSE:BW)
Storico
Da Dic 2024 a Gen 2025
Grafico Azioni Babcock and Wilcox Enter... (NYSE:BW)
Storico
Da Gen 2024 a Gen 2025
