B&W Q4 2023 net loss $54.3M; full-year revenue up 18% to $999.4M; reiterates FY2024 EBITDA target

Babcock & Wilcox Enterprises, Inc.

Q4 revenue $227.2M (-4% YoY); net loss $54.3M incl. $38M pension MTM; Adjusted EBITDA $19.5M.
FY2023 revenue $999.4M (+18% YoY); net loss $78.6M; Adjusted EBITDA $79.1M (+17%).
Environmental segment Q4 revenue +58% YoY; Thermal +9%; Renewable -33%.
New $150M senior secured credit facility completed; expects annual interest savings ~$5M.
Going concern doubt raised due to solar contract losses; company believes sufficient liquidity.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Babcock & Wilcox Enterprises, Inc. reported the fiscal year ended December 31, 2023 results: revenue $999.4 million, net income $78.6 million, EPS $1.05. Guidance reaffirmed.

Period: the fiscal year ended December 31, 2023
Revenue: $999.4 million
Net income: $78.6 million
EPS: $1.05
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Full Year 2023 Continuing Operations Summary: – Revenues of $999.4 million, an 18% improvement compared to 2022 – Net loss of $78.6 million, including non-cash items of $38.0 million, primarily related to pension mark-to-market adjustments, compared to a net loss of $20.0 million in 2022, which included a mark-to-market gain of $7.7 million – Loss per share of $1.05, including non-cash items of $0.43, primarily related to pension mark-to-market adjustments, compared to a loss per share of $0.35 in 2022, which included a mark-to-market gain of $0.09

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Babcock & Wilcox Enterprises, Inc. reported the fourth quarter ended December 31, 2023 results: revenue $227.2 million, net income $54.3 million, EPS $0.65. Guidance reaffirmed.

Period: the fourth quarter ended December 31, 2023
Revenue: $227.2 million
Net income: $54.3 million
EPS: $0.65
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Q4 2023 Continuing Operations Financial Highlights – Revenues of $227.2 million, declined when compared to the fourth quarter of 2022, primarily due to the completion of several lower margin renewable projects – Net loss of $54.3 million, including non-cash items of $38.0, million primarily related to pension mark-to-market adjustments, compared to net income of $2.5 million in the fourth quarter of 2022, which included a mark-to-market gain of $7.7 million – Loss per share of $0.65, including non-cash items of $0.43, primarily related to pension mark-to-market adjustments, compared to a loss per share of $0.02 in the fourth quarter of 2022, which included a mark-to-market gain of $0.09

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Babcock & Wilcox Enterprises, Inc. filing history →

Source: SEC EDGAR

accession 0001630805-24-000004

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