B&W Q2 net income $25.2M; adj EBITDA $23.3M beats expectations; reiterates FY 2024 guidance

Babcock & Wilcox Enterprises, Inc.

2024-Q2 EPS reported $0.01 revenue$441,198,000

Revenue $233.6M, down YoY; net income $25.2M vs $0.6M, boosted by $83.5M gain from sale of Denmark renewable subsidiary.
Adjusted EBITDA $23.3M ($24.6M ex-BrightLoop/ClimateBright) ahead of expectations; FY 2024 target reaffirmed at $105-115M.
Environmental segment rev +15% to $56.2M, EBITDA +99% to $6.7M; Thermal rev $120.2M, EBITDA $13M due to large project completion.
Implied bookings YTD $668.5M (+71% YoY); implied backlog $757.8M (+51% YoY); EPS $0.24 vs ($0.04) loss per share.
Sale of Denmark unit closed for $83.5M net cash; new $150M revolver expected to reduce interest cost by ~$5M/year.

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