Babcock & Wilcox raises FY24 adjusted EBITDA target to $105M-$115M

Babcock & Wilcox Enterprises announced that year-to-date signed contracts and awards total approximately $500M, nearly doubling the total value achieved during the same period in 2023. As a result, the company has increased its FY24 adjusted EBITDA target to $105M-$115M excluding BrightLoop and ClimateBright expenses, an increase from its previous guidance of $100M-$110M, 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 CEO. “In addition to our recently awarded $246M gas conversion project, our Environmental, Renewable and Thermal segments also have received several projects with values ranging from $5M to $20M 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 $105M to $115M in adjusted EBITDA, not including BrightLoop and ClimateBright expenses. 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 FY24 EBITDA target, reflects our optimism about the successful execution of our revised business strategy and the overall strength of our business.”