Babcock & Wilcox reports Q1 EPS (22c), consensus (13c)

Reports Q1 revenue $207.6M, consensus $206.67M. “We are pleased to report a strong start to the year, highlighted by first quarter consolidated revenue and Adjusted EBITDA that exceeded Company expectations. Benefiting from our strategic shift to reduce reliance on high-interest, low-margin new build projects, we’ve seen improvement in our Adjusted EBITDA margins and further demonstrated the strength of our aftermarket parts and services businesses,” commented Kenneth Young, B&W’s Chairman and Chief Executive Officer. “Despite what has historically been a seasonally softer period for our business, customer activity across all segments remains robust, reinforcing our positive outlook for 2024. We recently increased our full-year Adjusted EBITDA guidance to a range of $105 million to $115 million, excluding BrightLoop and ClimateBright expenses, following stronger-than-expected signings and commitments during the first quarter of 2024. Our commitment to operational excellence remains strong, as we continue to focus on strategically investing in future growth through our ClimateBright decarbonization platform and BrightLoop hydrogen generation technology.”