Babcock & Wilcox reports Q3 EPS (18c), consensus 3c

Reports Q3 revenue $239.4M, consensus $289.45M. “Our third quarter results were highlighted by revenue growth, achieving another consecutive quarter of broad-based revenue expansion on a year-over-year basis, led by Thermal increasing 17%,” said Kenneth Young, B&W’s Chairman and Chief Executive Officer. “We are encouraged by the increased volumes for parts and services across our Renewable and Thermal segments, which drove the top-line performance during the third quarter. We are reducing the reliance on new build projects which require high interest LCs and typically lower margins, which will in turn, allow us to reduce the associated overhead and interest costs. We are also expanding our BrightLoop and ClimateBright investments, which together, reinforce our updated full-year adjusted EBITDA target for 2023 and newly introduced 2024 target.”