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Babcock & Wilcox reports Q3 EPS (24c), consensus 2c
The Fly

Babcock & Wilcox reports Q3 EPS (24c), consensus 2c

Reports Q3 revenue $214.9M, consensus $207.14M. "While we continue to see rising demand, supported by a strong backlog and favorable increase in bookings for the third quarter driven by our renewable, environmental and thermal segments, our third quarter results reflect the current industry challenges and the negative impacts of the global supply chain pressures and shortages driven by geopolitical issues and the war in Ukraine," said Kenneth Young, B&W’s Chairman and Chief Executive Officer. "Despite our initiatives to mitigate the ongoing issues impacting the timing of revenue recognition on certain projects, these supply chain headwinds continued to affect both B&W and its customers during the quarter. More specifically, we are experiencing industry-wide bottlenecks with respect to the availability of raw materials, fabrication capabilities and labor shortages, among a broad range of other factors. Importantly, our operational performance on projects remains high and on target and our recently revised expectations are not reflective of any project performance-related issues. In addition, we are seeing strong demand across all our business segments that reinforces our conviction for improved fourth quarter performance followed by continued growth in 2023."

Published first on TheFly

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