Babcock & Wilcox Enterprises, Inc. Reports Financial Results for Second Quarter Ending June 30, 2024

Babcock & Wilcox Enterprises, Inc. (B&W) has announced its financial results for the second quarter ended June 30, 2024.

Key Financial Metrics

Interpretation: B&W's total revenue for Q2 2024 came in slightly below the consensus estimate of $238.32 million, marking a significant year-over-year decrease of 19.8%. This decrease was attributed to the completion of a large project in their U.S. construction business in 2023 that wasn't fully replaced in 2024 and fewer waste-to-energy projects in the current year.

Segment Revenue Performance

Interpretation: - B&W Renewable : Revenue decreased 28%, or $24.3 million, largely due to the strategic decision to perform fewer waste-to-energy projects. - B&W Environmental : Revenue increased by 15%, or $7.5 million, driven by growth in domestic industrial, electrostatic precipitator, and European environmental businesses. - B&W Thermal : Revenue declined by 24%, or $37.8 million, due to the non-replacement of a large project completed in 2023.

Dividends and Share Repurchase Program

During the six months ended June 30, 2024, B&W's Board of Directors approved dividends totaling $7.4 million to holders of Preferred Stock. There were no cumulative undeclared dividends as all declared dividends have been paid by July 1, 2024. Furthermore, there were no share repurchase programs mentioned.

Forward Guidance

No specific forward guidance was provided in the earnings release.

Note: All figures are from Babcock & Wilcox Enterprises, Inc.'s earnings release for the second quarter ending June 30, 2024.