- Revenues, bookings, backlog, and Adjusted EBITDA
significantly improved compared to the first quarter of 2022 and
exceeded Company expectations
Q1 2023 Highlights and Outlook:
– Revenues of $257.2 million, a 26% improvement compared to the
first quarter of 2022 – Net loss of $12.5 million, compared to a
net loss of $8.7 million in the first quarter of 2022 – Loss per
share of $0.18, compared to a loss per share of $0.14 in the first
quarter of 2022 – Consolidated adjusted EBITDA of $14.2 million,
compared to $12.5 million in the first quarter of 2022 – Bookings
of $266 million, an 11% improvement compared to first quarter
bookings in 2022 – Ending backlog of $663 million, over a 15%
increase compared to backlog at the end of the first quarter of
2022 – Reiterates Full Year 2023 Adjusted EBITDA target of $100
million to $120 million
Babcock & Wilcox Enterprises, Inc. ("B&W" or the
"Company") (NYSE: BW) announced results for the first quarter of
2023.
"We exceeded our first quarter expectations delivering strong
results highlighted by increased volumes across our Renewable and
Environmental segments, which helped drive consolidated revenue and
adjusted EBITDA above expectations,” said Kenneth Young, B&W's
Chairman and Chief Executive Officer. “Our parts and services
bookings within all our segments was the highest since 2016. We
also realized double digit revenue growth across all our segments.
Our progress through the first quarter further supports the
advancement of our strategic growth initiatives and positions us
well to achieve our previously stated full-year adjusted EBITDA
targets.”
“As we continue to execute our long-term strategic plans within
our Renewable and Environmental businesses, we are pleased with the
significant traction our BrightLoop™ technology has received to
date. Most notably, we recently announced a commercial project with
Black Hills Energy (BHE) in which B&W’s BrightLoop™ hydrogen
generation technology was selected for a proposed project to
produce hydrogen gas from coal and capture carbon dioxide
emissions,” added Kenneth Young. “This project not only highlights
the transformational technology we possess but also demonstrates
utility market interest in our clean power production and carbon
capture capabilities. We look forward to scaling this product
offering and working in tandem with our customers to provide the
solutions they need to enhance energy security and deliver
efficient energy to their customers, while also significantly
reducing green-house gas emissions.”
“While supply chain pressures continue, our success in
qualifying additional suppliers has enabled us to capitalize on
growing customer demand across all of our business segments and
reinforces our expectations for an improved full-year performance.
We remain committed to being a leader in the global clean energy
transition and energy security and see continued opportunities for
growth as we pursue our expanded pipeline of $8 billion in
identified global project opportunities.”
Q1 2023 Financial Summary
Consolidated revenues in the first quarter of 2023 were $257.2
million, a 26% improvement compared to the first quarter of 2022,
primarily attributable to higher volumes in our Renewable segment
due to B&W Renewable parts and services and our project-based
business, higher overall volume in our Environmental segment,
increased Thermal segment volume and a higher level of construction
activity. Net loss in the first quarter of 2023 was $12.5 million,
compared to net loss of $8.7 million in the first quarter of 2022,
primarily related to foreign exchange losses in the current period
and non-cash expense related to pensions. Loss per share in the
first quarter of 2023 was $0.18 compared to a loss per share of
$0.14 in the first quarter of 2022. GAAP operating income in the
first quarter of 2023 was $1.4 million compared to operating loss
of $6.8 million in the first quarter of 2022. Adjusted EBITDA was
$14.2 million compared to $12.5 million in the first quarter of
2022. Bookings in the first quarter of 2023 were $266 million, an
11% increase compared to first quarter bookings in 2022. Ending
backlog was $663 million, over a 15% increase compared to backlog
at the end of the first quarter of 2022. All amounts referred to in
this release are on a continuing operations basis, unless otherwise
noted. Reconciliations of net income, the most directly comparable
GAAP measure, to adjusted EBITDA for the Company's segments, are
provided in the exhibits to this release.
Babcock & Wilcox Renewable segment revenues were
$100.1 million for the first quarter of 2023, an increase of 47%
compared to $68.0 million in the first quarter of 2022. The
increase in revenue is primarily due to higher volume of new-build
projects and the increase in revenues associated with our Renewable
parts and services business. Adjusted EBITDA in the first quarter
of 2023 was $4.9 million compared to $2.0 million in the first
quarter of 2022, primarily due to a higher volume of revenue as
described above offset somewhat by an increase in expenses, to
support the growth in the business. The higher revenue levels also
increased shared overhead and SG&A allocations to the segment
which are based on revenue.
Babcock & Wilcox Environmental segment revenues were
$39.4 million in the first quarter of 2023, an increase of 13%
compared to $34.9 million in the first quarter of 2022. The
increase is primarily driven by higher overall volume of dry
cooling technology projects across the Environmental segment.
Adjusted EBITDA in the first quarter of 2023 was $1.9 million,
compared to $1.4 million in the first quarter of 2022, primarily
driven by higher revenue volume described above offset with higher
levels of shared overhead and SG&A allocated to the
segment.
Babcock & Wilcox Thermal segment revenues were $119.2
million in the first quarter of 2023, an increase of 17% compared
to $102.2 million in the first quarter of 2022. The revenue
increase is attributable to higher level of volume in our
construction project business and Optimus Industries. Adjusted
EBITDA in the first quarter of 2023 was $13.7 million, a decrease
of 3% compared to $14.2 million in the first quarter of 2022,
primarily attributable higher expenses related to business
growth.
Liquidity and Balance Sheet
At March 31, 2023, the Company had total debt of $351.7 million
and a cash, cash equivalents and restricted cash balance of $91.1
million.
Impacts of Market Conditions
Management continues to adapt to macroeconomic conditions,
including rising inflation, higher interest rates, foreign exchange
rate fluctuations and the impact of the ongoing conflict in Ukraine
and the COVID-19 pandemic, all of which impacted the Company during
the first three months of 2023. The COVID-19 pandemic has continued
to create challenges for us in countries that have outbreak
mitigation strategies, namely, countries in our Asia-Pacific
region, which led to temporary project postponements or limited
on-site activities and has continued to impact results in this
region. Additionally, the Company has experienced negative impacts
to its global supply chains as a result of COVID-19, the war in
Ukraine, Russia-related supply chain shortages and other factors,
including disruptions to the manufacturing, supply, distribution,
transportation and delivery of its products. The Company has also
observed delays and disruptions of its service providers and
negative impacts to pricing of certain of its products. These
delays and disruptions have had, and could continue to have, an
adverse impact on the Company’s ability to meet customers’ demands.
We are continuing to actively monitor the impact of these market
conditions on current and future periods and actively manage costs
and our liquidity position to provide additional flexibility while
still supporting our customers and their specific needs. The
duration and scope of these conditions cannot be predicted, and
therefore, any anticipated negative financial impact to the
Company’s operating results cannot be reasonably estimated.
Earnings Call Information
B&W plans to host a conference call and webcast on
Wednesday, May 10, 2023 at 8 a.m. ET to discuss the Company’s first
quarter 2023 results. The listen-only audio of the conference call
will be broadcast live via the Internet on B&W’s Investor
Relations site. The dial-in number for participants in the U.S. is
(833) 470-1428; the dial-in number for participants in Canada is
(833) 950-0062; the dial-in number for participants in all other
locations is (929) 526-1599. The conference ID for all participants
is 504866. A replay of this conference call will remain accessible
in the investor relations section of the Company’s website for a
limited time.
Non-GAAP Financial Measures
The Company uses non-GAAP financial measures internally to
evaluate its performance and in making financial and operational
decisions. When viewed in conjunction with GAAP results and the
accompanying reconciliation, the Company believes that its
presentation of these measures provides investors with greater
transparency and a greater understanding of factors affecting its
financial condition and results of operations than GAAP measures
alone. Additionally, the Company redefined its definition of
adjusted EBITDA to eliminate the effects of certain items including
the loss from a non-strategic business, interest on letters of
credit included in cost of operations and loss on business held for
sale. Prior period results have been revised to conform with the
revised definition and present separate reconciling items in our
reconciliation, including business transition costs. The
presentation of non-GAAP financial measures should not be
considered in isolation or as a substitute for the Company’s
related financial results prepared in accordance with GAAP.
This release presents adjusted EBITDA for each business segment,
which are non-GAAP financial measures. Adjusted EBITDA on a
consolidated basis is defined as the sum of the Adjusted EBITDA for
each of the segments, further adjusted for corporate allocations
and research and development costs. At a segment level, the
adjusted EBITDA presented is consistent with the way the Company's
chief operating decision maker reviews the results of operations
and makes strategic decisions about the business and is calculated
as earnings before interest expense, tax, depreciation and
amortization adjusted for items such as gains or losses arising
from the sale of non-income producing assets, net pension benefits,
restructuring costs, impairments, gains and losses on debt
extinguishment, costs related to financial consulting, research and
development costs and other costs that may not be directly
controllable by segment management and are not allocated to the
segment. The Company presented consolidated Adjusted EBITDA because
it believes it is useful to investors to help facilitate
comparisons of the ongoing, operating performance before corporate
overhead and other expenses not attributable to the operating
performance of the Company's revenue generating segments. This
release also presents certain targets for our Adjusted EBITDA in
the future; these targets are not intended as guidance regarding
how the Company believes the business will perform. The Company is
unable to reconcile these targets to their GAAP counterparts
without unreasonable effort and expense.
Bookings and Backlog
Bookings and backlog are our measure of remaining performance
obligations under our sales contracts. It is possible that our
methodology for determining bookings and backlog may not be
comparable to methods used by other companies.
We generally include expected revenue from contracts in our
backlog when we receive written confirmation from our customers
authorizing the performance of work and committing the customers to
payment for work performed. Backlog may not be indicative of future
operating results, and contracts in our backlog may be canceled,
modified or otherwise altered by customers. Backlog can vary
significantly from period to period, particularly when large new
build projects or operations and maintenance contracts are booked
because they may be fulfilled over multiple years. Because we
operate globally, our backlog is also affected by changes in
foreign currencies each period. We do not include orders of our
unconsolidated joint ventures in backlog. The Company is in the
process of exiting its only remaining fixed fee Operational and
Maintenance Contract in our Renewable segment. A similar contract
was exited as of December 31, 2022. The company believes it is
useful to exclude the impact of this contract on our operating
results as well as our backlog in order to highlight the
performance of the business.
Bookings represent changes to the backlog. Bookings include
additions from booking new business, subtractions from customer
cancellations or modifications, changes in estimates of liquidated
damages that affect selling price and revaluation of backlog
denominated in foreign currency. We believe comparing bookings on a
quarterly basis or for periods less than one year is less
meaningful than for longer periods, and that shorter-term changes
in bookings may not necessarily indicate a material trend.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. All statements other than statements of historical or current
fact included in this release are forward-looking statements. You
should not place undue reliance on these statements.
Forward-looking statements include words such as “expect,”
“intend,” “plan,” “likely,” “seek,” “believe,” “project,”
“forecast,” “target,” “goal,” “potential,” “estimate,” “may,”
“might,” “will,” “would,” “should,” “could,” “can,” “have,” “due,”
“anticipate,” “assume,” “contemplate,” “continue” and other words
and terms of similar meaning in connection with any discussion of
the timing or nature of future operational performance or other
events.
These forward-looking statements are based on management’s
current expectations and involve a number of risks and
uncertainties, including, among other things, the impact of global
macroeconomic conditions, including inflation and volatility in the
capital markets; the impact of the ongoing conflict in Ukraine; our
ability to integrate acquired businesses and the impact of those
acquired businesses on our cash flows, results of operations and
financial condition, including our recent acquisitions of Babcock
& Wilcox Solar Energy, Inc., Babcock & Wilcox Renewable
Service A/S, Fossil Power Systems, Inc., Optimus Industries, LLC
and certain assets of Hamon Research-Cottrell, Inc.; our
recognition of any asset impairments as a result of any decline in
the value of our assets or our efforts to dispose of any assets in
the future; our ability to obtain and maintain sufficient financing
to provide liquidity to meet our business objectives, surety bonds,
letters of credit and similar financing; our ability to comply with
the requirements of, and to service the indebtedness under, our
debt facility agreements; our ability to pay dividends on our 7.75%
Series A Cumulative Perpetual Preferred Stock; our ability to make
interest payments on our 8.125% senior notes due 2026 and our 6.50%
notes due 2026; the highly competitive nature of our businesses and
our ability to win work, including identified project opportunities
in our pipeline; general economic and business conditions,
including changes in interest rates and currency exchange rates;
cancellations of and adjustments to backlog and the resulting
impact from using backlog as an indicator of future earnings; our
ability to perform contracts on time and on budget, in accordance
with the schedules and terms established by the applicable
contracts with customers; failure by third-party subcontractors,
partners or suppliers to perform their obligations on time and as
specified; delays initiated by our customers; our ability to
successfully resolve claims by vendors for goods and services
provided and claims by customers for items under warranty; our
ability to realize anticipated savings and operational benefits
from our restructuring plans, and other cost savings initiatives;
our ability to successfully address productivity and schedule
issues in our B&W Renewable, B&W Environmental and B&W
Thermal segments; our ability to successfully partner with third
parties to win and execute contracts within our B&W
Environmental, B&W Renewable and B&W Thermal segments;
changes in our effective tax rate and tax positions, including any
limitation on our ability to use our net operating loss
carryforwards and other tax assets; our ability to successfully
manage research and development projects and costs, including our
efforts to successfully develop and commercialize new technologies
and products; the operating risks normally incident to our lines of
business, including professional liability, product liability,
warranty and other claims against us; difficulties we may encounter
in obtaining regulatory or other necessary permits or approvals;
changes in actuarial assumptions and market fluctuations that
affect our net pension liabilities and income; our ability to
successfully compete with current and future competitors; our
ability to negotiate and maintain good relationships with labor
unions; changes in pension and medical expenses associated with our
retirement benefit programs; social, political, competitive and
economic situations in foreign countries where we do business or
seek new business; the impact of COVID-19 or other similar global
health crises, and the other factors specified and set forth under
"Risk Factors" in our periodic reports filed with the Securities
and Exchange Commission, including our most recent annual report on
Form 10-K filed on March 16, 2023.
These forward-looking statements are made based upon detailed
assumptions and reflect management’s current expectations and
beliefs. While we believe that these assumptions underlying the
forward-looking statements are reasonable, we caution that it is
very difficult to predict the impact of known factors, and it is
impossible for us to anticipate all factors that could affect
actual results. The forward-looking statements included herein are
made only as of the date hereof. We undertake no obligation to
publicly update or revise any forward-looking statement as a result
of new information, future events, or otherwise, except as required
by law.
About B&W Enterprises, Inc.
Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises,
Inc. is a leader in energy and environmental products and services
for power and industrial markets worldwide. Follow us on LinkedIn
and learn more at babcock.com.
Exhibit 1
Babcock & Wilcox Enterprises,
Inc.
Condensed Consolidated Statements of
Operations(1)
(In millions, except per share
amounts)
Three Months Ended March
31,
2023
2022
Revenues
$
257.2
$
204.0
Costs and expenses:
Cost of operations
203.8
163.1
Selling, general and administrative
expenses
51.9
43.0
Advisory fees and settlement costs
(2.5
)
3.9
Restructuring activities
0.4
0.1
Research and development costs
1.3
0.7
Loss on asset disposals, net
0.9
—
Total costs and expenses
255.9
210.8
Operating income (loss)
1.4
(6.8
)
Other (expense) income:
Interest expense
(12.7
)
(11.3
)
Interest income
0.1
0.1
Benefit plans, net
(0.1
)
7.5
Foreign exchange
(0.5
)
3.1
Other expense - net
(0.2
)
(0.1
)
Total other expense
(13.3
)
(0.7
)
Loss before income tax expense
(12.0
)
(7.5
)
Income tax expense
0.5
1.2
Net loss
(12.5
)
(8.7
)
Net (income) loss attributable to
non-controlling interest
—
0.4
Net loss attributable to
stockholders
(12.5
)
(8.3
)
Less: Dividend on Series A preferred
stock
3.7
3.7
Net loss attributable to stockholders
of common stock
$
(16.2
)
$
(12.0
)
Basic loss per share
$
(0.18
)
$
(0.14
)
Diluted loss per share
$
(0.18
)
$
(0.14
)
Shares used in the computation of loss per
share:
Basic
88.7
88.0
Diluted
88.7
88.0
(1) Figures may not be clerically accurate
due to rounding
Exhibit 2
Babcock & Wilcox Enterprises,
Inc.
Condensed Consolidated Balance
Sheets(1)
(In millions, except per share amount)
March 31, 2023
December 31, 2022
Cash and cash equivalents
$
62.8
$
76.7
Current restricted cash and cash
equivalents
6.9
15.3
Accounts receivable – trade, net
173.8
162.5
Accounts receivable – other
38.0
38.5
Contracts in progress
163.9
134.9
Inventories, net
109.7
102.6
Other current assets
30.4
27.0
Total current assets
585.5
557.6
Net property, plant and equipment, and
finance lease
84.4
86.4
Goodwill
157.3
157.0
Intangible assets, net
58.8
60.3
Right-of-use assets
28.2
29.4
Long-term restricted cash
21.4
21.4
Other assets
32.9
30.6
Total assets
$
968.4
$
942.7
Accounts payable
$
169.2
$
139.2
Accrued employee benefits
12.3
12.5
Advance billings on contracts
137.2
133.4
Accrued warranty expense
9.9
9.6
Financing lease liabilities
1.2
1.2
Operating lease liabilities
3.8
3.6
Other accrued liabilities
72.5
68.2
Loans payable
4.3
4.3
Total current liabilities
410.4
372.0
Senior notes
336.0
335.5
Long term loans payable
11.4
13.2
Pension and other postretirement benefit
liabilities
135.6
136.2
Non-current finance lease liabilities
27.2
27.5
Non-current operating lease
liabilities
25.7
26.6
Deferred tax liability
9.8
10.1
Other non-current liabilities
22.6
23.8
Total liabilities
978.6
944.7
Commitments and contingencies
Stockholders' deficit:
Preferred stock, par value $0.01 per
share, authorized shares of 20,000; issued and outstanding shares
of 7,669 at both March 31, 2023 and December 31, 2022
0.1
0.1
Common stock, par value $0.01 per share,
authorized shares of 500,000; issued and outstanding shares of
88,745 and 88,700 at March 31, 2023 and December 31, 2022,
respectively
5.1
5.1
Capital in excess of par value
1,541.0
1,537.6
Treasury stock at cost, 1,880 and 1,868
shares at March 31, 2023 and December 31, 2022, respectively
(113.8
)
(113.8
)
Accumulated deficit
(1,375.1
)
(1,358.9
)
Accumulated other comprehensive loss
(68.0
)
(72.8
)
Stockholders' deficit attributable to
shareholders
(10.7
)
(2.6
)
Non-controlling interest
0.5
0.5
Total stockholders' deficit
(10.2
)
(2.1
)
Total liabilities and stockholders'
deficit
$
968.4
$
942.7
(1) Figures may not be clerically accurate
due to rounding.
Exhibit 3
Babcock & Wilcox Enterprises,
Inc.
Condensed Consolidated Statements of
Cash Flows(1)
(In millions)
Three Months Ended March
31,
2023
2022
Cash flows from operating activities:
Net loss
$
(12.5
)
$
(8.7
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization of
long-lived assets
5.4
6.2
Amortization of deferred financing costs
and debt discount
1.4
0.8
Amortization of guaranty fee
0.2
0.2
Non-cash operating lease expense
0.6
1.2
Loss on asset disposals
0.9
—
Benefit from deferred income taxes
(1.9
)
(0.7
)
Prior service cost amortization for
pension and postretirement plans
0.2
0.6
Stock-based compensation
3.4
1.8
Foreign exchange
0.5
(3.1
)
Changes in operating assets and
liabilities:
Accounts receivable - trade, net and
other
(5.5
)
(28.7
)
Contracts in progress
(29.0
)
(13.3
)
Advance billings on contracts
3.6
27.5
Inventories, net
(7.6
)
(3.0
)
Income taxes
2.1
(7.0
)
Accounts payable
29.6
11.3
Accrued and other current liabilities
2.7
(11.3
)
Accrued contract loss
(0.7
)
4.3
Pension liabilities, accrued
postretirement benefits and employee benefits
(4.3
)
(10.0
)
Other, net
(1.9
)
(10.1
)
Net cash used in operating
activities:
(12.9
)
(42.0
)
Cash flows from investing
activities:
Purchase of property, plant and
equipment
(2.2
)
(1.0
)
Acquisition of business, net of cash
acquired
—
(64.9
)
Purchases of available-for-sale
securities
(2.0
)
(1.1
)
Sales and maturities of available-for-sale
securities
2.1
1.7
Net cash used in investing
activities
(2.2
)
(65.4
)
Cash flows from financing
activities:
Issuance of senior notes
—
2.0
Borrowings on loan payable
—
1.3
Repayments on loan payable
(1.7
)
—
Finance lease payments
(0.3
)
(0.7
)
Payment of preferred stock dividends
(3.7
)
(3.7
)
Shares of common stock returned to
treasury stock
(0.1
)
(0.2
)
Debt issuance costs
(0.1
)
(0.1
)
Other, net
(0.1
)
Net cash used in financing
activities
(5.9
)
(1.6
)
Effects of exchange rate changes on
cash
(1.5
)
(0.8
)
Net decrease in cash, cash equivalents
and restricted cash
(22.4
)
(109.7
)
Cash, cash equivalents and restricted cash
at beginning of period
113.5
226.7
Cash, cash equivalents and restricted cash
at end of period
$
91.1
$
117.0
(1) Figures may not be clerically accurate
due to rounding.
Exhibit 4
Babcock & Wilcox Enterprises,
Inc.
Segment Information(1)
(In millions)
SEGMENT RESULTS
Three Months Ended March
31,
2023
2022
REVENUES:
Babcock & Wilcox Renewable
$
100.1
$
68.0
Babcock & Wilcox Environmental
39.4
34.9
Babcock & Wilcox Thermal
119.2
102.2
Other
(1.5
)
(1.1
)
$
257.2
$
204.0
ADJUSTED EBITDA:
Babcock & Wilcox Renewable
$
4.9
$
2.0
Babcock & Wilcox Environmental
1.9
1.4
Babcock & Wilcox Thermal
13.7
14.2
Corporate
(5.1
)
(4.4
)
Research and development costs
(1.3
)
(0.7
)
$
14.2
$
12.5
AMORTIZATION EXPENSE:
Babcock & Wilcox Renewable
$
0.5
$
2.1
Babcock & Wilcox Environmental
0.8
0.7
Babcock & Wilcox Thermal
1.1
1.2
$
2.4
$
4.0
DEPRECIATION EXPENSE:
Babcock & Wilcox Renewable
$
1.0
$
0.6
Babcock & Wilcox Environmental
0.2
0.2
Babcock & Wilcox Thermal
1.8
1.4
$
3.0
$
2.2
As of March 31,
BACKLOG:
2023
2022
Babcock & Wilcox Renewable (2)
$
231
$
293
Babcock & Wilcox Environmental
173
126
Babcock & Wilcox Thermal
252
158
Other/Eliminations
7
(3
)
$
663
$
574
(1)
Figures may not be clerically accurate due
to rounding.
(2)
B&W Renewable backlog has been
adjusted downward $53 million and $147 million as of March 31, 2023
and March 31, 2022 respectively to remove O&M contracts that
are recognized as disposed.
Exhibit 5
Babcock & Wilcox Enterprises,
Inc.
Reconciliation of Adjusted
EBITDA
(In millions)
Three Months Ended March
31,
2023
2022
Net loss
$
(12.5
)
$
(8.7
)
Interest expense
14.4
12.3
Income tax expense
0.5
1.2
Depreciation & amortization
5.4
6.2
EBITDA
7.8
11.1
Benefit plans, net
0.1
(7.5
)
Loss on sales, net
0.9
—
Stock compensation
3.2
1.3
Restructuring activities and business
services transition costs
1.0
2.7
Settlement and related legal costs
(3.0
)
2.5
Advisory fees for settlement costs and
liquidity planning
0.5
1.0
Acquisition pursuit and related costs
0.1
0.8
Product development (1)
1.4
0.9
Foreign exchange
0.5
(3.1
)
Contract disposal (2)
1.4
0.9
Contract step-up purchase price
adjustment
—
1.7
Other - net
0.3
0.1
Adjusted EBITDA(3)
$
14.2
$
12.5
(1)
Costs associated with development of
commercially viable products that are ready to go to market.
(2)
Impacts of the disposal of our O&M
contracts has been adjusted in the prior period to ensure uniform
presentation with the current period
(3)
Figures may not be clerically accurate due
to rounding.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230510005375/en/
Investor Contact: Lou Salamone, CFO Babcock & Wilcox
Enterprises, Inc. 704.625.4944 | investors@babcock.com
Media Contact: Ryan Cornell Public Relations Babcock
& Wilcox Enterprises, Inc. 330.860.1345 |
rscornell@babcock.com
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