Babcock & Wilcox (BW) Reports Q3 Revenues Miss

Babcock & Wilcox (NYSE: BW) reported Q3 revenue for the quarter came in at $198.6 million versus the consensus estimate of $231.9 million.

"Our performance in the third quarter of 2019 builds on last quarter's improvements following our improved operational performance and cost-saving efforts. Our consolidated business continued to show increasing operating margins and for the second consecutive quarter the Company was profitable on an adjusted EBITDA basis. Our Babcock & Wilcox segment continued its solid performance and across the Company we are showing steady progress on our strategy to improve profitability by focusing on our core strengths and reducing unnecessary G&A," said Kenneth Young, B&W Enterprises Chief Executive Officer. "With our equitization transactions completed in July, we are working to re-finance our existing credit facility to support our growth. As 2019 draws to a close, we are demonstrating the underlying core value of our businesses to our customers and shareholders and laying the foundation to leverage new opportunities on a worldwide basis."

"We're continuing to implement our cost-savings initiatives, for $119 million in annualized savings," said Lou Salamone, B&W Enterprises Chief Financial Officer. "Approximately $106 million of these initiatives have now been implemented and we are aggressively looking for further ways to streamline our operations while maintaining our focus on our customers and quality. As we turn toward 2020, we expect to see improvement each quarter as our cost-savings measures continue to translate to bottom-line results. We are also seeing our new opportunity pipeline increase for our core technologies across the Babcock & Wilcox, Vølund and SPIG segments globally. We are committed to our strategy, founded on our world-class employees and technologies, and we are confident we are accelerating toward an improved 2020."

For earnings history and earnings-related data on Babcock & Wilcox (BW) click here.

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