Company: BWNB
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001630805-25-000019
Chunk: 8

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 2
Chunk 8
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$(7,763)$(12,795)$5,032 

Three months ended March 31, 2025 and 2024

Revenues increased by $16.9 million to $181.2 million in the three months ended March 31, 2025 as compared to $164.3 million in the three months ended March 31, 2024. The increase was primarily driven by activity related to a large natural gas project of $8.5 million, higher construction volume of $6.0 million and an increase in parts sales of $10.0 million. These were partially offset by projects that were worked off in 2024 but not fully replaced in the first quarter of 2025.

Operating income for the three months ended March 31, 2025 was $5.9 million as compared to $5.7 million in the three months ended March 31, 2024. Operating income was flat year over year despite the aforementioned revenue growth due to 

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increased cost of operations associated with the revenue growth as well as impairment and losses on disposal of approximately $1.0 million and slight increases in SG&A expenses.

Loss from continuing operations decreased by $5.0 million to $7.8 million in the three months ended March 31, 2025 as compared to $12.8 million in the three months ended March 31, 2024. The decrease was primarily driven by the $5.1 million loss on debt extinguishment from the prior year as the remaining deferred financing fees associated with the terminated PNC Revolving Credit Agreement were written off.

Other Expenses Impacting Operating Results

Interest Expense

Three Months Ended March 31,(in thousands)20252024Components associated with borrowings from:Senior Notes$6,320 $6,271 Revolving Credit Facility1,168 1,532 7,488 7,803 Components associated with amortization or accretion of:Revolving Credit Agreement1,609 1,149 Senior Notes656 644 2,265 1,793 Components associated with interest from:Lease liabilities591 548 Letter of credit interest and fees452 1,489 Other interest expense367 381 1,410 2,418 Total interest expense$11,163 $12,014 

Interest expense for the three months ended March 31, 2025 is lower due to the decrease in letter of credit usage in