Company: BWNB
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001630805-25-000019
Chunk: 115

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 8
Chunk 115
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(1,218)28,541 27,458 1,083 B&W Environmental segmentParts7,010 7,157 (147)Projects7,397 19,551 (12,154)14,407 26,708 (12,301)B&W Thermal segmentParts64,915 53,643 11,272 Projects32,116 22,794 9,322 Construction41,215 33,750 7,465 138,246 110,187 28,059 Eliminations of intersegment revenues— (65)65 Total Revenue$181,194 $164,288 $16,906 Operating income$5,850 $5,722 $128 Loss from continuing operations$(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