Babcock & Wilcox Enterprises, Inc. reported a total revenue of $717.3 million for the fiscal year ending December 31, 2024, a decrease of $10 million from $727.3 million in 2023. The decline was primarily attributed to reduced activity in the B&W Renewable segment, particularly lower volumes from pulp and paper projects and a European renewable job. Despite the revenue drop, the company saw an increase in operating income, which rose to $25.1 million from $16.6 million in the previous year, driven by higher volumes in natural gas conversion and environmental projects, alongside reduced expenses.
The company experienced a net loss from continuing operations of $73 million, a slight improvement from a loss of $75.8 million in 2023. This was offset by a loss on debt extinguishment of $7.3 million related to the termination of certain credit agreements. Babcock & Wilcox's total backlog increased significantly to $540.1 million as of December 31, 2024, compared to $368.2 million in the previous year, indicating a positive outlook for future revenue generation.
Strategically, Babcock & Wilcox has been active in divesting non-core assets to improve liquidity and reduce debt. In 2024, the company sold its BWRS business for $83.5 million and its SPIG and GMAB subsidiaries for $33.7 million. These divestitures were part of a broader strategy to streamline operations and focus on core technologies. The company also reported a significant impairment charge of $56.6 million related to its B&W Solar business, which was classified as held for sale.
Operationally, Babcock & Wilcox employed approximately 1,950 employees as of December 31, 2024, with a focus on enhancing workforce engagement and maintaining good relationships with union-affiliated employees. The company continues to face challenges related to its financial condition, raising substantial doubt about its ability to continue as a going concern. Management is actively pursuing additional financing options and negotiating with lenders to extend the maturity of existing debt obligations.
Looking ahead, Babcock & Wilcox aims to leverage its technological advancements in renewable energy and emissions control solutions to drive growth. The company is also focused on improving its internal controls and financial reporting processes, following the identification of material weaknesses in its internal control over financial reporting. The management's ongoing efforts to address these issues are expected to enhance operational efficiency and financial stability in the future.
About Babcock & Wilcox Enterprises, Inc.
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