Babcock & Wilcox Enterprises returns to profitability in 2021 calendar year

CEO Kenny Young: Europe remains a growing waste to energy market

US plant technology company Babcock and Wilcox (B&W) has posted its first full-year profit since 2015, having achieved net income of $31.5m (€28.3m) in 2021 after a net loss of over $10m for 2020. CEO Kenny Young called 2021 a "year of unprecedented growth and accomplishments for B&W, especially compared to 2020." Consolidated revenues for 2021 jumped 28 per cent to $723.4m, on higher activity in the thermal and environmental segments, CFO Lou Salamone told inverters in the annual earnings call early last month.

New order bookings were also up by 21 per cent year on year at $779m, and reached their highest level since 2017 at. Backlog at the end of the year had climbed 19 per cent according to the CEO to stand at $639m. Much of that growth came late in the year. "Extraordinary fourth quarter bookings of $269m" included two renewable new build projects with contracts valued at for $58m and $24m to supply advanced waste-to-energy technology for power plants in Europe. At the start of the new year, the company had also been awarded a contract for a biomass boiler upgrade valued at $11m, bringing the number of sizable renewable energy projects landed since September to five. It is B&W's general practice not to provide details on the location of its projects or name its customers....

Read more

You can only use this article with a valid subscription and registration. Registered subscribers can access all articles after entering their user name and password.
- Ad -

Article topics
Article categories
- Ad -