Babcock & Wilcox Enterprises, Inc. (NYSE:BW) Q3 2022 Earnings Conference Call November 8, 2022 5:00 PM ET

Company Participants

Sharyn Brooks - Director, Communications

Kenny Young - Chairman and CEO

Lou Salamone - CFO

Conference Call Participants

Aaron Spychalla - Craig-Hallum Capital Group

Brent Thielman - D.A. Davidson

Alex Rygiel - B. Riley

Rob Brown - Lake Street Capital Markets

Jamie Cook - Credit Suisse

Operator

Good evening. Thank you for attending today's Babcock & Wilcox Enterprises Third Quarter 2022 Earnings Conference Call. My name is Megan, and I'll be your moderator for today's call. [Operator Instructions]

I would now like to pass the conference over to your host, Sharyn Brooks, Director of Communications. Sharyn, please go ahead.

Sharyn Brooks

Thank you, Megan, and thanks to everyone for joining us on Babcock & Wilcox Enterprises third quarter 2022 earnings conference call. Joining the call today are Kenny Young, B&W's Chairman and Chief Executive Officer; and Lou Salamone, Chief Financial Officer, to discuss our third quarter results.

During this call, certain statements we make will be forward-looking. These statements are subject to risks and uncertainties, including those set forth in our safe harbor provision for forward-looking statements that can be found at the end of our earnings press release and also in our Form 10-Q that will be filed today and our Form 10-K that is on file with the SEC and provide further detail about the risks related to our business. Additionally, except as required by law, we undertake no obligation to update any forward-looking statements.

We also provide non-GAAP information regarding certain of our historical and targeted results to supplement the results provided in accordance with GAAP. This information should not be considered superior to or as a substitute for the comparable GAAP measures. A reconciliation of historical non-GAAP measures can be found in our third quarter earnings release published this afternoon and in our company overview presentation that will be filed on Form 8-K this afternoon and posted on the Investor Relations section of our website at babcock.com.

I will now turn the call over to Kenny.

Kenny Young

Thanks, Sharon, and thanks, everyone, for joining us today. Well, while we continue to see elevated demand directly supported by an increase in our bookings and a strong backlog. Our results for the quarter and revised targets reflect many of the current market challenges and negative impacts of industry - of the industry worldwide and the global supply chain pressures and challenges driven by geopolitical issues in the ongoing war in Ukraine, along with various lingering COVID restrictions. These ongoing issues negatively impacted the timing of revenue recognition on certain projects across our business segments.