Babcock & Wilcox Enterprises Inc (NYSE:BW) Q3 2024 Results Conference Call November 12, 2024 5:00 PM ET

Company Participants

Sharyn Brooks - Director-Communications
Kenny Young - Chairman and Chief Executive Officer
Lou Salamone - Chief Financial Officer

Conference Call Participants

Alex Rygiel - B. Riley
Aaron Spychalla - Craig-Hallum
Rob Brown - Lake Street Capital Markets

Operator

Good afternoon. Thank you for attending the Babcock & Wilcox Enterprises Third Quarter 2024 Conference Call. [Operator Instructions]

I would like to turn the conference over to your host, Sharyn Brooks, B&W's Director of Communications. Thank you. You may proceed, Ms. Brooks.

Sharyn Brooks

Thank you, Victoria, and thanks to everyone for joining us on Babcock & Wilcox Enterprises Third Quarter 2024 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 was filed this afternoon 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 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, Sharyn. Well, good afternoon, everyone, and thanks for joining us on our third quarter 2024 earnings call. We generated significant operating margin improvement on a year-over-year basis during the third quarter of 2024, reflecting our recent strategic actions of avoiding lower-margin projects and improving project performance as well as reducing costs. This was highlighted by our strong increases in our adjusted EBITDA, operating income and net income compared to the same period in 2023 when excluding revenue from BWRS, which was an asset we sold in the second quarter of this year.