Babcock & Wilcox Enterprises, Inc. (NYSE:BW) Q1 2019 Earnings Conference Call Transcript

May 10, 2019 • 08:30 am ET


Babcock & Wilcox Enterprises, Inc. (NYSE:BW) Q1 2019 Earnings Conference Call Transcript


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Good morning. My name is Jessa, and I will be your conference operator today. At this time, I would like to welcome everyone to the Babcock & Wilcox Enterprises First Quarter 2019 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks there will be a question-and-answer session. (Operator Instructions) Thank you.

Megan Wilson, Vice President, Investor Relations, you may begin your conference.

Megan Wilson

Thank you, Jessa, and good morning, everyone. Welcome to Babcock & Wilcox Enterprises First Quarter 2019 Earnings Conference Call. I'm Megan Wilson, Vice President of Investor Relations at B&W. Joining me this morning are Kenny Young, B&W's Chief Executive Officer; Lou Salamone, Chief Financial Officer; and Henry Bartoli, Chief Strategy Officer, to discuss our first 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 annual report on Form 10-K and our Form 10-Q that are 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 results to supplement the results provided in accordance with GAAP. This information should not be considered superior to or as a substitute for comparable GAAP measures. A reconciliation of historical non-GAAP measures can be found in our first quarter earnings release published yesterday.

With that, I will turn the call over to Kenny.

Kenneth Young

Thank you, Megan, and good morning, everyone. Thanks for joining.

Today, we'd like to take a slightly different approach to our earnings call. From a company standpoint, we feel strongly about the positive direction Babcock & Wilcox is trending, and Lou, Henry and I want to share our thoughts about how we view the company's transformation going forward and what we and all of our employees are working so diligently to achieve over the next several months.

Our employees have been relentless in their dedication to our customers throughout the past several months as we've transitioned the company towards delivering our core technologies across our 3 segments: Babcock & Wilcox, Volund and SPIG. We have taken significant steps to write off or write down on our historical challenges, significantly reduce our risks, position ourselves for a profitable future, improve our balance sheet and put this company in the best position to increase market share, refinance our debt and begin the process to recognize value for our customers, our employees and our shareholders.

Although we will have bumps in the road at times and we'll still face challenges, we do see a clear pathway to improve cash flows as we complete the remaining commitments under our EPC loss contracts. We see opportunities to increase market share on a global basis, leading toward