• Revenue of $1.89 billion, up 9% sequentially and 41% year-over-year
• Operating Profit of $55 million, down $13 million sequentially and up $98 million year-over-year
• Net Income of $32 million, or $0.08 per fully diluted share
• Adjusted EBITDA* of $195 million, up $45 million sequentially and $139 million year-over-year

*Adjusted EBITDA is a non-GAAP measure, see “Non-GAAP Financial Measures” and “Reconciliation of Adjusted EBITDA to Net Income (Loss)” below.

HOUSTON--(BUSINESS WIRE)--NOV Inc. (NYSE: NOV) today reported third quarter 2022 revenues of $1.89 billion, an increase of 9 percent compared to the second quarter of 2022 and an increase of 41 percent compared to the third quarter of 2021. Net income for the third quarter of 2022 was $32 million, or 1.7 percent of sales, which included $63 million of Other Items (see Corporate Information for additional details). Operating profit was $55 million, or 2.9 percent of sales, and included $63 million of Other Items. Adjusted EBITDA increased sequentially to $195 million, or 10.3 percent of sales.”

“NOV’s third quarter results reflect solid execution and ongoing improvements in demand from both oil & gas and renewables markets,” stated Clay Williams, Chairman, President, and CEO. “Demand from international and offshore markets is building momentum, complementing what has already been a solid recovery in the North American land market. With international and North American revenues growing nine and ten percent, respectively, combined with strong growth from our energy transition initiatives, consolidated revenues improved nine percent sequentially. While supply chain disruptions and logistics friction remain a challenge, our team continued to improve execution to meet our customer’s needs, while working to grow profitability for our shareholders.

“After years of underinvestment, global spare production capacity is at critically low levels. However, the petroleum industry’s ability to ramp activity quickly to respond to the emerging energy shortage remains limited by, among other factors, availability of the technology and the equipment we provide. With industry capital spending still below levels sufficient to meet the world’s energy needs, despite recessionary concerns, our outlook for continued rising demand for NOV’s energy technologies is very bright.”

Wellbore Technologies

Wellbore Technologies generated revenues of $741 million in the third quarter of 2022, an increase of 11 percent from the second quarter of 2022 and an increase of 46 percent from the third quarter of 2021. Operating profit was $74 million, or 10.0 percent of sales, and included $31 million of Other Items. Adjusted EBITDA increased $23 million sequentially and $68 million from the prior year to $145 million, or 19.6 percent of sales. Accelerating growth in international markets along with continued improvements in demand from North America led to the seventh straight quarter of improved results for the segment.

Completion & Production Solutions

Completion & Production Solutions generated revenues of $681 million in the third quarter of 2022, an increase of 7 percent from the second quarter of 2022 and an increase of 42 percent from the third quarter of 2021. Operating profit was $21 million, or 3.1 percent of sales, and included $19 million in Other Items. Adjusted EBITDA increased $24 million sequentially and $61 million from the prior year to $56 million, or 8.2 percent of sales. Continued improvements in execution and healthy demand drove improved results for the segment.

New orders booked during the quarter totaled $493 million, representing a book-to-bill of 116 percent when compared to the $425 million of orders shipped from backlog. As of September 30, 2022, backlog for capital equipment orders for Completion & Production Solutions was $1.48 billion, an increase of 2 percent from the second quarter of 2022 and an increase of 34 percent from the third quarter of 2021.

Rig Technologies

Rig Technologies generated revenues of $511 million in the third quarter of 2022, an increase of 11 percent from the second quarter of 2022 and an increase of 31 percent from the third quarter of 2021. Operating profit was $22 million, or 4.3 percent of sales, and included $13 million of Other Items. Adjusted EBITDA increased $11 million sequentially and $27 million from the prior year to $52 million, or 10.2 percent of sales. Accelerating revenue conversion from renewable energy projects and demand for the segment’s aftermarket parts and services drove the improvement in results.

New capital equipment orders booked during the quarter totaled $119 million, and backlog for capital equipment orders for Rig Technologies totaled $2.78 billion as of September 30, 2022.

Corporate Information

During the third quarter, the Company recognized $63 million of Other Items associated with classifying the Company’s Russian operations as assets held for sale and the loss on sale of its Belarusian business (including the businesses’ cumulative foreign currency translation adjustments), partially offset by credits related to gains on sales of previously reserved inventory (see Reconciliation of Adjusted EBITDA to Net Income (Loss)).

Cash flow used in operations was $106 million for the quarter driven by the funding of working capital to support growth of the business.

As of September 30, 2022, the Company had total debt of $1.73 billion, with $2.00 billion available on its primary revolving credit facility, and $1.00 billion in cash and cash equivalents.

Significant Achievements

NOV successfully introduced its eVolve^TM wired drill pipe optimization services to the Carbon Capture & Storage (CCS) market and booked two additional optimization projects in the Middle East. NOV's M/D Totco™ business unit began providing eVolve services supporting drilling operations on two CCS wells in the North Sea. The project aims to capture CO₂ from various onshore industries, transporting it by ships, and injecting it 1,000 – 2,000 meters below the seabed for permanent storage. Well integrity and placement are critical in CCS applications to ensure minimal leakage back into the atmosphere. The enhanced knowledge of formation properties and downhole location provided by real-time broadband data transmission from NOV’s wired drill pipe system enables our customers to construct the safest and most efficient carbon storage wells. NOV was also awarded two eVolve wired drill pipe optimization projects in the Middle East, one from a major integrated oil company and another from a large national oil company. The scope of both projects includes the use of NOV's full suite of optimization and visualization services, wired drill pipe, downhole drilling tools, and real-time sensors along the drill string.

NOV introduced the Sjøhest (Norwegian for "seahorse") vessel, a novel solution to improve offshore wind turbine blade installation processes. The Sjøhest is designed to work with a large installation jack-up vessel to install the latest generation of offshore wind turbines at heights of 175 to 200 meters. The larger installation vessel is used to install the towers and nacelles, while a dedicated, smaller, Sjøhest jack-up vessel connects directly to the tower with a telescopic leader boom, similar to how a seahorse uses its unique and strong grasping tail to resist ocean currents, creating an aligned and stable platform from which a trolley horizontally transports blades along the leader, rotates the blade into a vertical position, and connects it to the rotor. Splitting tower/nacelle and blade installation optimizes installation efficiencies, reduces fuel usage, and shortens installation times by up to 30%, thereby improving the economics while achieving a lower carbon footprint. Additionally, the enhanced stability provided by the Sjøhest system increases the weather window in which blade installation can occur, resulting in significant uptime benefits and further improving the efficiencies associated with offshore wind development.

NOV commercialized its ATOM^TM RTX robotics system in the offshore drilling market. During the quarter, NOV booked the sale of its first ATOM RTX system for use by a major on an ultra-deepwater rig contracted for work in Brazil. Additionally, NOV booked the sale of its second land rig system to a leading North American drilling contractor. By enabling hands-free pipe-stabbing and doping, the system presents a step change in drilling efficiencies and safety, removing people from red zone operations and optimizing rig floor performance through automation.

NOV delivered its 100^th NOVOS^TM process automation platform. As the industry's only reflexive drilling system, the NOVOS platform allows drillers to automate repetitive drilling activities, such as making a connection offshore and coming off and on bottom, all while maintaining specific parameters for circulation, weight-on-bit, and more. The result is greater operational consistency for any driller, regardless of individual experience level, driving improved performance time and time again.

NOV has been awarded a contract to design, supply, and commission a Cascade Pump System for a Polyhalite mine on the northeast coast of England. Polyhalite is an organic super fertilizer that will be exported to customers around the world. The Cascade Pump System is a dual-purpose design that will de-water vertical mine shafts at depths up to 1,600 meters and pump cooling water to the mine shaft boring machine. In addition to the capital equipment order, NOV was awarded a five-year service contract to supply replacement pump units, critical spares, and onsite labor support during the mine shaft sinking process.

NOV continues to lead the evolution of the drill bit market with the launch of the ION+™ 5DX™ Shaped Cutter, the latest in our fit-for-purpose drill bit technology. Built upon the ION+ cutter platform, the ION+ 5DX polycrystalline diamond compact (PDC) cutter incorporates an optimized multi-faceted geometry that improves mechanical toughness by approximately 60% vs. conventional cutters, resulting in remarkably effective performance when drilling challenging interbedded lithologies. Based on encouraging results in West Texas, the cutter technology has shown the ability to withstand high shock loads while providing high thermal stability in challenging applications. By providing better protection of the diamond table’s integrity, the ION+ 5DX cutter enables operators to achieve improvements in drilling distances, efficiencies, and, ultimately, well productivity.

NOV successfully deployed its automated VectorZIEL^TM rotary steerable system (RSS) into the U.S. onshore market for the first time. A large independent exploration and production (E&P) company used the VectorZIEL 800 tool to drill two 9,000-ft intermediate tangent sections with 100% tool reliability. Using the tool's automated trajectory control capability, including near-bit inclination and azimuth and closed loop steering, VectorZIEL system delivered desired well plans with significantly less manual intervention than conventional RSS systems.

NOV secured an order to provide Tuboscope's TK™-Liner and its Liner Hanger System for two geothermal wells in Hamburg, Germany. Though already established as a reliable solution for large-diameter tubulars used in geothermal applications, this will be the first TK-Liner project in Germany. TK-Ring II crossovers were custom designed to interface with the completion tools, providing cost-effective corrosion protection and thermal insulation.

NOV received its first offshore contract for the iNOVaTHERM™ portable treatment unit. Following a successful trial run in the UK, a major operator awarded NOV a three-well contract that is expected to run the entirety of 2023 for operations in the Ivar Aasen Field in the North Sea. The iNOVaTHERM treatment process for drilling waste at the wellsite advances the industry’s objectives of reducing its carbon footprint, lowering operational costs, and keeping people out of harm's way.

Third Quarter Earnings Conference Call

NOV will hold a conference call to discuss its third quarter 2022 results on October 28, 2022 at 10:00 AM Central Time (11:00 AM Eastern Time). The call will be broadcast simultaneously at www.nov.com/investors. A replay will be available on the website for 30 days.

About NOV

NOV (NYSE: NOV) delivers technology-driven solutions to empower the global energy industry. For more than 150 years, NOV has pioneered innovations that enable its customers to safely produce abundant energy while minimizing environmental impact. The energy industry depends on NOV’s deep expertise and technology to continually improve oilfield operations and assist in efforts to advance the energy transition towards a more sustainable future. NOV powers the industry that powers the world.

Visit www.nov.com for more information.

Non-GAAP Financial Measures

This press release contains certain non-GAAP financial measures that management believes are useful tools for internal use and the investment community in evaluating NOV’s overall financial performance. These non-GAAP financial measures are broadly used to value and compare companies in the oilfield services and equipment industry. Not all companies define these measures in the same way. In addition, these non-GAAP financial measures are not a substitute for financial measures prepared in accordance with GAAP and should therefore be considered only as supplemental to such GAAP financial measures. Please see the attached schedules for reconciliations of the differences between the non-GAAP financial measures used in this press release and the most directly comparable GAAP financial measures.

Cautionary Statement for the Purpose of the “Safe Harbor” Provisions of the Private Securities Litigation Reform Act of 1995

Statements made in this press release that are forward-looking in nature are intended to be “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934 and may involve risks and uncertainties. These statements may differ materially from the actual future events or results. Readers are referred to documents filed by NOV with the Securities and Exchange Commission, including the Annual Report on Form 10-K, which identify significant risk factors which could cause actual results to differ from those contained in the forward-looking statements.

Certain prior period amounts have been reclassified in this press release to be consistent with current period presentation.

Blake McCarthy
Vice President, Corporate Development and Investor Relations
(713) 815-3535
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• GE’s Grid Solutions and Power Conversion businesses to supply technology to energy technology company, Baker Hughes for Venture Global’s Plaquemines LNG export facility
• GE’s technology will power the overall liquefaction system Baker Hughes is providing for the Plaquemines export facility, Venture Global’s second project to bring U.S. liquefied natural gas (LNG) to the global market
• The contract builds on previous collaboration with Baker Hughes for Venture Global LNG’s Calcasieu Pass project

ATLANTA--(BUSINESS WIRE)--#GEGrid--GE’s Grid Solutions and Power Conversion businesses (NYSE:GE) have been selected by Baker Hughes, an energy technology company, to provide the high-voltage (HV) equipment and the energy management system (EMS) to support Venture Global LNG’s Plaquemines liquefied natural gas (LNG) export facility in Louisiana.

GE’s Grid Solutions contracts includes the design, engineering, delivery, and commissioning of 145 kV gas-insulated switchgear (GIS), integrated protection and control systems, as well as high-voltage power transformers for the Plaquemines facility. GE Power Conversion will supply the hot redundant EMS, as PQ 1 (25 000 IOs) & 2-A (15 000 IOs), interconnected to guarantee the plant’s electrical resilience.

The combined high-voltage equipment and EMS will allow the power generated at each plant to be distributed with accuracy and reliability to the load centers at each step in the gas liquefaction process.

“We are delighted with our customers’ vote of confidence in our advanced power systems and solutions, which enable operators to power their LNG facilities in an efficient, safe and reliable manner,” said Philippe Piron, CEO of GE’s Grid Solutions and Power Conversion. “With our dedicated team based in the U.S. together with the right mix of GE products, services and solutions, we will continue to support customers’ critical projects during the energy transition.”

GE’s Grid Solutions and Power Conversion businesses received their first contract in 2019 from Baker Hughes for the supply of high-voltage equipment, systems and EMS for Calcasieu Pass, Venture Global’s first LNG facility.

As a global leader in grid infrastructure products, systems, integrated solutions and services, GE supports a broad set of energy intensive and industrial applications, delivering a comprehensive portfolio of primary and secondary power system equipment.

Allison J. Cohen
GE Renewable Energy, Grid Solutions business
External Communications Manager
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HOUSTON--(BUSINESS WIRE)--Aris Water Solutions, Inc. (NYSE: ARIS) (“Aris,” “Aris Water,” or the “Company”) announced today that it has acquired certain intellectual property rights and related proprietary treatment technologies and assets from Water Standard Management (US), Inc. (“Water Standard”) that support and accelerate the advanced treatment and beneficial reuse of produced water in the Permian Basin. Additionally, Aris and Water Standard have agreed to collaborate in the future on certain advanced water treatment projects which draw on each party’s demonstrated expertise and capabilities.

This acquisition highlights Aris’s commitment to identifying opportunities for the beneficial reuse of produced water. The acquired assets include proven technologies associated with pilots that exceeded EPA and other regulatory requirements for safe surface discharge of treated produced water. These defined processes will accelerate Aris’s industry leading work that is currently focused on the treatment of produced water for non-consumptive agriculture, as a feedstock for industrial process water, for low emission hydrogen production, and for the direct air capture of atmospheric CO₂.

“We are very pleased to announce this transaction with Water Standard which further enhances our water treatment capabilities both in and outside of the oil and gas industry,” said Aris President and Chief Executive Officer Amanda Brock. “As concerns around long-term water scarcity continue to increase, we believe the advanced treatment of produced water offers a compelling viable alternative to reducing the use of groundwater in the oil and gas industry, as well as providing a source of new water for industrial, non-consumptive agricultural and other sectors. Aris is committed to being a leader in commercializing sustainable water management solutions.”

Aris is also pleased to announce the appointment of Lisa Henthorne as Chief Scientist for Aris. In this role, Ms. Henthorne will lead Aris’s activities in piloting and advancing water treatment technologies as well as supporting the Company’s regulatory and industry collaboration activities around beneficial reuse. Ms. Henthorne will continue to collaborate with Water Standard on certain advanced water treatment projects utilizing its differentiated technologies and designs. With over 30 years of experience, Ms. Henthorne is an internationally recognized expert in water chemistry, produced water treatment and desalination. She is currently a member of the Research Advisory Council for the Department of Energy’s National Alliance of Water Innovation and a Director and former President of the Produced Water Society. She has had prior leadership roles with the International Desalination Association and the U.S. Bureau of Reclamation.

“Lisa is a leading, internationally respected expert in water chemistry and treatment technologies,” said Amanda Brock. “Her depth of knowledge and industry relationships will complement our existing team and accelerate our long-term strategic initiative to lead the industry in developing sustainable beneficial re-use technologies, applications, and services.”

Forward Looking Statements

Certain matters contained in this press release include “forward-looking statements.” All statements, other than statements of historical fact, included in this press release may constitute forward-looking statements. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot assure you that these expectations will prove to be correct. These forward-looking statements are subject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements. Factors that might cause actual results to differ include, but are not limited to, the risk factors discussed from time to time in each of our documents and reports filed with the SEC.

Readers are cautioned not to place undue reliance on any forward-looking statements contained in this press release, which reflect management’s opinions only as of the date hereof. Except as required by law, we undertake no obligation to revise or publicly release the results of any revision to any forward-looking statements.

About Aris Water Solutions, Inc.

Aris Water Solutions, Inc. (NYSE: ARIS) is a leading, growth-oriented environmental infrastructure and solutions company that directly helps its customers reduce their water and carbon footprints. Aris Water delivers full-cycle water handling and recycling solutions that increase the sustainability of energy company operations. Its integrated pipelines and related infrastructure create long-term value by delivering high-capacity, comprehensive produced water management, recycling and supply solutions to operators in the core areas of the Permian Basin. Additional information is available on our website, www.ariswater.com.

David Tuerff
Senior Vice President, Finance and Investor Relations
(281) 501-3070
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• Full Year 2023 Adjusted EBITDA target of $100 million to $120 million
• Full Year 2022 Adjusted EBITDA target reduced, now $70 million to $80 million, primarily due to global supply chain pressures and shortages caused by geopolitical issues and the war in Ukraine
• Demand remains strong with an expected third quarter ending backlog of $724 million and bookings of $226 million, over 30% improvement in both backlog and bookings compared to third quarter of 2021
• Fourth Quarter 2022 Adjusted EBITDA target of $25 million to $30 million
• Third Quarter 2022 earnings call and webcast set for Tuesday, November 8, 2022 at 5 p.m. ET

AKRON, Ohio--(BUSINESS WIRE)--$BW #renewableenergy--Babcock & Wilcox Enterprises, Inc. ("B&W" or the "Company") (NYSE: BW) today introduced a full year 2023 adjusted EBITDA target and outlook and announced a revised full year 2022 adjusted EBITDA target. Management will discuss financial results for the third quarter ended September 30, 2022 and outlook on a conference call and webcast on Tuesday, November 8, 2022, at 5 p.m. Eastern Time.

Despite near-term macroeconomic and geopolitical headwinds, demand remains elevated, supported by a strong backlog and a robust pipeline of more than $7.5 billion of identified global project opportunities. The Company anticipates that full year 2023 adjusted EBITDA will range from $100 million to $120 million.

“We are seeing strong demand coupled with a significant backlog level. Looking forward, we remain confident in our visibility for new booking opportunities,” said B&W Chairman and Chief Executive Officer Kenneth Young. “This supports our expectations for continued growth in 2023 with our stated target of $100 million to $120 million in adjusted EBITDA.”

Full year 2022 adjusted EBITDA target is now expected to be $70 million to $80 million. This lowered adjustment reflects the delay of revenue recognition on certain projects, primarily due to global supply chain pressures and shortages caused by geopolitical issues and the war in Ukraine. The Company expects a stronger fourth quarter with adjusted EBITDA of $25 million to $30 million.

“While we continue to work relentlessly to mitigate the current market challenges that impacted our near-term expectations, we are seeing signs of recovery across all our segments,” Young continued. “Importantly, our revised target is not due to project performance-related issues but primarily the impact of the timing of projects, parts and services due to supply chain headwinds that impact our customers as well as B&W, thus deferring the expected timing of our revenue recognition. Domestically, we are seeing strong recovery towards a normalized trend in our Parts and Services business. We are also seeing signs of recovery from some of the global supply chain challenges affecting B&W and our customers.”

B&W Chairman and Chief Executive Officer, Kenneth Young, and B&W Chief Financial Officer, Louis Salamone, will discuss the Company’s third quarter 2022 results on Tuesday, November 8, 2022. A news release detailing the results is expected to be issued after the market closes the day of the conference call and webcast.

The listen-only audio of the conference call will be broadcast live via the Internet on B&W’s Investor Relations site. The dial-in number for participants in the U.S. is (844) 200-6205; the dial-in number for participants in Canada is (833) 950-0062; the dial-in number for participants in all other locations is (929) 526-1599. The conference ID for all participants is 544177. A replay of this conference call will remain accessible in the investor relations section of the Company’s website for a limited time.

A reconciliation of adjusted EBITDA targets to the most comparable GAAP targets is not available without unreasonable efforts.

About Babcock & Wilcox

Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises, Inc. is a leader in energy and environmental products and services for power and industrial markets worldwide. Follow us on LinkedIn and learn more at babcock.com.

Forward-Looking Statements

B&W cautions that this release contains forward-looking statements, including, without limitation, statements relating to the expected and potential impact of macroeconomic and geopolitical headwinds, expected demand for our products and projected backlog and project pipeline, the highly competitive nature of the Company’s businesses and ability to win work, including identified project opportunities in the pipeline, general economic and business conditions, including changes in interest rates and currency exchange rates, cancellations of and adjustments to backlog and the resulting impact from using backlog as an indicator of future earnings, the potential impact of booking delays, global supply chain pressures, rising inflation rates, currency volatility, the ongoing war in Ukraine and the resulting economic instability and the Company’s ability to perform contracts on time and on budget, in accordance with the schedules and terms established by the applicable contracts with customers . These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties. For a more complete discussion of these risk factors, see our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. We caution readers not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and we undertake no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.

Investor Contact:
Investor Relations
Babcock & Wilcox
704.625.4944
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Media Contact:
Ryan Cornell
Public Relations
Babcock & Wilcox
330.860.1345
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Building America’s Premier Marine Transportation Company

SULPHUR, LA.--(BUSINESS WIRE)--Devall Towing (Devall) and Southern Towing Company (STC) announced today that they will fully integrate operations and management of the two companies in 2023. The combination of Devall’s extensive coastal operations network with STC’s upriver capabilities enables the newly combined company to provide integrated marine transportation solutions across the entire U.S. inland and coastal waterway system.

Under the name Southern Devall, the new company will bring together more than 120 years of experience backed by 230 barges, 70 towboats, and the expertise of 700 employees to safely transport the nation’s chemicals and fertilizers along all 12,000 miles of navigable waterways.

“We are excited about the opportunities ahead,” said Kenny Devall who will lead the new company as CEO. “Both Southern and Devall were established as family-owned companies that share the same core values and vision. We look forward to building on that foundation as we invest in and grow the new company.”

The integration will significantly increase service options for customers. With extensive geographic reach, proven industry expertise, and a comprehensive range of competitive service offerings, Southern Devall will be a one-stop-shop with the scale, breadth, and capabilities to compete more effectively in the market.

Integration activities are expected to conclude in the second half of 2023.

Southern Devall is a portfolio company of CC Industries, a Chicago-based management company for the Crown family’s privately held companies.

About Southern Devall

Southern Devall is a new company that will incorporate two long-standing industry leaders: Devall Towing and Southern Towing. Southern Devall will be headquartered in Sulphur, LA.

Devall was founded in 1952 and is headquartered Sulphur, LA. Devall is a marine transportation service provider with a strong focus on the chemical market. Devall has two industry subsidiaries: Devall Fleeting, which operates multiple fleeting locations in Louisiana and Texas; and Devall Diesel Services, a factory dealership & service center for diesel engines.

Southern was founded in 1958 and is headquartered in Memphis, TN. Southern is one of the nation’s largest carriers of liquid fertilizers.

About CC Industries

CC Industries is the Chicago-based management company for the Crown family’s privately-held companies, including: CIE, GILLIG, Great Dane Trailers, J.L. Clark, Miracapo Pizza Company, Provisur Technologies, Riverside Rail, Selig, Southern Devall, and Trail King Industries. The Crown family has a long history of owning and growing industrial businesses. The Crown family’s original business dates itself to 1919 when Henry Crown and his brothers started Material Service Corporation.

Bob Thomas This email address is being protected from spambots. You need JavaScript enabled to view it.

LOS ANGELES--(BUSINESS WIRE)--#CarbonCapture--CarbonCapture Inc. (CarbonCapture), a U.S. climate tech company that develops direct air capture (DAC) systems based on a groundbreaking modular open systems architecture, today announced the selection of Fluor Corporation, a leading global engineering, procurement, and construction (EPC) firm, to provide engineering and project integration services for Project Bison, CarbonCapture’s multi-megaton atmospheric carbon removal facility in Wyoming.

“With more than 110 years in the industry, Fluor brings the depth of experience as both a world-class EPC firm and a technology licensor to understand what it takes to nurture, scale and deploy emerging technologies,” said Jason Kraynek, president, Production & Fuels, Fluor Corporation. “Fluor intends to leverage its first-of-a-kind execution experience in the carbon capture space to help drive Project Bison’s success."

“We’re extremely pleased to be working with Fluor on Project Bison,” said Adrian Corless, CEO and CTO, CarbonCapture Inc. “We think it’s critically important to leverage the vast expertise and experience of an industry leader like Fluor as we develop what we expect to be an entirely new industry in atmospheric carbon removal.”

Project Bison is expected to be operational by late 2023, at which point it would be the first atmospheric carbon removal facility to use Class VI wells for permanent storage as well as the first massively scalable DAC project in the United States.

About CarbonCapture Inc.

CarbonCapture develops and deploys direct air capture (DAC) machines that can be connected in large arrays to remove massive amounts of CO₂ from the atmosphere. With a groundbreaking modular open systems architecture, CarbonCapture’s technology platform allows for a broad range of sorbent options, plug-and-play upgrades, mass production, unlimited scalability, and rapid technology iterations. CarbonCapture’s systems run on zero-emissions energy, capturing atmospheric CO₂ for either permanent atmospheric carbon removal or for producing low-carbon synthetic fuels.

For more information, please visit carboncapture.com

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BETHESDA, Md.--(BUSINESS WIRE)--#Bioenergy--Enviva Inc. (NYSE: EVA) (“Enviva”), the world’s leading producer of sustainably sourced wood biomass, today issued the following statement in response to a public letter from 550 global scientists sent to the Presidents of the European Commission, European Parliament, and European Council outlining numerous climate benefits of woody biomass and sustainable forest management:

Enviva applauds 550 global scientists for their letter highlighting the important role that woody biomass from sustainably managed forests can play in climate change mitigation, delivering a fossil fuel-free energy future, and maintaining healthy forests. This includes sustainably sourced woody biomass from healthy forests in the U.S. Southeast. The views of these highly respected scientists align with Enviva’s mission and approach to fighting climate change, and we appreciate their public stance.

Importantly, as the EU progresses its discussions on the Renewable Energy Directive, we believe these expert perspectives, based on science and deep expertise in forest management and ecology, will help inform the policy debate surrounding the use of woody biomass in meeting the EU’s climate targets.

Enviva remains committed to responsible forest stewardship and supplying sustainably sourced wood bioenergy, providing our customers the opportunity to reduce their lifecycle carbon emissions and address climate commitments.

The full letter, “Scientist Letter regarding the need for climate smart forest management,” is available here.

About Enviva
Enviva is the world’s largest producer of industrial wood pellets, a renewable and sustainable energy source produced by aggregating a natural resource, wood fiber, and processing it into a transportable form, wood pellets. Enviva owns and operates ten plants with a combined production capacity of approximately 6.2 million metric tons per year in Virginia, North Carolina, South Carolina, Georgia, Florida, and Mississippi, and is constructing its eleventh plant, in Epes, Alabama. The Epes plant is projected to add 1.1 million MTPY – approximately an 18% increase – to Enviva’s production capacity, and is expected to be the world’s largest wood pellet production plant once constructed. Enviva sells most of its wood pellets through long-term, take-or-pay off-take contracts with creditworthy customers in the United Kingdom, the European Union, and Japan, helping to accelerate the energy transition and to decarbonize hard-to-abate sectors like steel, cement, lime, chemicals, and aviation fuels. Enviva exports its wood pellets to global markets through its deep-water marine terminals at the Port of Chesapeake, Virginia, the Port of Wilmington, North Carolina, and the Port of Pascagoula, Mississippi, and from third-party deep-water marine terminals in Savannah, Georgia, Mobile, Alabama, and Panama City, Florida.

To learn more about Enviva, please visit our website at www.envivabiomass.com. Follow Enviva on social media @Enviva.

Maria Moreno
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+1-301-657-5560

IRVING, Texas--(BUSINESS WIRE)--Exxon Mobil Corporation will release third quarter 2022 financial results on Friday, October 28, 2022. A press release will be issued via Business Wire and available at 5:30 a.m. CT at www.exxonmobil.com.

Darren Woods, chairman and chief executive officer; Kathy Mikells, senior vice president and chief financial officer; and Jennifer Driscoll, vice president of investor relations, will review the results during a live, listen-only conference call at 7:30 a.m. CT. The presentation can be accessed via webcast or by calling (888) 596-2592 (United States) or (786) 789-4790 (International). Please reference confirmation code 8966572 to join the call. An archive replay of the call and a copy of the presentation with accompanying supplemental financial data will be available at www.exxonmobil.com/ir.

ExxonMobil Media Relations
(972) 940-6007

HOUSTON--(BUSINESS WIRE)--NRG Energy, Inc. (NYSE: NRG) plans to report its third quarter 2022 financial results on Monday, November 7, 2022. Management will present the results during a conference call and webcast at 9:00 a.m. ET (8:00 a.m. CT).

A live webcast of the conference call, including presentation materials, can be accessed through NRG’s website at http://www.nrg.com and clicking on “Presentations & Webcasts” in the “Investors” section found at the top of the home page. The webcast will be archived on the site for those unable to listen in real time.

About NRG

At NRG, we’re bringing the power of energy to people and organizations by putting customers at the center of everything we do. We generate electricity and provide energy solutions and natural gas to millions of customers through our diverse portfolio of retail brands. A Fortune 500 company, operating in the United States and Canada, NRG delivers innovative solutions while advocating for competitive energy markets and customer choice, working towards a sustainable energy future. More information is available at www.nrg.com. Connect with NRG on Facebook, LinkedIn and follow us on Twitter @nrgenergy.

Investors:
Kevin L. Cole, CFA
609.524.4526
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Media:
Laura Avant
713.537.5437
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~Fourth Quarter Revenue Increases Over 16% to $537 Million~
~Fourth Quarter Same-Stores Sales Growth Exceeds 11%~
~Fourth Quarter Gross Margins of 36.7% Driven by Higher Margin Businesses~
~Record Fourth Quarter Diluted Earnings Per Share of $1.73~
~Record Fiscal 2022 Revenue Surpasses $2.3 Billion~
~2022 Diluted Earnings Per Share of $8.84 or Adjusted $9.00 EPS Surpasses High End of Guidance Range~
~Company Provides Annual Guidance for Fiscal 2023~

CLEARWATER, Fla.--(BUSINESS WIRE)--MarineMax, Inc. (NYSE: HZO), the world’s largest recreational boat and yacht retailer, today announced record results for its fourth quarter and full year ended September 30, 2022.

Revenue grew over 16% to a record $536.8 million for the quarter ended September 30, 2022, from $462.3 million for the comparable quarter last year. Same-store sales grew over 11%. This growth was despite the difficulties presented by Hurricane Ian which impacted the Company’s largest market, Florida. The revenue growth overall was driven by continued strong demand for boating and our selective acquisitions with exceptional strategic growth results.

Net income for the quarter ended September 30, 2022 was $38.4 million, or $1.73 per diluted share, compared to $32.8 million, or $1.45 per diluted share in the comparable prior year period. Included in the quarter ended September 30, 2022, is $4.8 million of expenses, or $0.17 per diluted share, net of tax, associated with Hurricane Ian related expenses. Excluding Hurricane Ian related expenses, net income rose 28% to $42.0 million or $1.90 per diluted share for the quarter ended September 30, 2022.

For the fiscal year ended September 30, 2022, revenue increased 12% to $2.31 billion compared with $2.06 billion for the prior fiscal year. The revenue increase was driven primarily by successful strategic acquisitions completed during the fiscal year and by strong same-store sales growth of 5% which was on top of a 13% increase last year.

Net income for the fiscal year ended September 30, 2022, was $198.0 million, or $8.84 per diluted share, compared to net income of $155.0 million, or $6.78 per diluted share in the prior year. Included in fiscal 2022, are $4.8 million of expenses, or $0.16 per diluted share, net of tax, associated with Hurricane Ian. Excluding Hurricane Ian related expenses, net income rose 30% to $201.6 million or $9.00 per diluted share for the year ended September 30, 2022.

W. Brett McGill, Chief Executive Officer and President stated, “As with any natural disaster such as Hurricane Ian, MarineMax is committed to supporting the impacted families and communities. Our team’s training, past experiences, and proactive efforts were instrumental in not only preparing our operations for the storm but also providing on-the-ground assistance in the impacted areas.”

Mr. McGill continued, “The extraordinary efforts of MarineMax’s team members, coupled with the ongoing execution of our strategic initiatives, generated record fiscal year revenue of more than $2.3 billion, our highest yearly gross margin since inception, and record adjusted earnings per share of $9.00. We are very proud of these outstanding achievements and believe this further demonstrates the resiliency and diversification of our higher margin platform that is benefitting from our global market presence, premium brands, valuable real estate locations, exceptional customer service, technology advancements, strategic acquisitions, and our unwavering commitment to build on our strong company culture. The recent completion of the IGY Marina’s acquisition further strengthens our higher margin platform and resilient revenue streams for the future.”

Mr. McGill continued, “While certain segments of our industry may begin to feel the effects of economic tightening, the premium segments which we operate within, historically have been far more resilient. Furthermore, our industry-leading balance sheet is extremely well-capitalized, which was further strengthened by our record 2022 results and supported the acquisition of multiple higher margin businesses during the year. This financial flexibility allows us to selectively acquire and strategically grow our business while expanding company-wide margins. As a direct result of our strategic growth plan, we are now positioned with multiple growth platforms which we believe will drive sustainable long-term shareholder value.”

Fiscal 2023 Guidance

Based on current business conditions, retail trends, and other factors, the Company currently expects earnings per diluted share to be in the range of $7.90 to $8.40 for fiscal 2023, including the recently announced IGY Marina’s acquisition. This compares to non-GAAP adjusted diluted earnings per share of $9.00 in fiscal 2022. The adjustment to fiscal 2022 reflects the removal of Hurricane Ian expenses. These expectations do not consider, or give effect for, material acquisitions, other than IGY, that may be completed by the Company during fiscal 2023 or other unforeseen events, including changes in global economic conditions.

About MarineMax

MarineMax is the world’s largest recreational boat and yacht retailer, selling new and used recreational boats, yachts, and related marine products and services, as well as providing yacht brokerage and charter services. MarineMax has over 120 locations worldwide, including 78 retail dealership locations, some of which include marinas. Collectively, with the IGY acquisition, MarineMax owns or operates 57 marinas worldwide. Through Fraser Yachts and Northrop & Johnson, the Company also is the largest superyacht services provider, operating locations across the globe. Cruisers Yachts, a MarineMax company, manufactures boats and yachts with sales through our select retail dealership locations and through independent dealers. Intrepid Powerboats, a MarineMax company, manufactures powerboats and sells through a direct-to-consumer model. MarineMax provides finance and insurance services through wholly owned subsidiaries and operates MarineMax Vacations in Tortola, British Virgin Islands. The Company also owns Boatyard, an industry-leading customer experience digital product company. MarineMax is a New York Stock Exchange-listed company (NYSE: HZO). For more information, please visit www.marinemax.com.

Forward-Looking Statement

Certain statements in this press release are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include the Company’s anticipated financial results for the fourth quarter and the fiscal year ended September 30, 2022; the IGY Marina’s acquisition further strengthening of the Company's higher margin platform and resilient revenue streams for the future; the Company's financial flexibility and that flexibility allowing the Company to acquire and strategically grow its business while expanding company-wide margins; the Company's positioning with multiple growth platforms which the Company believes will drive sustainable long-term shareholder value; and the Company's fiscal 2023 guidance. These statements are based on current expectations, forecasts, risks, uncertainties, and assumptions that may cause actual results to differ materially from expectations as of the date of this release. These risks, assumptions, and uncertainties include the Company’s abilities to reduce inventory, manage expenses and accomplish its goals and strategies, the quality of the new product offerings from the Company’s manufacturing partners, the performance and integration of the recently-acquired businesses, the impacts (direct and indirect) of COVID-19 on the Company’s business, the Company’s employees, the Company’s manufacturing partners, and the overall economy, general economic conditions, as well as those within the Company's industry, the level of consumer spending, and numerous other factors identified in the Company’s Form 10-K for the fiscal year ended September 30, 2021 and other filings with the Securities and Exchange Commission. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Non-GAAP Financial Measure

This press release, along with the above Supplemental Financial Information table, contains “Adjusted net income,” which is a non-GAAP financial measure as defined under applicable securities legislation. In determining this measure, the Company excludes certain items which are otherwise included in determining the comparable GAAP financial measure. The Company believes this non-GAAP financial measure is a key performance indicator that improves the period-to-period comparability of the Company’s results and provides investors with more insight into, and an additional tool to understand and assess, the performance of the Company's ongoing core business operations. Investors and other readers are encouraged to review the related GAAP financial measure and the above reconciliation and should consider the non-GAAP financial measure as a supplement to, and not as a substitute for or as a superior measure to, measures of financial performance prepared in accordance with GAAP.

Investors:
Michael H. McLamb
Chief Financial Officer
727-531-1700

Brad Cohen or Dawn Francfort
ICR, LLC
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Media:
Katherine Cooper
MarineMax, Inc.

50-50 partnership focuses on filling the pipeline critical to advancing the hydrogen economy

WILMINGTON, Del.--(BUSINESS WIRE)--$CC--The Chemours Company (“Chemours”) (NYSE: CC), a global chemistry company leading in Titanium Technologies, Thermal & Specialized Solutions, and Advanced Performance Materials, announced plans to enter into a joint venture with BWT FUMATECH Mobility GmbH, an established player in multiple hydrogen markets, focused on membrane manufacturing in the field of fuel cell technology. Completion of the transaction is subject to customary regulatory approvals. The joint venture—THE Mobility F.C. Membranes Company GmbH—is rooted in both companies’ understanding of the critical role heavy-duty fuel cell (HDFC) membranes play in driving the global hydrogen economy. Through this partnership, Chemours and BWT will integrate their complementary capabilities, resources, and technological expertise—as well as more than 85 years of combined experience in fuel cell membrane innovation—to expedite supply to original equipment manufacturers (OEMs) and to ensure growing demand is met in the near and long terms.

Chemours—inventor of Nafion^™ ion exchange membranes and dispersions, which are inextricable to the hydrogen economy—possesses great expertise in the production of the building blocks of high-performance HDFC membranes. Located in Germany, THE Mobility F.C. Membranes Company will cooperate with FUMATECH—a subsidiary of the private Austrian-based BWT Group—and its existing production technology and line operations to convert Chemours Nafion^™ ion exchange materials into industry-leading end-product membranes. The companies estimate that within 12 months of startup, the joint venture will be able to ramp up the capacity of manufacturing heavy-duty humidifier and fuel cell membranes for strategic long-term customers.

“The estimated size of the heavy-duty fuel cell membrane market is expected to grow to about $900M by 2030, which speaks volumes to how critical this technology is, and will continue to be, as the planet pursues robust goals for decarbonization,” said Denise Dignam, President of Advanced Performance Materials at Chemours. “Chemours is committed to taking on the world’s biggest challenges through the power of our chemistry and driving investment in supporting the hydrogen economy. This joint venture with BWT FUMATECH demonstrates the exact type of collaboration that empowers us to uphold that commitment. This is an ideal partnership, possessing everything required to go from monomer to membrane with the agility, efficiency, and production volume necessary to bring affordable hydrogen energy solutions to mass markets.”

“In coming together to combine the best assets and competencies of both partners, THE Mobility F.C. Membranes Company GmbH, will focus on establishing the resources and processes to secure the path for long-term success in line with the growth within the hydrogen space,” said Andreas Weissenbacher, CEO BWT. “Ultimately, our work together will fill a pipeline of needed products critical to achieving a global, sustainable hydrogen economy."

Climate policies, such as the U.S. Inflation Reduction Act (IRA), European Green Deal, and other future-oriented policy frameworks on the EU and member state level, will drive significant changes to the energy, transportation, and manufacturing industries as well as spark innovation in clean technology with billions of dollars in new climate and energy spending. With the foundation of Chemours’ strong polymer technology and FUMATECH’s optimized manufacturing technology, the joint venture company aims to play a significant role in servicing the hydrogen economy pipeline with a supply of highly engineered HDFC membranes. At the outset, THE Mobility F.C. Membranes Company will supply to the European Union, United States, Japan, China, and Korea, enabling downstream customers to accelerate broad conversion to green, hydrogen-powered heavy-duty transportation.

About The Chemours Company
The Chemours Company (NYSE: CC) is a global leader in Titanium Technologies, Thermal & Specialized Solutions, and Advanced Performance Materials providing its customers with solutions in a wide range of industries with market-defining products, application expertise and chemistry-based innovations. We deliver customized solutions with a wide range of industrial and specialty chemicals products for markets, including coatings, plastics, refrigeration and air conditioning, transportation, semiconductor and consumer electronics, general industrial, and oil and gas. Our flagship products include prominent brands such as Ti-Pure™, Opteon™, Freon™, Teflon™, Viton™, Nafion™, and Krytox™. The company has approximately 6,400 employees and 29 manufacturing sites serving approximately 3,200 customers in approximately 120 countries. Chemours is headquartered in Wilmington, Delaware and is listed on the NYSE under the symbol CC.

For more information, we invite you to visit Chemours.com or follow us on Twitter @Chemours or LinkedIn.

About FUMATECH
FUMATECH (Functional Membranes and Plant Technology) is part of the BWT Group, a private water treatment company founded in the 1990. FUMATECH, headquartered in Bietigheim-Bissingen, Germany, has established itself as a technological pioneer in the production of fuel cell membranes, ion-exchange membranes for energy storage and separation technology. The company has extensive expertise in areas ranging from the formulation of raw materials and the processing of materials to create membranes suited to their technical application. Visit fumatech.com for more information.

About BWT
The BWT – Best Water Technology – Group is a leading water technology company in Europe with a staff of more than 5,500, working on innovative, economic and ecologically friendly water treatment technologies to provide private households, industry, commerce, hotels and municipalities with the safest, healthiest and most hygienic water possible for their day-to-day needs. BWT provides modern water treatment systems and services for drinking water, process water, pool water and, especially, WFI – water for injection for the pharmaceutical and biotech industry. The company’s research and development staff works on new techniques and materials using cutting-edge methods to develop economical and ecologically friendly products. Employees work particularly hard to create products which use fewer resources and less energy, thereby reducing CO2 emissions.

Sustainability is in BWT’s DNA, and every BWT product contributes to the conservation of our most valuable resource, water. BWT’s Claim – For You and Planet Blue – is today more relevant than ever before, given the challenges our society faces worldwide today. With its unique and patented water treatment technologies, BWT contributes every day to “Change the World – sip by sip” – not only through the creation of “Bottle Free Zones” but also with its worldwide leading know how in the development and production of high-performance membranes for the fuel cell – the energy converter of the 21^st century.

More information about BWT Group and their products and services is available at www.bwt.com.

Forward-Looking Statements
Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which involve risks and uncertainties. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to a historical or current fact. The words "believe," "expect," "will," "anticipate," "plan," "estimate," "target," "project" and similar expressions, among others, generally identify "forward-looking statements," which speak only as of the date such statements were made. These forward-looking statements may address, among other things, the outcome or resolution of any pending or future environmental liabilities, the commencement, outcome or resolution of any regulatory inquiry, investigation or proceeding, the initiation, outcome or settlement of any litigation, changes in environmental regulations in the U.S. or other jurisdictions that affect demand for or adoption of our products, anticipated future operating and financial performance for our segments individually and our company as a whole, business plans, prospects, targets, goals and commitments, capital investments and projects and target capital expenditures, plans for dividends or share repurchases, sufficiency or longevity of intellectual property protection, cost reductions or savings targets, plans to increase profitability and growth, our ability to make acquisitions, integrate acquired businesses or assets into our operations, and achieve anticipated synergies or cost savings, all of which are subject to substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Forward-looking statements are based on certain assumptions and expectations of future events that may not be accurate or realized. These statements are not guarantees of future performance. Forward-looking statements also involve risks and uncertainties that are beyond Chemours' control. In addition, the current COVID-19 pandemic has significantly impacted the national and global economy and commodity and financial markets, which has had and we expect will continue to have a negative impact on our financial results. The full extent and impact of the pandemic is still being determined and to date has included significant volatility in financial and commodity markets and a severe disruption in economic activity. The public and private sector response has led to travel restrictions, temporary business closures, quarantines, stock market volatility, and interruptions in consumer and commercial activity globally. Matters outside our control have affected our business and operations and may or may continue to hinder our ability to provide goods and services to customers, cause disruptions in our supply chains, adversely affect our business partners, significantly reduce the demand for our products, adversely affect the health and welfare of our personnel or cause other unpredictable events. Additionally, there may be other risks and uncertainties that Chemours is unable to identify at this time or that Chemours does not currently expect to have a material impact on its business. Factors that could cause or contribute to these differences include the risks, uncertainties and other factors discussed in our filings with the U.S. Securities and Exchange Commission, including in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 and in our Annual Report on Form 10-K for the year ended December 31, 2021. Chemours assumes no obligation to revise or update any forward-looking statement for any reason, except as required by law.

INVESTORS
Jonathan Lock
SVP, Chief Development Officer
+1.302.773.2263
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Kurt Bonner
Manager, Investor Relations
+1.302.773.0026
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NEWS MEDIA
Cassie Olszewski
Media Relations and Financial Communications Manager
+1.302.219.7140
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PASADENA, Calif.--(BUSINESS WIRE)--$HLGN--Heliogen, Inc. (“Heliogen”) (NYSE: HLGN), a leading provider of AI-enabled concentrated solar energy, today announced that it will release financial and operating results for the third quarter 2022 after the market close on Monday, November 7, 2022. This release will be followed by a conference call for investors at 10:00 AM EST on Tuesday, November 8. Bill Gross, Heliogen’s Founder and Chief Executive Officer and Christie Obiaya, Chief Financial Officer will host the call.

The conference call may be accessed via a live webcast on a listen-only basis in the Investors section of Heliogen’s website at investors.heliogen.com. The call can also be accessed live via telephone by dialing 1-877-407-0789 (1-201-689-8562 for international callers) and referencing Heliogen.

A replay of the webcast will be available shortly after the call on the Investors section of Heliogen’s website.

About Heliogen
Heliogen is a renewable energy technology company focused on decarbonizing industry and empowering a sustainable civilization. The company’s concentrating solar energy and thermal storage systems aim to deliver carbon-free heat, steam, power, or green hydrogen at scale to support round-the-clock industrial operations. Powered by AI, computer vision and robotics, Heliogen is focused on providing robust clean energy solutions that accelerate the transition to renewable energy, without compromising reliability, availability, or cost. For more information about Heliogen, please visit heliogen.com.

Heliogen Investor:
Louis Baltimore
VP, Investor Relations
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Heliogen Media:
Cory Ziskind
ICR, Inc.
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DUBLIN--(BUSINESS WIRE)--The "Global String Inverter Market, By Phase (Single and Three), By System Type (On-Grid and Off-Grid), By Power Rating (Up to 10kW, 11kW-40kW, 41kW-80kW, and Above 80kW), By End-User, By Region, Competition Forecast & Opportunities, 2027" report has been added to ResearchAndMarkets.com's offering.

The global string inverter market is expected to grow at a steady CAGR in the forecast period, 2023-2027

Factors such as the rise in demand for reliable and continuous energy generation and installation, along with long-scale utility projects and stringent government policies, are primarily driving the demand for the global string inverter market. Also, the increased adoption of solar energy and reduction of component costs are expected to contribute to global string inverter market growth.

The global string inverter market is segmented into phase, system type, power rating, end-user, regional distribution, and company. Based on regional analysis, Asia-Pacific dominates the market and is expected to maintain its dominance through the next five years.

Government initiatives and policies, including tax benefits and RPO for the installation of solar energy panels, are driving the market demand. An increase in demand for fuels emitting lower emissions boosts the global string inverter market demand.

Objective of the Study:

• To analyze historical growth in market size of global string inverter market from 2017 to 2021
• To estimate and forecast the market size of glo global string inverter market from 2022E to 2027F and growth rate until 2027F
• To classify and forecast global string inverter market based on phase, system type, power rating, end-user, regional distribution, and company
• To identify dominant region or segment in the global string inverter market
• To identify drivers and challenges for global string inverter market
• To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in global string inverter market
• To identify and analyze the profile of leading players operating in global string inverter market
• To identify key sustainable strategies adopted by market players in global string inverter market

Competitive Landscape

Major companies are developing advanced technologies and launching new products to stay competitive in the market.

Company Profiles: Detailed analysis of the major companies present in global string inverter market.

• KACO New Energy GmbH
• Delta Energy Systems GmbH
• ABB Limited
• Fronius International GmbH
• SMA Solar Technology AG
• Huawei Technologies Co Ltd
• Solaredge Technologies, Inc
• Growatt New Energy Technology Co, Ltd
• Ginlong Technologies
• Solarmax Group

Report Scope:

Years considered for this report:

• Historical Years: 2017-2020
• Base Year: 2021
• Estimated Year: 2022E
• Forecast Period: 2023F-2027F

String Inverter Market, By Phase:

• Single
• Three

String Inverter Market, By System Type:

• On-Grid
• Off-Grid

String Inverter Market, By Power Rating:

• Up to 10kW
• 11kW-40kW
• 41kW-80kW
• Above 80kW

String Inverter Market, By End-User:

• Residential
• Commercial & Industrial
• Utilities

String Inverter Market, By Region:

North America

• United States
• Canada
• Mexico

Europe

• United Kingdom
• Germany
• France
• Spain
• Italy

Asia-Pacific

• China
• India
• Japan
• Australia
• South Korea

Middle East & Africa

• Saudi Arabia
• South Africa
• Iraq
• UAE

South America

• Brazil
• Argentina
• Colombia

For more information about this report visit https://www.researchandmarkets.com/r/gld63r

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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For E.S.T Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

HOUSTON--(BUSINESS WIRE)--Vertex Energy, Inc. (NASDAQ:VTNR) ("Vertex" or the "Company"), a leading specialty refiner and marketer of high-quality refined products, today announced that it will issue its third quarter 2022 financial results before the market opens on Tuesday, November 8, 2022. A conference call will be held that same day at 8:00 A.M. ET to review the Company's financial results, discuss recent events and conduct a question-and-answer session.

An audio webcast of the conference call and accompanying presentation materials (which will be available 15 minutes before the start of the conference call) will also be available in the “Events and Presentation” section of Vertex's website at www.vertexenergy.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download, and install any necessary audio software.

To participate in the live teleconference:

Domestic: 1-877-300-8521
International: 1-412-317-6026

Conference ID: 10172978

To listen to a replay of the teleconference, which will be available through November 22, 2022, either go to the Events and Presentation section of Vertex's website at www.vertexenergy.com, or call the number below:

Domestic Replay: 1-844-512-2921
Access Code: 10172978

ABOUT VERTEX ENERGY

Houston-based Vertex Energy, Inc. (NASDAQ: VTNR), is an energy transition company focused on the production and distribution of conventional and alternative fuels. Vertex owns a refinery in Mobile (AL) with an operable refining capacity of 75,000 barrels per day and more than 3.2 million barrels of product storage, positioning it as a leading supplier of fuels in the region. Vertex is also one of the largest processors of used motor oil in the U.S., with operations located in Houston and Port Arthur (TX), Marrero (LA), and Columbus (OH). Vertex also owns a facility, Myrtle Grove, located on a 41-acre industrial complex along the Gulf Coast in Belle Chasse, LA, with existing hydroprocessing and plant infrastructure assets, that include nine million gallons of storage. The Company has built a reputation as a key supplier of base oils to the lubricant manufacturing industry throughout North America.

John Ragozzino Jr., CFA (ICR)
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• Third quarter GAAP diluted earnings per share were $1.18 in 2022 compared with $1.13 in 2021.
• Year-to-date GAAP diluted earnings per share for 2022 were $2.48 compared with $2.38 in 2021.
• Xcel Energy narrows its 2022 EPS guidance range to $3.14 to $3.19 from $3.10 to $3.20.
• Xcel Energy initiates 2023 EPS guidance of $3.30 to $3.40.

MINNEAPOLIS--(BUSINESS WIRE)--Xcel Energy Inc. (NASDAQ: XEL) today reported 2022 third quarter GAAP and ongoing earnings of $649 million, or $1.18 per share, compared with $609 million, or $1.13 per share in the same period in 2021.

Earnings reflect capital investment recovery and other regulatory outcomes, partially offset by higher depreciation, interest expense and operating and maintenance (O&M) expenses.

“Xcel Energy had a strong third quarter – both operationally and financially – which has allowed us to narrow our 2022 earnings guidance to $3.14 to $3.19 per share,” said Bob Frenzel, chairman, president and CEO of Xcel Energy.

“This quarter also saw the passage of the groundbreaking Inflation Reduction Act, whose clean energy provisions will provide significant customer benefit, reduce the cost of the clean energy transition and improve our liquidity through tax credit transferability. As a result of the legislation, the cost of our recently approved 460-MW Sherco Solar project will be reduced by more than 30%. It will also lower the cost of 10,000 MWs of renewables that were approved as part of our Minnesota and Colorado resource plans and further enhance Xcel Energy’s and the region’s competitive advantage due to strong wind and solar resources in our states.”

At 9:00 a.m. CDT today, Xcel Energy will host a conference call to review financial results. To participate in the call, please dial in 5 to 10 minutes prior to the start and follow the operator’s instructions.

The conference call also will be simultaneously broadcast and archived on Xcel Energy’s website at www.xcelenergy.com. To access the presentation, click on Investors under Company. If you are unable to participate in the live event, the call will be available for replay from 12:00 p.m. CDT on Oct. 27 through 12:00 p.m. CDT on Oct. 31.

Except for the historical statements contained in this report, the matters discussed herein are forward-looking statements that are subject to certain risks, uncertainties and assumptions. Such forward-looking statements, including those relating to 2022 and 2023 EPS guidance, long-term EPS and dividend growth rate objectives, future sales, future expenses, future tax rates, future operating performance, estimated base capital expenditures and financing plans, projected capital additions and forecasted annual revenue requirements with respect to rider filings, expected rate increases to customers, expectations and intentions regarding regulatory proceedings, and expected impact on our results of operations, financial condition and cash flows of resettlement calculations and credit losses relating to certain energy transactions, as well as assumptions and other statements are intended to be identified in this document by the words “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “objective,” “outlook,” “plan,” “project,” “possible,” “potential,” “should,” “will,” “would” and similar expressions. Actual results may vary materially. Forward-looking statements speak only as of the date they are made, and we expressly disclaim any obligation to update any forward-looking information. The following factors, in addition to those discussed in Xcel Energy’s Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2021 and subsequent filings with the Securities and Exchange Commission, could cause actual results to differ materially from management expectations as suggested by such forward-looking information: uncertainty around the impacts and duration of the COVID-19 pandemic, including potential workforce impacts resulting from vaccination requirements, quarantine policies or government restrictions, and sales volatility; operational safety, including our nuclear generation facilities and other utility operations; successful long-term operational planning; commodity risks associated with energy markets and production; rising energy prices and fuel costs; qualified employee work force and third-party contractor factors; violations of our Codes of Conduct; our ability to recover costs, and our subsidiaries’ ability to recover costs from customers; changes in regulation; reductions in our credit ratings and the cost of maintaining certain contractual relationships; general economic conditions, including recessionary conditions, inflation rates, monetary fluctuations, supply chain constraints and their impact on capital expenditures and/or the ability of Xcel Energy Inc. and its subsidiaries to obtain financing on favorable terms; availability or cost of capital; our customers’ and counterparties’ ability to pay their debts to us; assumptions and costs relating to funding our employee benefit plans and health care benefits; our subsidiaries’ ability to make dividend payments; tax laws; effects of geopolitical events, including war and acts of terrorism; cyber security threats and data security breaches; seasonal weather patterns; changes in environmental laws and regulations; climate change and other weather; natural disaster and resource depletion, including compliance with any accompanying legislative and regulatory changes; costs of potential regulatory penalties; regulatory changes and/or limitations related to the use of natural gas as an energy source; and our ability to execute on our strategies or achieve expectations related to environmental, social and governance matters, including as a result of evolving legal, regulatory, and other standards, processes, and assumptions, the pace of scientific and technological developments, increased costs, the availability of requisite financing, and changes in carbon markets.

This information is not given in connection with any sale, offer for sale or offer to buy any security.

XCEL ENERGY INC. AND SUBSIDIARIES

Notes to Investor Relations Earnings Release (Unaudited)

Due to the seasonality of Xcel Energy’s operating results, quarterly financial results are not an appropriate base from which to project annual results.

Non-GAAP Financial Measures

The following discussion includes financial information prepared in accordance with generally accepted accounting principles (GAAP), as well as certain non-GAAP financial measures such as ongoing return on equity (ROE), ongoing earnings and ongoing diluted EPS. Generally, a non-GAAP financial measure is a measure of a company’s financial performance, financial position or cash flows that adjusts measures calculated and presented in accordance with GAAP. Xcel Energy’s management uses non-GAAP measures for financial planning and analysis, for reporting of results to the Board of Directors, in determining performance-based compensation and communicating its earnings outlook to analysts and investors. Non-GAAP financial measures are intended to supplement investors’ understanding of our performance and should not be considered alternatives for financial measures presented in accordance with GAAP. These measures are discussed in more detail below and may not be comparable to other companies’ similarly titled non-GAAP financial measures.

Ongoing ROE

Ongoing ROE is calculated by dividing the net income or loss of Xcel Energy or each subsidiary, adjusted for certain nonrecurring items, by each entity’s average stockholder’s equity. We use these non-GAAP financial measures to evaluate and provide details of earnings results.

Earnings Adjusted for Certain Items (Ongoing Earnings and Ongoing Diluted EPS)

GAAP diluted EPS reflects the potential dilution that could occur if securities or other agreements to issue common stock (i.e., common stock equivalents) were settled. The weighted average number of potentially dilutive shares outstanding used to calculate Xcel Energy Inc.’s diluted EPS is calculated using the treasury stock method. Ongoing earnings reflect adjustments to GAAP earnings (net income) for certain items. Ongoing diluted EPS for Xcel Energy is calculated by dividing net income or loss, adjusted for certain items, by the weighted average fully diluted Xcel Energy Inc. common shares outstanding for the period. Ongoing diluted EPS for each subsidiary is calculated by dividing the net income or loss for such subsidiary, adjusted for certain items, by the weighted average fully diluted Xcel Energy Inc. common shares outstanding for the period.

We use these non-GAAP financial measures to evaluate and provide details of Xcel Energy’s core earnings and underlying performance. We believe these measurements are useful to investors to evaluate the actual and projected financial performance and contribution of our subsidiaries. For the three and nine months ended Sept. 30, 2022 and 2021, there were no such adjustments to GAAP earnings and therefore GAAP earnings equal ongoing earnings for these periods.

Note 1. Earnings Per Share Summary

Xcel Energy’s third quarter diluted earnings were $1.18 per share in 2022, compared with $1.13 per share in 2021. The increase was driven by regulatory rate outcomes, partially offset by higher depreciation, interest charges and O&M expenses. Costs for natural gas significantly increased in 2022 due to supply and demand conditions. However, fluctuations in electric and natural gas revenues associated with changes in fuel and purchased power and/or natural gas sold and transported generally do not significantly impact earnings (changes in costs are offset by the related variation in revenues).

Summarized diluted EPS for Xcel Energy: