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| Statement |
|---|
| As I mentioned a moment ago, we benefited in the first quarter from nuclear project work performed during outage periods, which can have a sizable impact when they occur |
| This performance reflects improved project mix and higher revenue, partially offset by the negative impact from underperforming operations, as Tracy discussed |
| While first quarter results were much better than last year, we want to be forthright in setting expectations for the remainder of 2023 |
| The company benefited from certain nuclear outage-related project work, all of which will be completed in Q2 |
| Sales rose year-over-year primarily due to higher nuclear work, much of which was related to services provided during customer outages |
| We continue to target streamlined initiatives to reduce expenses going forward |
| In the meantime, our shareholders' patience as we continue to work through this period of adjustment and transition is appreciated |
| Tracy Pagliara Thanks, Chris, and good morning, everyone |
| Chris Witty Thank you, and good morning, everyone |
| Thank you |
| Damien? Damien Vassall Thank you, Tracy, and good morning, everyone |
| Statement |
|---|
| Our gross margin was 7.4% for the quarter, reflecting ongoing pressure from our Florida water, T&D and chemical operations, for which we lost $3.8 million in the first quarter |
| Our backlog has contracted due to a combination of many factors, including the fact that the outage-related nuclear work for this year is nearly complete, a softer-than-anticipated bid environment in our core business, and the backlog associated with the exited T&D business |
| Given all the issues I just mentioned, liquidity challenges will remain for the foreseeable future |
| We are facing a challenging award environment wherein even as the potential for our business remains sizable, due to expected government outlays tied to several pieces of the legislation, including the Infrastructure Investment and Jobs Act, and the Inflation Reduction Act, actual federal budgets for such programs have been slower than anticipated to materialize |
| That said, given our reduced backlog and a more difficult award environment, our revenue forecast is expected to be at lower levels for the remainder of 2023, particularly as we have exited certain parts of the business |
| As such, the overall outlook for Williams' top-line is less robust in the second half of the year |
| At the same time, we will continue to face costs related to finishing certain outstanding contracts in our underperforming operations and exiting those operations |
| We are doing everything possible to rapidly streamline the company, but need to face realities associated with restructuring and rightsizing the organization |
| Important factors that could cause actual results to differ materially from the company's expectations are disclosed in this conference call as well as with other documents filed with the SEC |
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