March 17, 2014

B&W PROFITS DURING FIRST QUARTER OF 2013 DIP

By ExchangeMonitor

Babcock & Wilcox profits during the first quarter of 2013 dipped to $47.2 million, down 21.3 percent from the $60 million the company reported during the same period a year ago, B&W said yesterday as it released its latest earnings report. Operating income for B&W’s Technical Services group, which includes its Department of Energy and National Nuclear Security Administration work, stayed relatively steady at $14.2 million during the quarter, down $900,000 from $15.1 million during the same period last year. At the same time, revenues for the segment increased to $25.2 million, up $256,000 from $25.0 million. Overall revenue for the company increased to $805.3 million, up 5.2 percent, or $39.5 million, over the first quarter of 2012.

B&W President and Chief Executive Officer Jim Ferland said the company’s Technical Services segment met expectations for the quarter. “Further, we believe the GAO decision to sustain the protest filed in regard to the combined Y-12/Pantex procurement decision supports our concerns about the initial award of this contract. While we await a final decision on a path forward from NNSA, B&W remains focused on operating both sites safely and securely.” B&W also said it was expanding its stock buyback program to $500 million. Through May 7, B&W said it had repurchased 7.5 million shares worth $193.5 million.

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