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Babcock & Wilcox Announces Second Quarter 2012 Results

The Babcock & Wilcox Company (NYSE: BWC) (“B&W” or the “Company”) today reported second quarter 2012 earnings per share of $0.54 compared to $0.39 in the second quarter of 2011. Included in second quarter 2012 earnings per share was $0.10 related to the recovery of loss contract costs incurred in the prior year on a Nuclear Energy segment condenser replacement project. Included in second quarter 2011 earnings per share were $0.08 of net charges related to loss contracts and an acquisition settlement. Before the impact of these items in both periods, non-GAAP earnings per share of $0.44 in the second quarter of 2012 decreased $0.03 or 6.4% from the $0.47 reported in the second quarter of 2011, primarily due to an increase in research and development spending on the B&W mPower TM small modular reactor program.

Revenues of $852.6 million increased $100.2 million, or 13.3%, from the second quarter of 2011. Second quarter 2012 ending backlog of $5.7 billion increased $1.1 billion, or 23.4%, from the second quarter of 2011.

Recent Highlights

  • Announced MOU with FirstEnergy for B&W mPower Site Selection and Licensing Study
  • Received 25-Year Nuclear Regulatory Commission Operating License at Nuclear Fuel Services, Inc.
  • Awarded $100 Million Environmental Contract for a Major U.S. Utility
  • Awarded $82 Million in Contracts for Naval Reactor Components and Material Recovery
  • Awarded $73 Million in Contracts for Naval Reactor Technology Development and Manufacturing
  • Awarded $40 Million Boiler Pressure Parts Contract for South Dakota Coal-Fired Power Plant
  • Awarded $30 Million Environmental Upgrade Contract at Pennsylvania Power Plant
  • Awarded Engineering Release for Colombia, South America Boiler Project
  • Closed $700 Million Credit Facility; Extends Maturity to 2017 and Reduces Overall Facility Costs

Results of Operations

Consolidated revenues for the second quarter of 2012 were $852.6 million, an increase of $100.2 million, or 13.3%, from the second quarter of 2011. This increase is principally due to a $108.4 million increase in revenues in the Power Generation segment resulting from strong environmental control equipment and environmental aftermarket services as well as growth in new renewable steam generation systems. This increase was partially offset by the timing of material receipts for a Nuclear Energy segment replacement steam generator project and a 3.2% reduction in combined government segment revenues.

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