This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Babcock & Wilcox Announces Third Quarter 2012 Results, Initiates Dividend And Announces Share Repurchase Program

The Babcock & Wilcox Company (NYSE: BWC) (“B&W” or the “Company”) today reported third quarter 2012 revenues of $807.6 million, an increase of $100.0 million, or 14.1% from the third quarter of 2011. Earnings per share for the third quarter of 2012 were $0.34. Earnings per share for the third quarter 2012 include the recognition of $25.3 million of previously unrecognized tax benefits and $28.6 million of non-cash impairment charges, net of tax. Before the impact of these items, earnings per share for the third quarter of 2012 were $0.37, a decrease of 5.1% from the $0.39 reported in the third quarter of 2011.

B&W’s Board of Directors declared an $0.08 per share quarterly dividend, payable on December 17, 2012 to shareholders of record as of November 19, 2012. On an annualized basis, the initial cash dividend is expected to be $0.32 per share. The Board also authorized the repurchase of up to $250 million of the Company’s outstanding common stock during a two-year period.

Recent Highlights

  • Awarded $170 Million Boiler and Environmental Contract for Denmark Waste-to-Energy Plant
  • B&W Joint Venture Awarded $290 Million Engineering, Procurement and Construction Environmental Contract for Iowa Power Plant
  • B&W China Joint Venture Awarded Contract in Excess of $300 Million for Boiler and Environmental Project in Vietnam
  • Awarded $60 Million Coal-Fired Boiler Contract in Colombia, South America
  • Awarded $28 Million Biomass Boiler Contract in Canada
  • Ribbon Cutting Event Held at B&W mPower TM Fuel Technology Center

Results of Operations

Consolidated revenues for the third quarter of 2012 were $807.6 million, an increase of $100.0 million, or 14.1%, from the third quarter of 2011. The Power Generation segment revenues increased $41.1 million, or 10.7%, primarily due to an increase in environmental equipment sales. Nuclear Operations segment revenues increased $30.1 million, or 11.8%, primarily due to increased manufacturing activity. Nuclear Energy segment revenues increased $13.5 million, or 22.0%, primarily due to increased project scope completion of nuclear equipment contracts. Technical Services revenues declined $2.6 million, or 9.1%.

1 of 7

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs