Babcock & Wilcox Announces Fourth Quarter 2012 Results

The Babcock & Wilcox Company (NYSE: BWC) (“B&W” or the “Company”) today reported fourth quarter 2012 revenues of $865.3 million, an increase of $64.5 million, or 8.1% from the fourth quarter of 2011. GAAP earnings per share for the fourth quarter 2012 were $0.33 compared to a loss of $0.53 in the fourth quarter of 2011. Adjusted earnings per share were $0.56 for the fourth quarter of 2012, a decrease of 13.8% from the adjusted earnings per share of $0.65 for the fourth quarter of 2011, excluding the impact in both periods of the mark-to-market adjustments for pension and postretirement plans and non-recurring tax adjustments.

Revenues for the full year of 2012 were $3,291.4 million, an increase of 11.5% from the $2,952.0 million recorded in 2011. GAAP earnings per share for the full year of 2012 were $1.91 compared to $0.66 in 2011. Full year 2012 adjusted earnings per share increased 17.9% to $2.17 versus adjusted earnings per share of $1.84 in the prior year, excluding the impact of the mark-to-market adjustments for pension and postretirement plans and non-recurring items.

The Company repurchased 3.9 million common shares at a total cost of $96.8 million in the fourth quarter 2012 under its $250 million share repurchase program. An additional 1.6 million shares have been repurchased through February 27, 2013 at an incremental cost of $42.3 million. The Company has approximately $110.9 million of authorized capacity remaining and intends to continue repurchasing shares.

Recent Highlights

• Selected as the only Winner of DOE’s Small Modular Reactor Licensing Technical Support Program
• Awarded $510 Million Naval Nuclear Component Contracts
• Awarded $100 Million Contract for U.K. Waste-to-Energy Plant
• Awarded $100 Million Naval Nuclear Fuel Services and Materials Contracts
• Awarded $36 Million Naval Reactors Assembly and Materials Procurement Contract
• Signed Contract to Prepare TVA Clinch River mPower™ Construction Permit Application
• Awarded Environmental Equipment Control Contract for Iowa Power Plant

Results of Operations

Consolidated revenues for the fourth quarter of 2012 were $865.3 million, an increase of $64.5 million, or 8.1%, from the fourth quarter of 2011. The Power Generation segment revenues increased $36.9 million, or 9.0%, primarily due to an increase in new-build environmental equipment revenues. Nuclear Operations segment revenues increased $32.3 million, or 12.2%, primarily due to increased production of fuel for the naval reactor program and increased manufacturing of nuclear components for certain U.S. Government programs. Nuclear Energy segment revenues decreased $3.8 million, or 3.7%, and Technical Services revenues decreased $3.5 million, or 10.9%.

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