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The Babcock & Wilcox Company (NYSE: BWC) (“B&W” or the “Company”) today reported
GAAP earnings per share for the third quarter of 2013 of $0.54 compared to $0.43 in the third quarter of 2012. Adjusted earnings per share for the third quarter of 2013, which excludes the impact of $4.8 million of restructuring charges, were $0.57, an increase of $0.11, or 23.9%, versus adjusted earnings per share in the third quarter of 2012. Revenue for the third quarter of 2013 was $774.8 million, a decrease of 4.1%, from the third quarter of 2012.
The Company declared a quarterly cash dividend of $0.10 per common share on November 8, 2013. This declaration represents a 25% increase in the quarterly cash dividend, the first increase since a dividend was initiated in November 2012. The dividend will be payable on December 13, 2013 to shareholders of record on November 25, 2013.
During the third quarter of 2013, the Company repurchased nearly 0.5 million shares of its common stock at a cost of $14.3 million. Through September 30, 2013, the Company has repurchased a total of 9.0 million shares at a cost of $236.7 million leaving approximately $263.3 million of capacity remaining under its previously announced $500 million share repurchase authorization. Over the past twelve months, between the dividend and share repurchase programs, B&W has returned to its shareholders more than $273 million, approximately 73% of the free cash flow generated since B&W became a public company in August 2010.
Selected to the Barron’s 400 Index in September 2013
Awarded contract to supply natural gas boilers to a Virginia manufacturing facility
Awarded front-end engineering and design work for FutureGen 2.0 carbon capture project
Awarded nuclear inspection and repair services contract for a U.S. utility
Shipped steam generators to FirstEnergy’s Davis-Besse Nuclear Power Station
Announced collaboration with Lightbridge Corporation on metallic nuclear fuel pilot fabrication facility
Completed construction of a new “state-of-the-art” manufacturing facility in China for the manufacture of boiler auxiliary equipment
Results of Operations
Consolidated revenues for the third quarter of 2013 were $774.8 million, a decrease of $32.8 million from the third quarter of 2012. Revenues in the Power Generation segment were flat compared to the prior year. Nuclear Operations segment revenues decreased by $2.4 million compared to the third quarter of 2012, primarily attributable to the mix and timing of work related to nuclear components manufacturing, partially offset by increased volume of naval nuclear fuel and downblending activities. Third quarter 2013 revenues for the Nuclear Energy segment decreased by $22.5 million versus the corresponding period of 2012, primarily reflecting the completion of several large nuclear services and equipment contracts that were ongoing in the prior year.