NEW YORK (TheStreet) -- Shares of Babcock & Wilcox Co. (BWC) are falling by -7.77% to $28.50 in mid-afternoon trading on Thursday, after the company reported a drop in net income to $26.4 million, or 24 cents per share for the 2014 second quarter, compared to $72.9 million, or 65 cents per share for the year ago period.
The nuclear components manufacturer said revenue declined 22.6% to $686 million from the 2013 second quarter.
Babcock & Wilcox's profit fell this quarter as a result of higher operating expenses as the company is looking towards further geographical expansion and lowers its dependence on coal, Market Watch reported.
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