The Babcock & Wilcox Company ( BWC) Q3 2011 Earnings Call November 8, 2011 8:30 AM ET Executives Michael Dickerson – Vice President and Investor Relations Officer Brandon Bethards – President and CEO Mary Pat Salomone – Chief Operating Officer Mike Taff – Chief Financial Officer James Canafax – General Counsel. Analysts Rob Norfleet – BB&T Capital Market Joe Ritchie – Goldman Sachs Tahira Afzal – KeyBanc Jamie Cook – Credit Suisse Steven Fisher – UBS Randy Bhatia – Capital One Southcoast Chase Jacobson – William Blair Andy Kaplowitz – Barclays Capital Scott Levine – JP Morgan John Roger – D. A. Davidson & Company Presentation Operator
During this call, certain statements we make will be forward-looking. I want to call your attention to our Safe Harbor provision for forward-looking statements that can be found at the end of our press release.The Safe Harbor provision identifies risk factors that may cause actual results to differ materially from the content of our forward-looking statements. Our annual report on Form 10-K and quarterly reports on Form 10-Q on file with the SEC, provides further detail about the risk factors related to our business. Additionally, I want to remind you except as required by law B&W undertakes no obligation to update any forward-looking statement to reflect events of circumstances that may arise after the date of this call. Also on today’s call the company provides non-GAAP information regarding certain of its historical results to supplement of the results provided in accordance with GAAP. And it should not be considered superior to or substitute for comparable GAAP measures. B&W believes the non-GAAP measures provide meaningful insight into the company’s operational performance and provides these measures to help investors facilitate comparisons of operating results with prior periods and assist them in understanding B&W’s ongoing operations. Reconciliation of these non-GAAP measures can be found in the third quarter earnings release issued last night and in our company overview presentation posted on the Investor Relations section of our website at babcock.com. The format for today’s call, we’ll begin with some remarks by Brandon about current business conditions and a status of short-term opportunities. Second, Mary Pat will take you through the performance of each of our business segments, followed by Mike who will provide some additional financial details about the quarter. Lastly, Brandon will conclude with some final comments. Due to the number of participants on today’s call, I would ask you to limit yourself to one question and perhaps one follow-up. You of course, are welcome to get back in the queue.
With that, I will now turn the call over to Brandon.Brandon Bethards Thank you, Mike. Good morning, everyone and thank you for joining us. Let me start today by describing my view of our performance for this quarter and the business and the current business environment we are experiencing. First of all, I’m pleased to be able to report an 11.8% year-over-year increase in consolidated revenues for the third quarter of 2011. Operator You call me [Melanie]. Melanie Yes. Just a quick comment on the… Brandon Bethards Operator, you are on the main line. Melanie I sent the e-mail of the order of Q&A people. Operator Okay. Melanie So… Brandon Bethards Excuse me, gentlemen, ladies and gentlemen. Melanie … one of our special request upfront, but I’m assuming that otherwise the best item will be in order correct, so for instance... Michael Dickerson Okay. Let’s get started again. Brandon Bethards Okay. My apologies for that... Operator How did that happen? Brandon Bethards Let me -- it will give the bears and the eagle fans a chance to catch a quick wink here while we correct this problem. Let me, this is Brandon and let me start over again with the leading comments. By describing my view of our performance this quarter in the current business environment we are experiencing. First of all, I’m pleased to be able to report an 11.8% year-over-year increase in consolidated revenues for the third quarter of 2011. This is the fourth quarter in a row for positive year-over-year consolidated revenue growth and the third quarter in a row in which that growth was evident in all four of our reported business segments. On a consolidated basis, revenues were $700 and $7.6 million, an increase of $74.8 million. I think is also important to note that our consolidated quarterly growth rate has accelerated throughout the year, our reported revenue growth rates over the corresponding prior year period for this year were 4.4% in the first quarter, 9.3% in the second quarter and again, 11.8% in the third quarter. Read the rest of this transcript for free on seekingalpha.com