News Column

Babcock & Wilcox Announces Fourth Quarter 2013 Results and Increases Share Repurchase Authorization to $750 Million

February 26, 2014

- GAAP Earnings per Share of $1.48, Adjusted EPS of $0.52

- Revenues of $802.8 Million

- 2014 Adjusted EPS Guidance of $2.00 - $2.20

CHARLOTTE, N.C.--(BUSINESS WIRE)-- The Babcock & Wilcox Company (NYSE: BWC) (“B&W” or the “Company”) today reported fourth quarter 2013 revenues of $802.8 million, a decrease of $62.5 million, or 7.2% from the fourth quarter of 2012. GAAP earnings per share for the fourth quarter 2013 were $1.48 compared to $0.33 in the fourth quarter of 2012. Adjusted earnings per share were $0.52 for the fourth quarter of 2013, a decrease of 7.1% from the adjusted earnings per share of $0.56 for the fourth quarter of 2012. Adjusted earnings per share are non-GAAP and exclude the impact of mark-to-market adjustments for pension and postretirement plans, restructuring costs, non-cash impairment charges and certain discrete tax adjustments.

Revenues for the full year of 2013 were $3,269.2 million, a decrease of 0.7% from the $3,291.4 million recorded in 2012. GAAP earnings per share for the full year of 2013 were $3.07 compared to $1.91 in 2012. Full year 2013 adjusted earnings per share increased 4.6% to $2.27 versus adjusted earnings per share of $2.17 in the prior year. Adjusted earnings per share are non-GAAP and exclude the impact of mark-to-market adjustments for pension and post-retirement plans, restructuring costs, non-cash impairment charges and certain discrete tax adjustments.

During the fourth quarter 2013, the Company repurchased 0.5 million common shares at a total cost of $16.9 million. Through December 31, 2013, the Company has repurchased a total of 9.5 million shares at a cost of $254 million leaving approximately $246 million of capacity remaining under its previously announced $500 million share repurchase authorization. On February 25, 2014, the Board increased the Company’s share repurchase authorization by $250 million to $750 million. Based upon share repurchases through the end of calendar year 2013, B&W has approximately $496 million remaining under the expanded authorization. Since November 2012, when the Company initiated its current capital allocation strategy, B&W has returned more than $300 million to shareholders through share repurchases and dividend payments, which represents 73% of free cash flow generated since our spinoff in August 2010.

Recent Highlights

  • Awarded $1.3 billion contract for Naval Reactors components
  • Awarded $100 million contract for DOE Fuel and Materials Services
  • Awarded environmental equipment contracts for AEP plants
  • Signed environmental technology licensing agreement with Chem-Mod
  • Announced collaboration with TerraPower on Gen IV nuclear technology

    Results of Operations

    Consolidated revenues for the fourth quarter of 2013 were $802.8 million, a decrease of $62.5 million, or 7.2%, from the fourth quarter of 2012. The Power Generation segment revenues decreased $40.3 million, or 9.0%, primarily due to a decrease in the new build environmental equipment business, partially offset by an increase in the aftermarket services business. Nuclear Operations segment revenues decreased $4.6 million, or 1.5%, primarily due to the timing of long lead-time material orders and early completion of naval fuel and downblending contracts in the prior year, partially offset by increased activity related to the manufacturing of nuclear components for U.S. Government programs. Nuclear Energy segment revenues increased $7.9 million, or 8.2%, primarily due to increased project activities, partially offset by decreased volume in the nuclear services and nuclear equipment businesses. Technical Services segment revenues decreased $2.2 million, or 7.7%.

    Bookings for the 2013 fourth quarter totaled $483.2 million, compared to $1,170.8 million in the prior year period. The decrease is primarily attributable to the timing of bookings for nuclear components and naval fuel contracts in the Nuclear Operations segment that were delayed due to events associated with the government shutdown and budget approval. We have already booked more than $600 million associated with these contracts in the first quarter of 2014. Bookings were also lower in the Power Generation segment principally due to decreases in new build steam generating system orders compared to strong renewable boiler orders recorded in the prior year, partially offset by stronger bookings for service projects and repair and maintenance activities.

    GAAP operating income for the fourth quarter of 2013 was $295.3 million, an increase of $229.6 million, compared to $65.7 million in the fourth quarter of 2012. Adjusted operating income was $86.7 million in the fourth quarter of 2013 and $97.6 million for the same period in 2012, after excluding restructuring costs of $14.1 million and pension mark-to-market gains of $222.7 million in 2013 and pension mark-to-market losses of $31.9 million in 2012. Operating income of the Power Generation segment increased $8.4 million compared to the prior year period due primarily to improved project execution and a reduction in selling, general and administrative expenses due to ongoing cost-reduction initiatives. The $10.7 million decrease in Nuclear Energy segment operating income was primarily attributable to lower gross margins due to an unfavorable project mix compared to the prior period. The decrease in Nuclear Operations segment operating income of $5.6 million was primarily attributable to the timing of the completion of fuel contracts and other contract closeout costs. Technical Services segment operating income decreased $3.6 million principally due to net lower award fees at certain National Nuclear Security Administration sites. The mPower segment operating loss increased by $2.4 million due to higher business development costs compared to the prior year period.

    “The performance of our largest business segments was strong this quarter. Nuclear Operations again posted close to record-level revenues and continued strong margin performance, while our Power Generation segment produced an operating margin in excess of 13%, driven by solid project execution and continuing momentum from our ongoing cost-reduction initiatives. Bookings in our commercial segments continue to reflect soft market conditions and uncertainty over environmental regulations, but we are beginning to see a modest yet measurable improvement in bidding activity in the Power Generation segment and are starting to gain traction on new equipment orders in the Nuclear Energy segment,” said E. James Ferland, President and Chief Executive Officer. “The results of our Global Competitiveness Initiative program, which focused on reducing operating and sales, general and administrative expenses across our business, exceeded our expectations, with more than $75 million of savings already achieved or identified, almost twice the original cost reductions expected with no increase in the estimated $50 million of cash costs to achieve these savings.”

    Ferland continued, “Our priorities in 2014 include:

  • Increasing margins in our commercial business segments through structural changes that address the challenging conditions we face in the coal and nuclear markets. Our goal is to generate a 200 to 300 basis point margin improvement in the Power Generation segment and to achieve a 10% operating income margin in the Nuclear Energy segment, both by the end of 2015;
  • Reaching a decision on the best path forward for mPower and by mid-year executing the plan; and
  • Leveraging our strong balance sheet to support a more aggressive return of capital to our shareholders.”

    Impairment Charges

    The Company has determined that its remaining investment in USEC, Inc. preferred stock has been impaired based on the uncertainty of recovery of the investment given the terms and conditions associated with USEC’s recently announced proposed voluntary Chapter 11 plan of reorganization. Consequently, a non-cash impairment charge of $19.1 million, with no associated tax benefit, was recorded in the fourth quarter of 2013. We continue to manufacture components for and provide technical support services to the American Centrifuge program.

    Liquidity

    The Company’s cash and investments position, net of debt, was $402.3 million at the end of the fourth quarter of 2013, an increase of $91.1 million compared to $311.2 million at the end of the third quarter of 2013. The fourth quarter typically represents the highest cash flow quarter of the year. During the quarter, the Company repurchased common shares totaling $16.9 million, paid dividends of $10.9 million and contributed $4.7 million to its pension plans. In addition to net cash, the Company maintains a $700.0 million revolving credit facility, which had $537.0 million of availability as of the end of the fourth quarter. The Company believes it maintains adequate liquidity to fund operations, which could include increased working capital requirements to fund internal growth, R&D programs, capital distribution programs, and product and geographic expansion opportunities.

    Full Year 2014 Outlook

    Our business plan contemplates 2014 consolidated revenues of $2.90 billion to $3.10 billion and adjusted earnings per share for the full year 2014 of $2.00 to $2.20. Adjusted earnings per share is non-GAAP and excludes the mark-to-market adjustment for pension and postretirement benefits and restructuring charges. Further, it assumes net B&W mPower™ spending of $60 million to $70 million, an effective tax rate of between 32% and 33%, stock repurchases of $100 million for the year and no unusual items. The Company is working on the aforementioned initiatives and others to improve performance and is committed to taking additional actions to drive value for our shareholders.

    Reconciliation of Non-GAAP Operating Income and Earnings Per Share

    (in $ millions, except per share amounts)

      Three Months Ended December 31, 2013
    GAAP  

    Impairment

    Charges

     

    One-time Tax

    (Benefits) /

    Charges

     

    Pension &

    OPEB MTM

    (Gain) / Loss

      GCI Impact   Non-GAAP
    Operating Income $ 295.3   $ -   $ -   $ (222.7 )   $ 14.1   $ 86.7
    Other Income / (Expense) (20.0 ) 19.1 - (0.2 ) - (1.0 )
    Provision for Income Taxes     (114.4 )     -     6.3     80.4       (4.2 )     (31.8 )
    Net Income 161.0 19.1 6.3 (142.5 ) 9.9 53.8
    Net Loss (Income) Attributable to Non-Controlling Interest     4.6       -     -     -       -       4.6  
    Net Income Attributable to The Babcock & Wilcox Company   $ 165.6     $ 19.1   $ 6.3   $ (142.5 )   $ 9.9     $ 58.4  
     
    Diluted Earnings per Common Share $ 1.48 $ 0.17 $ 0.06 $ (1.28 ) $ 0.09 $ 0.52
    Effective Tax Rate 41.5 %   37.2 %
    Three Months Ended December 31, 2012
    GAAP  

    Impairment

    Charges

     

    One-time Tax

    (Benefits) /

    Charges

     

    Pension &

    OPEB MTM

    (Gain) / Loss

      GCI Impact   Non-GAAP
    Operating Income $ 65.7 $ - $ - $ 31.9 $ - $ 97.6
    Other Income / (Expense) (1.5 ) - - 0.2 - (1.4 )
    Provision for Income Taxes     (27.2 )     -     6.8     (11.0 )     -       (31.4 )
    Net Income 36.9 - 6.8 21.1 - 64.7
    Net Loss (Income) Attributable to Non-Controlling Interest     2.2       -     -     -       -       2.2  
    Net Income Attributable to The Babcock & Wilcox Company   $ 39.1     $ -   $ 6.8   $ 21.1     $ -     $ 66.9  
     
    Diluted Earnings per Common Share $ 0.33 $ - $ 0.06 $ 0.18 $ - $ 0.56
    Effective Tax Rate 42.5 %   32.7 %
      Twelve Months Ended December 31, 2013
    GAAP  

    Impairment

    Charges

     

    One-time Tax

    (Benefits) /

    Charges

     

    Pension &

    OPEB MTM

    (Gain) / Loss

      GCI Impact   Non-GAAP
    Operating Income $ 536.4   $ -   $ -   $ (222.7 )   $ 39.6   $ 353.2
    Other Income / (Expense) (19.2 ) 19.1 - (0.2 ) - (0.2 )
    Provision for Income Taxes     (184.6 )     -       6.3       80.4       (13.2 )     (111.1 )
    Net Income 332.6 19.1 6.3 (142.5 ) 26.4 241.9
    Net Loss (Income) Attributable to Non-Controlling Interest     13.5       -       -       -       -       13.5  
    Net Income Attributable to The Babcock & Wilcox Company   $ 346.1     $ 19.1     $ 6.3     $ (142.5 )   $ 26.4     $ 255.3  
     
    Diluted Earnings per Common Share $ 3.07 $ 0.17 $ 0.06 $ (1.26 ) $ 0.23 $ 2.27
    Effective Tax Rate 35.7 %   31.5 %
    Twelve Months Ended December 31, 2012
    GAAP  

    Impairment

    Charges

     

    One-time Tax

    (Benefits) /

    Charges

     

    Pension &

    OPEB MTM

    (Gain) / Loss

      GCI Impact   Non-GAAP
    Operating Income $ 346.6 $ 2.6 $ - $ 31.9 $ - $ 381.1
    Other Income / (Expense) (27.2 ) 27.0 - 0.2 - (0.0 )
    Provision for Income Taxes     (101.9 )     (1.0 )     (18.5 )     (11.0 )     -       (132.4 )
    Net Income 217.6 28.6 (18.5 ) 21.1 - 248.7
    Net Loss (Income) Attributable to Non-Controlling Interest     10.1       -       -       -       -       10.1  
    Net Income Attributable to The Babcock & Wilcox Company   $ 227.7     $ 28.6     $ (18.5 )   $ 21.1     $ -     $ 258.8  
     
    Diluted Earnings per Common Share $ 1.91 $ 0.24 $ (0.16 ) $ 0.18 $ - $ 2.17
    Effective Tax Rate 31.9 %   34.7 %
     


    Note: May not foot due to rounding.

    The Company is providing non-GAAP information regarding certain of its historical results and guidance on future earnings per share results to supplement the results provided in accordance with GAAP and it should not be considered superior to, or as a substitute for, the comparable GAAP measures. B&W believes the non-GAAP measures provide meaningful insight into the Company’s operational performance, and B&W provides these measures to investors to help facilitate comparisons of operating results with prior periods and to assist them in understanding B&W’s ongoing operations.

    Conference Call to Discuss Fourth Quarter 2013 Results

    Date:

     

    Thursday, February 27, 2014, at 8:30 a.m. ET

    Live Webcast:

    Investor Relations section of website at www.babcock.com

     


    Forward-Looking Statements

    The Company cautions that this release contains forward-looking statements, including, without limitation, statements relating to our priorities for 2014, expected revenues and adjusted earnings per share for full-year 2014 and the assumptions underlying those expectations. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties, including, among other things, adverse changes in the industries in which we operate, our inability to timely or properly execute on contracts in our backlog, our inability to realize expected savings from our Global Competitiveness Initiative and margin improvement activities, changes in our liquidity and our inability to control research and development costs associated with the B&W mPower™ program. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. For a more complete discussion of these and other risk factors, see B&W’s filings with the Securities and Exchange Commission, including our annual report on Form 10-K for the year ended December 31, 2013. B&W cautions not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and we undertake no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.

    About B&W

    The Babcock & Wilcox Company is a leader in clean energy technology and services, primarily for the nuclear, fossil and renewable power markets as well as a premier advanced technology and mission critical defense contractor. B&W has locations worldwide and employs approximately 11,000 people, in addition to approximately 10,200 joint venture employees. A company overview presentation, which will be presented at investor conferences and meetings throughout this quarter, is available on the Investor Relations section of our website. For additional information please visit our website at www.babcock.com.

    TABLES TO FOLLOW

    THE BABCOCK & WILCOX COMPANY

    CONSOLIDATED BALANCE SHEETS

     
    December 31,

    2013

     

    2012

    (In thousands)
    ASSETS
    Current Assets:
    Cash and cash equivalents $ 346,116 $ 383,547
    Restricted cash and cash equivalents 45,945 60,961
    Investments 10,748 88,769
    Accounts receivable – trade, net 360,323 364,960
    Accounts receivable – other 45,480 61,682
    Contracts in progress 370,820 316,518
    Inventories 113,058 124,218
    Deferred income taxes 97,170 78,573
    Other current assets     47,764     41,858
     
    Total Current Assets     1,437,424     1,521,086
     
    Property, Plant and Equipment 1,126,683 1,099,040
    Less accumulated depreciation     679,604     652,019
     
    Net Property, Plant and Equipment     447,079     447,021
     
    Investments     4,426     4,090
     
    Goodwill     281,708     280,780
     
    Deferred Income Taxes     127,076     227,215
     
    Investments in Unconsolidated Affiliates     184,831     186,354
     
    Intangible Assets     81,521     87,686
     
    Other Assets     45,088     86,123
     
    TOTAL   $ 2,609,153   $ 2,840,355
     


    THE BABCOCK & WILCOX COMPANY

    CONSOLIDATED BALANCE SHEETS

     
    December 31,
    2013   2012
    (In thousands)
     
    LIABILITIES AND STOCKHOLDERS’ EQUITY
    Current Liabilities:
    Notes payable and current maturities of long-term debt $ 4,671 $ 4,062
    Accounts payable 319,774 264,798
    Accrued employee benefits 163,833 186,495
    Accrued liabilities – other 58,192 57,991
    Advance billings on contracts 317,771 472,287
    Accrued warranty expense 56,436 83,682
    Income taxes payable     6,551       9,973  
     
    Total Current Liabilities     927,228       1,079,288  
     
    Long-Term Debt     225       430  
     
    Accumulated Postretirement Benefit Obligation     43,194       71,208  
     
    Environmental Liabilities     53,391       46,497  
     
    Pension Liability     336,878       579,165  
     
    Other Liabilities     65,296       60,851  
     
    Commitments and Contingencies
     
    Stockholders’ Equity:
    Common stock, par value $0.01 per share, authorized 325,000,000 shares; issued 120,536,910 and 119,608,026 shares at December 31, 2013 and December 31, 2012, respectively 1,205 1,196
    Preferred stock, par value $0.01 per share, authorized 75,000,000 shares; no shares issued -

    -

    Capital in excess of par value 747,189 713,257
    Retained earnings 656,916 349,063
    Treasury stock at cost, 10,068,731 and 4,372,143 shares at December 31, 2013 and December 31, 2012, respectively (268,971 ) (109,809 )
    Accumulated other comprehensive income     28,348       32,728  
    Stockholders’ Equity – The Babcock & Wilcox Company 1,164,687 986,435
    Noncontrolling interest     18,254       16,481  
    Total Stockholders’ Equity 1,182,941 1,002,916
             
    TOTAL   $ 2,609,153     $ 2,840,355  
     


    THE BABCOCK & WILCOX COMPANY

    CONSOLIDATED STATEMENTS OF INCOME

     
    Year Ended December 31,

    2013

     

    2012

     

    2011

    (In thousands, except per share amounts)
     
    Revenues   $ 3,269,208     $ 3,291,359     $ 2,952,040  
    Costs and Expenses:
    Cost of operations 2,301,648 2,461,205 2,384,154
    Research and development costs 79,226 120,562 106,396
    Losses (gains) on asset disposals and impairments, net 1,049 1,419 (3,087 )
    Selling, general and administrative expenses 379,382 428,293 447,561
    Special charges for restructuring activities     39,599       -       -  
    Total Costs and Expenses     2,800,904       3,011,479       2,935,024  
     
    Equity in Income of Investees     68,058       66,709       78,655  
     
    Operating Income     536,362       346,589       95,671  
     
    Other Income (Expense):
    Interest income 1,443 1,491 1,342
    Interest expense (3,115 ) (3,735 ) (4,543 )
    Other – net     (17,517 )     (24,927 )     2,028  
    Total Other Expense     (19,189 )     (27,171 )     (1,173 )
     
    Income before Provision for Income Taxes 517,173 319,418 94,498
     
    Provision for Income Taxes     184,583       101,861       23,880  
     
    Net Income   $ 332,590     $ 217,557     $ 70,618  
     
    Net Loss Attributable to Noncontrolling Interest     13,488       10,138       7,701  
     
    Net Income Attributable to The Babcock & Wilcox Company   $ 346,078     $ 227,695     $ 78,319  
     
    Earnings per Common Share:
    Basic:
    Net Income Attributable to The Babcock & Wilcox Company $ 3.09 $ 1.92 $ 0.67
    Diluted:
    Net Income Attributable to The Babcock & Wilcox Company   $ 3.07     $ 1.91     $ 0.66  
     
    Shares used in the computation of earnings per share:
    Basic 111,901,750 118,418,930 117,560,594
    Diluted     112,685,417       119,021,324       118,404,597  
     


    THE BABCOCK & WILCOX COMPANY

    CONSOLIDATED STATEMENTS OF CASH FLOWS

     
    Year Ended December 31,

    2013

     

    2012

     

    2011

    (In thousands)
    CASH FLOWS FROM OPERATING ACTIVITIES:
    Net Income $ 332,590 $ 217,557 $ 70,618
    Non-cash items included in net income:
    Depreciation and amortization 70,525 69,697 73,003
    Income of investees, net of dividends 11,537 (15,115 ) (20,854 )
    Losses (gains) on asset disposals and impairments 1,049 1,419 (3,087 )
    Impairment of USEC investment 19,139 27,000 -
    In-kind research and development costs 15,794 17,942 16,584
    Provision for (benefit from) deferred taxes 94,068 43,038 (19,200 )
    Recognition of (gains) losses for pension and postretirement plans (219,915 ) 35,480 219,508
    Stock-based compensation expense 15,072 18,009 17,927
    Excess tax benefits from stock-based compensation (177 ) (1,571 ) (4,083 )
    Changes in assets and liabilities, net of effects from acquisitions:
    Accounts receivable 19,726 (52,034 ) (26,887 )
    Accounts payable 54,895 30,391 48,246
    Contracts in progress and advance billings on contracts (210,582 ) 32,527 (28,746 )
    Inventories 11,971 (16,448 ) (6,052 )
    Income taxes (6,364 ) 5,522 31,961
    Accrued and other current liabilities (28,499 ) (30,553 ) (23,106 )
    Pension liability, accrued postretirement benefit obligation and employee benefits (68,961 ) (168,004 ) (144,802 )
    Other, net     26,018       (29,930 )     (27,439 )
    NET CASH PROVIDED BY OPERATING ACTIVITIES     137,886       184,927       173,591  
    CASH FLOWS FROM INVESTING ACTIVITIES:
    Decrease (increase) in restricted cash and cash equivalents 15,016 229 (48,923 )
    Purchases of property, plant and equipment (64,950 ) (86,635 ) (63,874 )
    Acquisition of businesses, net of cash acquired - (318 ) (11,907 )
    Purchase of intangible assets (2,200 ) - -
    Purchases of available-for-sale securities (90,836 ) (268,929 ) (145,198 )
    Sales and maturities of available-for-sale securities 168,879 247,649 147,288
    Proceeds from asset disposals 1,028 580 6,468
    Proceeds from sale of an unconsolidated affiliate - 2,091 -
    Investment in equity and cost method investees     (6,884 )     (6,064 )     (38,176 )
    NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES     20,053       (111,397 )     (154,322 )
    CASH FLOWS FROM FINANCING ACTIVITIES:
    Payment of short-term borrowing and long-term debt (211 ) (4,643 ) (1,782 )
    Payment of debt issuance costs - (4,902 ) (82 )
    Increase in short-term borrowing 484 3,815 1,254
    Repurchase of common shares (157,093 ) (96,774 ) -
    Dividends paid to common shareholders (38,011 ) (9,485 ) -
    Exercise of stock options 4,275 2,926 4,463
    Excess tax benefits from stock-based compensation 177 1,571 4,083
    Other     (499 )     (514 )     (401 )
    NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES     (190,878 )     (108,006 )     7,535  
    EFFECTS OF EXCHANGE RATE CHANGES ON CASH     (4,492 )     2,814       (2,737 )
    NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS     (37,431 )     (31,662 )     24,067  
    CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD     383,547       415,209       391,142  
    CASH AND CASH EQUIVALENTS AT END OF PERIOD   $ 346,116     $ 383,547     $ 415,209  
    SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
    Cash paid during the period for:
    Income taxes (net of refunds) $ 86,924 $ 83,062 $ 33,505
    SCHEDULE OF NONCASH INVESTING ACTIVITY:
    Accrued capital expenditures included in accounts payable   $ 8,141     $ 7,902     $ 11,950  
     
    THE BABCOCK & WILCOX COMPANY
    BUSINESS SEGMENT INFORMATION
           
    Three Months EndedYear Ended
    December 31,December 31,

    2013

    2012

    2013

    2012

    (Unaudited)

    (In thousands)

    REVENUES:

    Power Generation $ 408,037 $ 448,286 $ 1,767,651 $ 1,785,959
    Nuclear Operations 293,438 298,005 1,167,683 1,098,031
    Technical Services 26,351 28,586 104,254 107,851
    Nuclear Energy 104,686 96,739 283,857 325,655
    mPower 543 219 1,523 326
    Adjustments and Eliminations     (30,240 )     (6,539 )     (55,760 )     (26,463 )
     
    TOTAL   $ 802,815     $ 865,296     $ 3,269,208     $ 3,291,359  
     

    SEGMENT INCOME:

    Power Generation $ 53,624 $ 45,178 $ 155,837 $ 183,387
    Nuclear Operations 53,575 59,156 237,855 226,269
    Technical Services 10,422 14,041 58,234 59,655
    Nuclear Energy (1,560 ) 9,121 8,641 50,649
    mPower     (27,677 )     (25,314 )     (81,304 )     (113,528 )
    SUBTOTAL 88,384 102,182 $ 379,263 $ 406,432
    Unallocated Corporate (1,704 ) (4,599 ) (26,039 ) (27,953 )
    Special Charges for Restructuring Activities (14,095 ) - (39,599 ) -
    Mark to Market Adjustment     222,737       (31,890 )     222,737       (31,890 )
    TOTAL   $ 295,322     $ 65,693     $ 536,362     $ 346,589  
     

    EQUITY IN INCOME (LOSS) OF INVESTEES:

    Power Generation $ 7,792 $ 6,312 $ 18,388 $ 17,402
    Nuclear Operations - - - -
    Technical Services 8,686 12,121 50,281 49,621
    Nuclear Energy (133 ) (314 ) (611 ) (314 )
    mPower     -       -       -       -  
     
    TOTAL   $ 16,345     $ 18,119     $ 68,058     $ 66,709  
     

    PENSION EXPENSE:

    Power Generation $ 520 $ 3,172 $ 2,760 $ 15,744
    Nuclear Operations 1,307 3,391 4,706 13,565
    Technical Services 72 215 288 861
    Nuclear Energy 758 1,463 3,796 3,056
    mPower - - - -
    Corporate 89 842 1,604 2,873
    Mark to Market Adjustment     (202,442 )     34,496       (202,442 )     34,496  
     
    TOTAL   $ (199,696 )   $ 43,579     $ (189,288 )   $ 70,595  
     

    DEPRECIATION AND AMORTIZATION:

    Power Generation $ 7,373 $ 4,814 $ 23,892 $ 19,126
    Nuclear Operations 6,793 7,334 26,975 32,013
    Technical Services 41 55 185 244
    Nuclear Energy 1,688 1,519 6,520 5,923
    mPower 189 121 554 279
    Corporate     3,100       3,036       12,399       12,112  
     
    TOTAL   $ 19,184     $ 16,879     $ 70,525     $ 69,697  
     

    RESEARCH AND DEVELOPMENT, NET:

    Power Generation $ 4,915 $ 6,692 $ 21,043 $ 22,952
    Nuclear Operations 2 - 69 119
    Technical Services 11 315 67 654
    Nuclear Energy 511 2,063 3,590 4,791
    mPower     20,817       20,413       54,457       92,046  
     
    TOTAL   $ 26,256     $ 29,483     $ 79,226     $ 120,562  
     

    CAPITAL EXPENDITURES:

    Power Generation $ 1,877 $ 8,471 $ 15,280 $ 24,592
    Nuclear Operations 9,973 14,308 31,572 44,810
    Technical Services 32 - 98 -
    Nuclear Energy 1,365 2,634 5,506 5,881
    mPower 1,109 1,467 2,854 2,554
    Corporate     5,306       975       9,640       8,798  
     
    TOTAL   $ 19,662     $ 27,855     $ 64,950     $ 86,635  
     

    BACKLOG:

    Power Generation $ 2,072,132 $ 2,483,046 $ 2,072,132 $ 2,483,046
    Nuclear Operations 2,369,268 2,983,864 2,369,268 2,983,864
    Technical Services 5,031 4,503 5,031 4,503
    Nuclear Energy 141,832 278,003 141,832 278,003
    mPower     1,670       -       1,670       -  
     
    TOTAL   $ 4,589,933     $ 5,749,416     $ 4,589,933     $ 5,749,416  
     

    BOOKINGS:

    Power Generation $ 277,833 $ 441,999 $ 1,319,185 $ 2,313,798
    Nuclear Operations 130,076 650,285 546,314 1,080,515
    Technical Services 14,845 27,763 100,965 95,102
    Nuclear Energy 60,490 49,064 143,329 211,187
    mPower     (8 )     1,680       (67 )     1,139  
     
    TOTAL   $ 483,236     $ 1,170,791     $ 2,109,726     $ 3,701,741  
     





    The Babcock & Wilcox Company

    Investor Contact:

    Jenny L. Apker, Vice President, Treasurer and Investor Relations, 704-625-4944

    investors@babcock.com

    or

    Media Contact:

    Aimee Mills, Media Relations Lead, 980-365-4583

    aemills@babcock.com

    Source: The Babcock & Wilcox Company


  • For more stories on investments and markets, please see HispanicBusiness' Finance Channel



    Source: Business Wire


    Story Tools