Exhibit 99.1
Babcock & Wilcox Announces First Quarter 2015 Results
- Nuclear Operations and Power Generation Produce Strong First Quarter Revenues and Income
- GAAP EPS of $0.42, Adjusted EPS $0.47
- Planned Spin-off of Power Generation Business On Track for Mid-Summer
CHARLOTTE, N.C.--(BUSINESS WIRE)--May 6, 2015--The Babcock & Wilcox Company (NYSE: BWC) (“B&W” or the “Company”) today reported first quarter 2015 revenues of $730.6 million, an increase of $68.5 million, or 10.4%, from the first quarter of 2014, while GAAP earnings per share increased $0.01 per share to $0.42 for the first quarter of 2015 compared to $0.41 in the prior year period. Adjusted (Non-GAAP) earnings per share, which excludes the impact of spin-related and restructuring costs for the quarter, were $0.47 for the three months ended March 31, 2015 compared to $0.42 in the first quarter of 2014.
“Our Nuclear Operations segment delivered continued robust revenue and operating income in the first quarter,” said Mr. E. James Ferland, President and Chief Executive Officer. “In the Nuclear Operations Group, all of the facilities for component manufacturing and fuel fabrication, including Nuclear Fuel Services, were on or ahead of target and the segment delivered a solid bookings quarter in line with our expectations. The Power Generation segment produced a solid quarter with revenue, operating income, bookings and backlog slightly exceeding our expectations. As anticipated, we saw robust Power Generation segment cash flow in the quarter due to the impact of stronger operating earnings, significant advanced billings on new contracts and timing of costs incurred on major projects.”
Results of Operations
Consolidated revenues for the first quarter of 2015 were $730.6 million, an increase of 10.4%, compared to $662.0 million for the first quarter of 2014. The Nuclear Operations segment revenues were relatively flat at $284.4 million in the first quarter of 2015 compared to $286.2 million in the same quarter in 2014. Revenues in the Power Generation segment were $397.2 million in the three months ended March 31, 2015, 27.3% above the corresponding period in 2014. This year-over-year increase was primarily due to the contribution of revenues from the MEGTEC acquisition and strong aftermarket service projects activities. Revenues from the Nuclear Energy segment were $33.0 million compared to $47.8 million in the prior year period, a decrease of $14.8 million primarily attributable to a decrease in our nuclear services business driven by the timing of maintenance outages in the Canadian nuclear market.
GAAP operating income for the first quarter of 2015 increased $17.2 million or an increase of 32.1% to $70.8 million compared to $53.6 million in the same period of 2014. For the quarter, operating income in the Power Generation segment was $23.0 million, a $12.5 million increase from $10.5 million in the same 2014 period, primarily due to higher revenues and improved margin performance. Operating income in the Nuclear Operations segment increased $8.5 million in the quarter from last year’s record first quarter profit to $68.0 million primarily due to contract improvements in our naval nuclear fuel and downblending businesses. Our Technical Services segment operating income decreased $13.1 million in the quarter to $1.6 million, primarily attributable to the loss of the Y12 National Security Complex and Pantex Plant contracts and the termination of work on the American Centrifuge Manufacturing Program. Our Nuclear Energy segment reported a loss of $3.7 million in the period compared to a $0.5 million profit in the prior year period. Our results include a significant improvement in the mPower operating loss by $21.5 million to a loss of $(5.2) million in the three months ended March 31, 2015 compared to a loss of $(26.7) million in the same period of 2014.
GAAP operating income for the first quarter of 2015 includes $2.5 million of special charges for restructuring activities and $5.0 million of spin-related costs. Excluding these charges, adjusted operating income for the first quarter of 2015 was $78.4 million or an increase of 39.3% compared to adjusted operating income of $56.3 million in the first quarter of 2014.
“Our first quarter results clearly show that our business units have remained focused on delivering value to our customers and our shareholders even while the Company prepares for the planned spin-off of the Power Generation business,” said Mr. Ferland. “Both BWX Technologies and Babcock & Wilcox Enterprises are well positioned to deliver shareholder value in the years ahead. We are on course to complete the separation of these two core businesses by mid-summer.”
Liquidity and Debt
In a historically cash negative first quarter, the Company generated $5.0 million of cash from operations compared with $113.5 million net cash used in operating activities in the first quarter of 2014, driven by improvement in the contracts in progress and advance billings on contracts in the Power Generation segment. For the first quarter, the Company’s cash and investments position, net of restricted cash, was $293.1 million at the end of the first quarter of 2015 compared to $325.4 million as of December 31, 2014.
As of March 31, 2015, outstanding balances under the Credit Agreement included a $296.3 million term loan, $0 outstanding under the revolver and letters of credit issued under the revolving credit facility totaling $174.8 million, resulting in $825.2 million of availability as of the end of the first quarter.
Quarterly Dividend
On May 1, 2015, the Company declared a quarterly cash dividend of $0.10 per common share. The dividend will be payable on June 4, 2015 to shareholders of record on May 14, 2015.
Outlook
Segment guidance provided for 2015 remains largely unchanged at the business unit level with a shift in the timing to expect 45%, rather than 40%, of full year operating income to be realized in the first half of the year. Additional guidance for the two separate entities will be provided in the weeks preceding the spin-off planned for mid-summer 2015.
Conference Call to Discuss First Quarter 2015 Results
| Date: | Thursday, May 7, 2015, at 8:30 a.m. EST | |||
| Live Webcast: | Investor Relations section of website at www.babcock.com | |||
Forward-Looking Statements
B&W cautions that this release contains forward-looking statements, including, without limitation, statements relating to the timing of and expected benefits associated with the planned spin-off of our Power Generation business; bookings, to the extent they may be viewed as an indicator of future revenues; and our 2015 outlook for B&W’s segments. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties, including, among other things, the proposed spin-off not being completed as anticipated or at all; delays or other difficulties in completing the spin-off, including the inability to satisfy the conditions for its completion; disruptions experienced with customers and suppliers; the inability of either business to successfully operate independently; the inability to retain key personnel; adverse changes in the industries in which we operate and delays, changes or termination of contracts in backlog. 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, 2014 and subsequent quarterly reports on Form 10-Q. B&W cautions not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and undertakes 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 joint venture employees throughout the world. 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.
EXHIBIT 1 | ||||||||||||||||
| THE BABCOCK & WILCOX COMPANY | ||||||||||||||||
RECONCILIATION OF NON-GAAP OPERATING INCOME AND EARNINGS PER SHARE(1)(2) | ||||||||||||||||
| Three Months Ended March 31, 2015 | ||||||||||||||||
| Restructuring | ||||||||||||||||
| Q1 2015 | & Acquisitions | Spin Costs | Q1 2015 | |||||||||||||
| Operating Income | $ | 70.8 | $ | 2.5 | $ | 5.0 | $ | 78.4 | ||||||||
| Other Income / (Expense) | (3.9 | ) | - | - | (3.9 | ) | ||||||||||
| Income Tax (Expense) / Benefit | (21.9 | ) | (0.9 | ) | (1.9 | ) | (24.7 | ) | ||||||||
| Net Income (Loss) | 45.0 | 1.6 | 3.1 | 49.7 | ||||||||||||
| Net Loss Attributable to Non-Controlling Interest | 0.2 | - | - | 0.2 | ||||||||||||
| Net Income (Loss) Attributable to | ||||||||||||||||
| The Babcock & Wilcox Company | $ | 45.3 | $ | 1.6 | $ | 3.1 | $ | 49.9 | ||||||||
| Diluted Earnings per Common Share | $ | 0.42 | $ | 0.01 | $ | 0.03 | $ | 0.47 | ||||||||
| Tax Rate | 32.7 | % | 33.2 | % | ||||||||||||
| Three Months Ended March 31, 2014 | ||||||||||||||||
| Restructuring | ||||||||||||||||
| Q1 2014 | & Acquisitions | Spin Costs | Q1 2014 | |||||||||||||
| Operating Income | $ | 53.6 | $ | 2.7 | $ | - | $ | 56.3 | ||||||||
| Other Income / (Expense) | 0.8 | - | - | 0.8 | ||||||||||||
| Income Tax (Expense) / Benefit | (13.3 | ) | (1.0 | ) | - | (14.3 | ) | |||||||||
| Net Income (Loss) | 41.2 | 1.7 | - | 42.9 | ||||||||||||
| Net Loss Attributable to Non-Controlling Interest | 3.9 | - | - | 3.9 | ||||||||||||
| Net Income (Loss) Attributable to | ||||||||||||||||
| The Babcock & Wilcox Company | $ | 45.0 | $ | 1.7 | $ | - | $ | 46.7 | ||||||||
| Diluted Earnings per Common Share | $ | 0.41 | $ | 0.02 | $ | - | $ | 0.42 | ||||||||
| Tax Rate | 24.5 | % | 25.0 | % | ||||||||||||
| (1) | May not foot due to rounding. | |
| (2) | B&W is providing non-GAAP information regarding certain of its historical results and guidance on future earnings per share 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 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. | |
EXHIBIT 2 | ||||||
| THE BABCOCK & WILCOX COMPANY | ||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||
| ASSETS | ||||||
| March 31, | December 31, | |||||
| 2015 | 2014 | |||||
| (Unaudited) | ||||||
| (In thousands) | ||||||
| Current Assets: | ||||||
| Cash and cash equivalents | $ | 274,394 | $ | 312,969 | ||
| Restricted cash and cash equivalents | 50,670 | 54,497 | ||||
| Investments | 10,469 | 4,837 | ||||
| Accounts receivable – trade, net | 404,941 | 430,600 | ||||
| Accounts receivable – other | 51,448 | 44,299 | ||||
| Contracts in progress | 395,542 | 398,373 | ||||
| Inventories | 109,659 | 108,637 | ||||
| Deferred income taxes | 73,892 | 73,479 | ||||
| Other current assets | 49,820 | 46,111 | ||||
| Total Current Assets | 1,420,835 | 1,473,802 | ||||
| Property, Plant and Equipment | 1,171,347 | 1,167,581 | ||||
| Less accumulated depreciation | 742,704 | 730,946 | ||||
| Net Property, Plant and Equipment | 428,643 | 436,635 | ||||
| Investments | 8,263 | 7,606 | ||||
| Goodwill | 376,478 | 379,192 | ||||
| Deferred Income Taxes | 250,221 | 245,766 | ||||
| Investments in Unconsolidated Affiliates | 133,691 | 140,504 | ||||
| Intangible Assets | 105,573 | 110,873 | ||||
| Other Assets | 68,430 | 62,558 | ||||
| TOTAL | $ | 2,792,134 | $ | 2,856,936 | ||
| THE BABCOCK & WILCOX COMPANY | ||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| March 31, | December 31, | |||||||
| 2015 | 2014 | |||||||
| (Unaudited) | ||||||||
| (In thousands, except share and per | ||||||||
| share amounts) | ||||||||
| Current Liabilities: | ||||||||
| Notes payable and current maturities of long-term debt | $ | 18,219 | $ | 18,215 | ||||
| Accounts payable | 199,349 | 247,629 | ||||||
| Accrued employee benefits | 86,673 | 124,897 | ||||||
| Accrued liabilities – other | 101,512 | 97,207 | ||||||
| Advance billings on contracts | 254,844 | 255,535 | ||||||
| Accrued warranty expense | 53,722 | 53,624 | ||||||
| Income taxes payable | 19,421 | 22,529 | ||||||
| Total Current Liabilities | 733,740 | 819,636 | ||||||
| Long-Term Debt | 281,250 | 285,000 | ||||||
| Accumulated Postretirement Benefit Obligation | 56,939 | 58,213 | ||||||
| Environmental Liabilities | 56,548 | 56,259 | ||||||
| Pension Liability | 558,763 | 563,990 | ||||||
| Other Liabilities | 57,970 | 59,637 | ||||||
| Commitments and Contingencies | ||||||||
| Stockholders’ Equity: | ||||||||
| Common stock, par value $0.01 per share, authorized 325,000,000 shares; | ||||||||
| issued 121,908,073 and 121,604,332 shares at March 31, 2015 and | ||||||||
| December 31, 2014, respectively | 1,219 | 1,216 | ||||||
| Preferred stock, par value $0.01 per share, authorized 75,000,000 shares; | ||||||||
| No shares issued | - | - | ||||||
| Capital in excess of par value | 784,076 | 775,393 | ||||||
| Retained earnings | 676,913 | 642,489 | ||||||
| Treasury stock at cost, 14,967,834 and 14,915,776 shares at March 31, 2015 | ||||||||
and December 31, 2014, respectively | (425,586 | ) | (423,990 | ) | ||||
| Accumulated other comprehensive income (loss) | (4,896 | ) | 3,596 | |||||
| Stockholders’ Equity – The Babcock & Wilcox Company | 1,031,726 | 998,704 | ||||||
| Noncontrolling interest | 15,198 | 15,497 | ||||||
| Total Stockholders’ Equity | 1,046,924 | 1,014,201 | ||||||
| TOTAL | $ | 2,792,134 | $ | 2,856,936 | ||||
| THE BABCOCK & WILCOX COMPANY | ||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF INCOME | ||||||||
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2015 | 2014 | |||||||
| (Unaudited) | ||||||||
| (In thousands, except share and per | ||||||||
| share amounts) | ||||||||
| Revenues | $ | 730,565 | $ | 662,017 | ||||
| Costs and Expenses: | ||||||||
| Cost of operations | 539,921 | 502,307 | ||||||
| Research and development costs | 8,346 | 23,996 | ||||||
| Losses on asset disposals and impairments, net | 15 | - | ||||||
| Selling, general and administrative expenses | 108,751 | 94,685 | ||||||
| Special charges for restructuring activities | 2,502 | 2,658 | ||||||
| Total Costs and Expenses | 659,535 | 623,646 | ||||||
| Equity in Income (Loss) of Investees | (219 | ) | 15,269 | |||||
| Operating Income | 70,811 | 53,640 | ||||||
| Other Income (Expense): | ||||||||
| Interest income | 174 | 419 | ||||||
| Interest expense | (2,363 | ) | (899 | ) | ||||
| Other – net | (1,715 | ) | 1,322 | |||||
| Total Other Income (Expense) | (3,904 | ) | 842 | |||||
| Income before Provision for Income Taxes | 66,907 | 54,482 | ||||||
| Provision for Income Taxes | 21,866 | 13,328 | ||||||
| Net Income | $ | 45,041 | $ | 41,154 | ||||
| Net Loss Attributable to Noncontrolling Interest | 216 | 3,890 | ||||||
| Net Income Attributable to The Babcock & Wilcox Company | $ | 45,257 | $ | 45,044 | ||||
| Earnings per Common Share: | ||||||||
| Basic: | ||||||||
| Net Income Attributable to The Babcock & Wilcox Company | $ | 0.42 | $ | 0.41 | ||||
| Diluted: | ||||||||
| Net Income Attributable to The Babcock & Wilcox Company | $ | 0.42 | $ | 0.41 | ||||
| Shares used in the computation of earnings per share: | ||||||||
| Basic | 106,775,916 | 110,439,415 | ||||||
| Diluted | 107,146,494 | 110,886,043 | ||||||
| THE BABCOCK & WILCOX COMPANY | ||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2015 | 2014 | |||||||
| (Unaudited) | ||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | (In thousands) | |||||||
| Net Income | $ | 45,041 | $ | 41,154 | ||||
| Non-cash items included in net income: | ||||||||
| Depreciation and amortization | 26,443 | 17,013 | ||||||
| Income of investees, net of dividends | 525 | (4,694 | ) | |||||
| Losses on asset disposals and impairments, net | 15 | - | ||||||
| In-kind research and development costs | - | 4,173 | ||||||
| Recognition of losses for pension and postretirement plans | 510 | 594 | ||||||
| Stock-based compensation and thrift plan expense | 6,981 | 4,634 | ||||||
| Excess tax benefits from stock-based compensation | 44 | (760 | ) | |||||
| Changes in assets and liabilities: | ||||||||
| Accounts receivable | 17,336 | 17,528 | ||||||
| Accounts payable | (41,448 | ) | (82,164 | ) | ||||
| Contracts in progress and advance billings on contracts | 2,557 | (83,797 | ) | |||||
| Inventories | (2,941 | ) | 3,082 | |||||
| Income taxes | (10,793 | ) | (6,766 | ) | ||||
| Accrued and other current liabilities | 7,357 | (31 | ) | |||||
| Pension liability, accrued postretirement benefit obligation and employee benefits | (43,364 | ) | (20,913 | ) | ||||
| Other, net | (3,219 | ) | (2,570 | ) | ||||
| NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 5,044 | (113,517 | ) | |||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
| Decrease in restricted cash and cash equivalents | 3,827 | 10,278 | ||||||
| Purchases of property, plant and equipment | (21,349 | ) | (21,214 | ) | ||||
| Purchases of securities | (6,593 | ) | (19,926 | ) | ||||
| Sales and maturities of securities | 410 | 24,390 | ||||||
| Proceeds from asset disposals | (27 | ) | 3 | |||||
| Investment in equity method investees | - | (4,900 | ) | |||||
| NET CASH USED IN INVESTING ACTIVITIES | (23,732 | ) | (11,369 | ) | ||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
| Payment of short-term borrowing and long-term debt | - | (441 | ) | |||||
| Borrowings under short-term arrangements | - | 733 | ||||||
| Borrowings under the Credit Agreement | - | 15,000 | ||||||
| Repayments under Credit Agreement | (3,750 | ) | - | |||||
| Repurchase of common shares | - | (15,665 | ) | |||||
| Dividends paid to common shareholders | (10,782 | ) | (11,099 | ) | ||||
| Exercise of stock options | 1,740 | 2,191 | ||||||
| Excess tax benefits from stock-based compensation | (44 | ) | 760 | |||||
| Other | (101 | ) | (112 | ) | ||||
| NET CASH USED IN FINANCING ACTIVITIES | (12,937 | ) | (8,633 | ) | ||||
| EFFECTS OF EXCHANGE RATE CHANGES ON CASH | (6,950 | ) | (4,542 | ) | ||||
| NET DECREASE IN CASH AND CASH EQUIVALENTS | (38,575 | ) | (138,061 | ) | ||||
| CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 312,969 | 346,116 | ||||||
| CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 274,394 | $ | 208,055 | ||||
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||||||||
| Cash paid during the period for: | ||||||||
| Interest | $ | 1,749 | $ | 288 | ||||
| Income taxes (net of refunds) | $ | 30,981 | $ | 15,088 | ||||
| SCHEDULE OF NON-CASH INVESTING ACTIVITY: | ||||||||
| Accrued capital expenditures included in accounts payable | $ | 3,342 | $ | 4,854 | ||||
| THE BABCOCK & WILCOX COMPANY | ||||||||
| BUSINESS SEGMENT INFORMATION | ||||||||
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2015 | 2014 | |||||||
| (Unaudited) | ||||||||
| (In thousands) | ||||||||
REVENUES: | ||||||||
| Power Generation | $ | 397,155 | $ | 312,078 | ||||
| Nuclear Operations | 284,438 | 286,214 | ||||||
| Technical Services | 18,584 | 24,455 | ||||||
| Nuclear Energy | 32,957 | 47,780 | ||||||
| Other | - | 278 | ||||||
| Adjustments and Eliminations | (2,569 | ) | (8,788 | ) | ||||
| TOTAL | $ | 730,565 | $ | 662,017 | ||||
SEGMENT INCOME: | ||||||||
| Power Generation | $ | 22,996 | $ | 10,542 | ||||
| Nuclear Operations | 68,012 | 59,528 | ||||||
| Technical Services | 1,645 | 14,789 | ||||||
| Nuclear Energy | (3,666 | ) | 523 | |||||
| Other | (5,168 | ) | (26,709 | ) | ||||
| SUBTOTAL | 83,819 | 58,673 | ||||||
| Unallocated Corporate | (10,506 | ) | (2,375 | ) | ||||
| Special Charges for Restructuring Activities | (2,502 | ) | (2,658 | ) | ||||
| TOTAL | $ | 70,811 | $ | 53,640 | ||||
EQUITY IN INCOME (LOSS) OF INVESTEES: | ||||||||
| Power Generation | $ | (2,071 | ) | $ | 2,366 | |||
| Nuclear Operations | - | - | ||||||
| Technical Services | 1,852 | 12,901 | ||||||
| Nuclear Energy | - | 2 | ||||||
| TOTAL | $ | (219 | ) | $ | 15,269 | |||
PENSION EXPENSE: | ||||||||
| Power Generation | $ | (1,233 | ) | $ | 530 | |||
| Nuclear Operations | 192 | 872 | ||||||
| Technical Services | 11 | 48 | ||||||
| Nuclear Energy | (143 | ) | 1,292 | |||||
| Corporate | 424 | 488 | ||||||
| TOTAL | $ | (749 | ) | $ | 3,230 | |||
DEPRECIATION AND AMORTIZATION: | ||||||||
| Power Generation | $ | 11,333 | $ | 5,567 | ||||
| Nuclear Operations | 9,802 | 6,358 | ||||||
| Technical Services | 1 | 1 | ||||||
| Nuclear Energy | 1,634 | 1,794 | ||||||
| Other | 275 | 187 | ||||||
| Corporate | 3,398 | 3,106 | ||||||
| TOTAL | $ | 26,443 | $ | 17,013 | ||||
RESEARCH AND DEVELOPMENT, NET: | ||||||||
| Power Generation | $ | 4,518 | $ | 4,011 | ||||
| Nuclear Operations | 5 | 4 | ||||||
| Technical Services | 10 | 12 | ||||||
| Nuclear Energy | 104 | 495 | ||||||
| Other | 3,709 | 19,474 | ||||||
| TOTAL | $ | 8,346 | $ | 23,996 | ||||
CAPITAL EXPENDITURES: | ||||||||
| Power Generation | $ | 5,546 | $ | 3,185 | ||||
| Nuclear Operations | 9,609 | 8,290 | ||||||
| Technical Services | - | - | ||||||
| Nuclear Energy | 1,968 | 6,142 | ||||||
| Other | - | 1,492 | ||||||
| Corporate | 4,226 | 2,105 | ||||||
| TOTAL | $ | 21,349 | $ | 21,214 | ||||
BACKLOG: | ||||||||
| Power Generation | $ | 2,580,829 | $ | 1,982,373 | ||||
| Nuclear Operations | 2,845,894 | 2,849,585 | ||||||
| Technical Services | 21,439 | 1,363 | ||||||
| Nuclear Energy | 236,164 | 172,758 | ||||||
| Other | - | 1,392 | ||||||
| TOTAL | $ | 5,684,326 | $ | 5,007,471 | ||||
BOOKINGS: | ||||||||
| Power Generation | $ | 730,713 | $ | 219,339 | ||||
| Nuclear Operations | 351,792 | 763,444 | ||||||
| Technical Services | 37,331 | 20,735 | ||||||
| Nuclear Energy | 4,053 | 76,037 | ||||||
| TOTAL | $ | 1,123,889 | $ | 1,079,555 | ||||
CONTACT:
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