Babcock & Wilcox Mulls Acquisitions
Apr 20 15
Babcock & Wilcox Enterprises, Inc. and The Babcock & Wilcox Company (NYSE:BWC) are seeking acquisitions. In a filing, the company stated that "as separate companies, (B&W) believes each company's stock can also serve as a more attractive acquisition 'currency' to potential acquisition targets."
The Babcock & Wilcox Company Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Earnings Guidance for the Year 2015
Feb 25 15
The Babcock & Wilcox Company reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported revenues of $837.1 million, an increase of $34.3 million, or 4.3%, from the fourth quarter of 2013. GAAP loss per share was $0.97 compared to earnings per share of $1.48 in the fourth quarter of 2013. Non-GAAP, or adjusted earnings per share, which excludes a $1.61 per share net impact of non-cash mark-to-market adjustments for pension and other post-retirement benefits, restructuring and spin-related costs and higher legal reserves for the quarter, was $0.64 compared to $0.52 in the prior year period. Operating loss was $156,540,000 compared to operating income of $295,322,000 a year ago. Loss before provision for income taxes was $165,057,000 compared to income of $275,358,000 a year ago. Net loss was $103,592,000 compared to net income of $160,992,000 a year ago. Net loss attributable to the company was $103,307,000 or $0.97 per diluted share compared to net income attributable to the company of $165,588,000 $1.48 per diluted share a year ago.
For the year, the company revenues were $2.92 billion, a decrease of 10.6% from the $3.27 billion recorded in 2013. GAAP earnings per share were $0.27, compared to $3.07 in 2013. Adjusted earnings per share decreased 10.6% to $2.03 versus adjusted earnings per share of $2.27 in the prior year. Operating loss was $2,622,000 compared to operating income of $536,362,000 a year ago. Income before provision for income taxes was $5,466,000 compared to $517,173,000 a year ago. Net income was $21,457,000 compared to net income of $332,590,000 a year ago. Net income attributable to the company was $29,388,000 or $0.27 per diluted share compared to $346,078,000 or $3.07 per diluted share a year ago. Net cash provided by operating activities was $74,925,000 compared to $137,886,000 a year ago. Purchases of property, plant and equipment was $76,029,000 compared to $64,950,000 a year ago. Purchase of intangible assets was $722,000 compared to $2,200,000 a year ago.
For the year 2015, the company’s adjusted tax rate is expected to be in the range of 32% to 34%; and approximately 60% of annual earnings are expected to be realized in the third and fourth quarters. In the fourth quarter of 2014, NOG completed the negotiation and execution of an agreement with its customer that resulted in an increase to the allowable cost and result in contract value of its existing backlog contracts. As a result of the contract changes, revenue increased by approximately $40 million and operating income increased by approximately $20 million in the quarter. The company expects a small positive impact as well on 2015 sales and operating margin. But on balance, the year-over-year earnings impact will be about $15 million less in 2015 versus 2014.
The Babcock & Wilcox Company Declares Quarterly Dividend, Payable on March 19, 2015
Feb 20 15
On February 19, 2015, the Board of Directors of The Babcock & Wilcox Company declared a quarterly dividend of $0.10 per share on the outstanding common shares of the company, payable on March 19, 2015 to shareholders of record at the close of business on March 2, 2015.
The Babcock & Wilcox Company to Report Q4, 2014 Results on Feb 25, 2015
Feb 4 15
The Babcock & Wilcox Company announced that they will report Q4, 2014 results at 5:00 PM, Eastern Standard Time on Feb 25, 2015