The Babcock & Wilcox Company (NYSE: BWC) (“B&W” or the “Company”) today reported first quarter 2014 revenues of $662.0 million, a decrease of $143.4 million, or 17.8% from the first quarter of 2013. GAAP earnings per share for the first quarter of 2014 were $0.41 unchanged from $0.41 in the first quarter of 2013. Adjusted earnings per share for the first quarter 2014, which excludes the impact of $2.7 million of restructuring charges, were $0.42, a decrease of 8.7% from adjusted earnings per share of $0.46 for the first quarter of 2013.
During the first quarter of 2014, the Company repurchased 0.5 million shares of its common stock at a total cost of $15.7 million. Through March 31, 2014, the Company had repurchased a total of 10.0 million shares at a cost of $269.3 million, leaving $480.7 million of capacity remaining under its previously announced $750 million share repurchase authorizations.
Recent Highlights
- Awarded $195 Million in Naval Reactors Contracts and Orders
- Awarded Steam Generator Services Contract from American Electric Power
- Awarded $302 Million in Contracts for Naval Reactors Fuel and Materials Services
- Awarded U.S. Department of Energy Funding for Carbon Dioxide Capture Technology
- Received Extension of Management and Operating Contract at Idaho National Laboratory
- Announced Plans to Restructure mPower Small Modular Reactor Program
Results of Operations
Consolidated revenues for the first quarter of 2014 were $662.0 million, a decrease of $143.4 million, or 17.8%, from the first quarter of 2013. The Nuclear Operations segment revenues were $286.2 million, an increase of $25.1 million over the corresponding period in 2013, primarily due to strong execution and increased activity in the manufacturing of nuclear components for U.S. Government programs. Revenues in the Power Generation segment decreased by $149.4 million, to $312.1 million in the first quarter of 2014 compared to $461.5 million in 2013, primarily attributable to an $85.7 million decrease in new build environmental revenue due to lower levels of activity as projects related to the previously enacted environmental rules and regulations near completion and uncertainties continued regarding the outcome of other environmental regulations. Power Generation segment revenues from the new build steam and aftermarket services businesses decreased by $25.0 million and $34.6 million, respectively, primarily due to completion of several large projects in the past year. Revenues from the Nuclear Energy segment were $47.8 million compared to $63.5 million in the first quarter of 2013, a decrease of $15.7 million, due in part to the decision to discontinue the U.S. projects business.
Operating income for the first quarter of 2014 was $53.6 million, a decrease of $6.6 million compared to $60.2 million in the first quarter of 2013. Nuclear Operations segment operating income was $59.5 million in the first quarter of 2014, compared with $54.7 million in the same period last year. Power Generation segment operating income was $10.5 million in the first quarter of 2014, a decrease of $22.8 million from $33.3 million in the prior year period. Results included an additional $7.6 million charge related to a biomass power plant project, all of which we expect will be added to the customer claim. Operating income in the Technical Services segment during the first quarter 2014 increased by $0.6 million, to $14.8 million, compared to $14.2 million in the first quarter of 2013. Nuclear Energy segment operating income in the first quarter of 2014 decreased by $1.8 million, to $0.5 million, compared to $2.3 million in the corresponding period of 2013. The $26.7 million operating loss in the mPower segment in the first quarter of 2014 compares to a $26.9 million loss in the corresponding period in 2013.
Operating income for the first quarter of 2014 includes $2.7 million of special charges for restructuring activities related to the Global Competitiveness Initiative (GCI) and other cost reduction efforts. Excluding the restructuring charges, adjusted operating income for the first quarter of 2014 was $56.3 million, a 17.9% decrease compared adjusted operating income of $68.6 million in the first quarter of 2013.
“With strong performance in both the nuclear components and fuels businesses, the Nuclear Operations segment posted record first quarter revenue and earnings this period,” said E. James Ferland, President and Chief Executive Officer of B&W. “Healthy bookings in the Nuclear Energy segment in the first quarter reflect several important awards in Canada and the U.S. While bookings in our Power Generation segment were modest this quarter, we expect to book a couple of significant international boiler projects over the next three or four months and are seeing improvement in the domestic bid pipeline, particularly for environmental activity. We’ve had a slow start in Power Generation this year, but we expect performance will improve sequentially as the year progresses.”
Ferland continued, “We are making significant progress on the key objectives we set forth for 2014. Actions have been initiated to reduce mPower spending to an annual rate of approximately $15 million and we continue to work with the Department of Energy and our other stakeholders to confirm the best path forward for this technology. Plans to drive the improvement of operating margins in our commercial businesses are underway, with more than $50 million of additional opportunities identified and the end of 2015 target still sharply in focus. We also remain committed to increasing share buyback activity in the balance of 2014.”
Quarterly Dividend
On May 9, 2014, the Company declared a regular quarterly cash dividend of $0.10 per common share. The dividend will be payable on June 13, 2014 to shareholders of record on May 23, 2014.
Liquidity
The Company’s cash and investments position, net of debt, was $234.4 million at the end of the first quarter of 2014, a decrease of $167.9 million compared to $402.3 million at the end of the fourth quarter of 2013. First quarter 2014 net cash flow from operations was a use of $113.5 million, primarily due to a decrease in accounts payable and an increase in net work in progress due largely to timing of project milestones. During the quarter, the Company repurchased common shares totaling $15.7 million, paid dividends of $11.1 million, and contributed $5.3 million to its pension plans. In addition to net cash, the Company maintains a $700.0 million revolving credit agreement with $527.0 million of availability as of the end of the first quarter.
Outlook for the Remainder of 2014
The Company reaffirms its guidance that 2014 consolidated revenues will be between $2.90 billion and $3.10 billion and adjusted earnings per share for the full year 2014 will be between $2.00 and $2.20. Adjusted earnings per share exclude any mark-to-market adjustment for pension and post-retirement benefits and restructuring charges.
Reconciliation of Non-GAAP Operating Income and Earnings Per Share
| Q1 2014 GAAP* | GCI & Other | Q1 2014 | |||||||||||||||
| Operating Income | $ | 53.6 | $ | 2.7 | $ | 56.3 | |||||||||||
| Other Income | 0.8 | - | 0.8 | ||||||||||||||
| Provision for Income Taxes | (13.3 | ) | (1.0 | ) | (14.3 | ) | |||||||||||
| Net Income | 41.2 | 1.7 | 42.9 | ||||||||||||||
| Net Loss Attributable to Non-Controlling Interest | 3.9 | - | 3.9 | ||||||||||||||
| Net Income Attributable to The Babcock & Wilcox Company | $ | 45.0 | $ | 1.7 | $ | 46.7 | |||||||||||
| Diluted Earnings per Common Share | $ | 0.41 | $ | 0.02 | $ | 0.42 | |||||||||||
| Effective Tax Rate | 24.5 | % | 25.0 | % | |||||||||||||
| Q1 2013 GAAP* | GCI & Other | Q1 2013 | |||||||||||||||
| Operating Income | $ | 60.2 | $ | 8.4 | $ | 68.6 | |||||||||||
| Other Income | 0.9 | - | 0.9 | ||||||||||||||
| Provision for Income Taxes | (16.3 | ) | (2.9 | ) | (19.2 | ) | |||||||||||
| Net Income | 44.9 | 5.5 | 50.4 | ||||||||||||||
| Net Loss Attributable to Non-Controlling Interest | 2.3 | - | 2.3 | ||||||||||||||
| Net Income Attributable to The Babcock & Wilcox Company | $ | 47.2 | $ | 5.5 | $ | 52.7 | |||||||||||
| Diluted Earnings per Common Share | $ | 0.41 | $ | 0.05 | $ | 0.46 | |||||||||||
| Effective Tax Rate | 26.6 | % | 27.6 | % | |||||||||||||
| * Amounts may not foot due to rounding | |||||||||||||||||
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 in 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.
Conference Call to Discuss First Quarter 2014 Results
Date: | Tuesday, May 13, 2014, at 8:30 a.m. EDT | ||||||
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 expected performance and bookings in our Power Generation Segment, to the extent bookings may be viewed as an indicator of future revenues, and our 2014 outlook. 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 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 its annual report on Form 10-K for the year ended December 31, 2013 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 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.
THE BABCOCK & WILCOX COMPANY CONDENSED CONSOLIDATED BALANCE SHEETS ASSETS | ||||||||||
| March 31, | December 31, | |||||||||
| 2014 | 2013 | |||||||||
| (Unaudited) | ||||||||||
| (In thousands) | ||||||||||
| Current Assets: | ||||||||||
| Cash and cash equivalents | $ | 208,055 | $ | 346,116 | ||||||
| Restricted cash and cash equivalents | 35,667 | 45,945 | ||||||||
| Investments | 6,348 | 10,748 | ||||||||
| Accounts receivable – trade, net | 328,197 | 360,323 | ||||||||
| Accounts receivable – other | 66,906 | 45,480 | ||||||||
| Contracts in progress | 425,202 | 370,820 | ||||||||
| Inventories | 109,544 | 113,058 | ||||||||
| Deferred income taxes | 97,401 | 97,170 | ||||||||
| Other current assets | 61,724 | 47,764 | ||||||||
| Total Current Assets | 1,339,044 | 1,437,424 | ||||||||
| Property, Plant and Equipment | 1,138,908 | 1,126,683 | ||||||||
| Less accumulated depreciation | 690,878 | 679,604 | ||||||||
| Net Property, Plant and Equipment | 448,030 | 447,079 | ||||||||
| Investments | 4,424 | 4,426 | ||||||||
| Goodwill | 281,701 | 281,708 | ||||||||
| Deferred Income Taxes | 119,018 | 127,076 | ||||||||
| Investments in Unconsolidated Affiliates | 185,814 | 184,831 | ||||||||
| Intangible Assets | 80,081 | 81,521 | ||||||||
| Other Assets | 41,518 | 45,088 | ||||||||
| TOTAL | $ | 2,499,630 | $ | 2,609,153 | ||||||
THE BABCOCK & WILCOX COMPANY CONDENSED CONSOLIDATED BALANCE SHEETS LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||
| March 31, | December 31, | |||||||||||
| 2014 | 2013 | |||||||||||
| (Unaudited) | ||||||||||||
(In thousands, except share | ||||||||||||
| Current Liabilities: | ||||||||||||
| Notes payable and current maturities of long-term debt | $ | 5,083 | $ | 4,671 | ||||||||
| Accounts payable | 233,765 | 319,774 | ||||||||||
| Accrued employee benefits | 157,072 | 163,833 | ||||||||||
| Accrued liabilities – other | 64,496 | 58,192 | ||||||||||
| Advance billings on contracts | 288,317 | 317,771 | ||||||||||
| Accrued warranty expense | 54,524 | 56,436 | ||||||||||
| Income taxes payable | 5,196 | 6,551 | ||||||||||
| Total Current Liabilities | 808,453 | 927,228 | ||||||||||
| Long-Term Debt | 15,000 | 225 | ||||||||||
| Accumulated Postretirement Benefit Obligation | 45,022 | 43,194 | ||||||||||
| Environmental Liabilities | 54,753 | 53,391 | ||||||||||
| Pension Liability | 320,093 | 336,878 | ||||||||||
| Other Liabilities | 59,169 | 65,296 | ||||||||||
| Commitments and Contingencies | ||||||||||||
| Stockholders’ Equity: | ||||||||||||
| Common stock, par value $0.01 per share, authorized 325,000,000 shares; issued 121,090,224 and 120,536,910 shares at March 31, 2014 and December 31, 2013, respectively | 1,211 | 1,205 | ||||||||||
| Preferred stock, par value $0.01 per share, authorized 75,000,000 shares; No shares issued | - | - | ||||||||||
| Capital in excess of par value | 754,274 | 747,189 | ||||||||||
| Retained earnings | 690,840 | 656,916 | ||||||||||
| Treasury stock at cost, 10,682,307 and 10,068,731 shares at March 31, 2014 and December 31, 2013, respectively | (289,425 | ) | (268,971 | ) | ||||||||
| Accumulated other comprehensive income | 21,822 | 28,348 | ||||||||||
| Stockholders’ Equity – The Babcock & Wilcox Company | 1,178,722 | 1,164,687 | ||||||||||
| Noncontrolling interest | 18,418 | 18,254 | ||||||||||
| Total Stockholders’ Equity | 1,197,140 | 1,182,941 | ||||||||||
| TOTAL | $ | 2,499,630 | $ | 2,609,153 | ||||||||
THE BABCOCK & WILCOX COMPANY CONDENSED CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||
| Three Months Ended | ||||||||||||
| March 31, | ||||||||||||
| 2014 | 2013 | |||||||||||
| (Unaudited) | ||||||||||||
(In thousands, except share | ||||||||||||
| Revenues | $ | 662,017 | $ | 805,423 | ||||||||
| Costs and Expenses: | ||||||||||||
| Cost of operations | 502,307 | 619,697 | ||||||||||
| Research and development costs | 23,996 | 28,346 | ||||||||||
| Gains on asset disposals and impairments, net | - | (69 | ) | |||||||||
| Selling, general and administrative expenses | 94,685 | 103,600 | ||||||||||
| Special charges for restructuring activities | 2,658 | 8,423 | ||||||||||
| Total Costs and Expenses | 623,646 | 759,997 | ||||||||||
| Equity in Income of Investees | 15,269 | 14,787 | ||||||||||
| Operating Income | 53,640 | 60,213 | ||||||||||
| Other Income (Expense): | ||||||||||||
| Interest income | 419 | 332 | ||||||||||
| Interest expense | (899 | ) | (818 | ) | ||||||||
| Other – net | 1,322 | 1,406 | ||||||||||
| Total Other Income | 842 | 920 | ||||||||||
| Income before Provision for Income Taxes | 54,482 | 61,133 | ||||||||||
| Provision for Income Taxes | 13,328 | 16,257 | ||||||||||
| Net Income | $ | 41,154 | $ | 44,876 | ||||||||
| Net Loss Attributable to Noncontrolling Interest | 3,890 | 2,298 | ||||||||||
| Net Income Attributable to The Babcock & Wilcox Company | $ | 45,044 | $ | 47,174 | ||||||||
| Earnings per Common Share: | ||||||||||||
| Basic: | ||||||||||||
| Net Income Attributable to The Babcock & Wilcox Company | $ | 0.41 | $ | 0.41 | ||||||||
| Diluted: | ||||||||||||
| Net Income Attributable to The Babcock & Wilcox Company | $ | 0.41 | $ | 0.41 | ||||||||
| Shares used in the computation of earnings per share: | ||||||||||||
| Basic | 110,439,415 | 114,097,313 | ||||||||||
| Diluted | 110,886,043 | 114,737,154 | ||||||||||
THE BABCOCK & WILCOX COMPANY CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||
| Three Months Ended | ||||||||||||
| March 31, | ||||||||||||
| 2014 | 2013 | |||||||||||
| (Unaudited) | ||||||||||||
| (In thousands) | ||||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||
| Net Income | $ | 41,154 | $ | 44,876 | ||||||||
| Non-cash items included in net income: | ||||||||||||
| Depreciation and amortization | 17,013 | 17,358 | ||||||||||
| Income of investees, net of dividends | (4,694 | ) | (7,585 | ) | ||||||||
| Gains on asset disposals | - | (69 | ) | |||||||||
| In-kind research and development costs | 4,173 | 3,020 | ||||||||||
| Recognition of losses for pension and postretirement plans | 594 | 801 | ||||||||||
| Stock-based compensation expense | 1,704 | 4,274 | ||||||||||
| Excess tax benefits from stock-based compensation | (760 | ) | (13 | ) | ||||||||
| Changes in assets and liabilities: | ||||||||||||
| Accounts receivable | 17,528 | (13,757 | ) | |||||||||
| Accounts payable | (82,164 | ) | 20,305 | |||||||||
| Contracts in progress and advance billings on contracts | (83,797 | ) | (70,775 | ) | ||||||||
| Inventories | 3,082 | 5,864 | ||||||||||
| Income taxes | (6,766 | ) | 3,827 | |||||||||
| Accrued and other current liabilities | (31 | ) | 17,508 | |||||||||
| Pension liability, accrued postretirement benefit obligation and employee benefits | (20,913 | ) | (38,666 | ) | ||||||||
| Other, net | 360 | (13,283 | ) | |||||||||
| NET CASH USED IN OPERATING ACTIVITIES | (113,517 | ) | (26,315 | ) | ||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||
| Decrease in restricted cash and cash equivalents | 10,278 | 360 | ||||||||||
| Purchases of property, plant and equipment | (21,214 | ) | (18,799 | ) | ||||||||
| Purchase of intangible assets | - | (2,200 | ) | |||||||||
| Purchases of available-for-sale securities | (19,926 | ) | (47,933 | ) | ||||||||
| Sales and maturities of available-for-sale securities | 24,390 | 43,268 | ||||||||||
| Proceeds from asset disposals | 3 | 726 | ||||||||||
| Investment in equity and cost method investees | (4,900 | ) | (2,730 | ) | ||||||||
| NET CASH USED IN INVESTING ACTIVITIES | (11,369 | ) | (27,308 | ) | ||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
| Payment of short-term borrowing and long-term debt | (441 | ) | (52 | ) | ||||||||
| Increase in short-term borrowing | 733 | - | ||||||||||
| Borrowings under the Credit Agreement | 15,000 | - | ||||||||||
| Repurchase of common shares | (15,665 | ) | (57,074 | ) | ||||||||
| Dividends paid to common shareholders | (11,099 | ) | (9,145 | ) | ||||||||
| Exercise of stock options | 2,191 | 813 | ||||||||||
| Excess tax benefits from stock-based compensation | 760 | 13 | ||||||||||
| Other | (112 | ) | (102 | ) | ||||||||
| NET CASH USED IN FINANCING ACTIVITIES | (8,633 | ) | (65,547 | ) | ||||||||
| EFFECTS OF EXCHANGE RATE CHANGES ON CASH | (4,542 | ) | (3,261 | ) | ||||||||
| NET DECREASE IN CASH AND CASH EQUIVALENTS | (138,061 | ) | (122,431 | ) | ||||||||
| CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 346,116 | 383,547 | ||||||||||
| CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 208,055 | $ | 261,116 | ||||||||
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||||||||||||
| Cash paid during the period for: | ||||||||||||
| Income taxes (net of refunds) | $ | 15,088 | $ | 11,239 | ||||||||
| SCHEDULE OF NON-CASH INVESTING ACTIVITY: | ||||||||||||
| Accrued capital expenditures included in accounts payable | $ | 4,854 | $ | 4,035 | ||||||||
| THE BABCOCK & WILCOX COMPANY | ||||||||||||
| BUSINESS SEGMENT INFORMATION | ||||||||||||
| Three Months Ended | ||||||||||||
| March 31, | ||||||||||||
| 2014 | 2013 | |||||||||||
| (Unaudited) | ||||||||||||
| (In thousands) | ||||||||||||
REVENUES: | ||||||||||||
| Power Generation | $ | 312,078 | $ | 461,463 | ||||||||
| Nuclear Operations | 286,214 | 261,139 | ||||||||||
| Technical Services | 24,455 | 25,229 | ||||||||||
| Nuclear Energy | 47,780 | 63,516 | ||||||||||
| mPower | 278 | 304 | ||||||||||
| Adjustments and Eliminations | (8,788 | ) | (6,228 | ) | ||||||||
| TOTAL | $ | 662,017 | $ | 805,423 | ||||||||
SEGMENT INCOME: | ||||||||||||
| Power Generation | $ | 10,542 | $ | 33,330 | ||||||||
| Nuclear Operations | 59,528 | 54,724 | ||||||||||
| Technical Services | 14,789 | 14,179 | ||||||||||
| Nuclear Energy | 523 | 2,258 | ||||||||||
| mPower | (26,709 | ) | (26,947 | ) | ||||||||
| SUBTOTAL | 58,673 | 77,544 | ||||||||||
| Unallocated Corporate | (2,375 | ) | (8,908 | ) | ||||||||
| Special Charges for Restructuring Activities | (2,658 | ) | (8,423 | ) | ||||||||
| TOTAL | $ | 53,640 | $ | 60,213 | ||||||||
EQUITY IN INCOME (LOSS) OF INVESTEES: | ||||||||||||
| Power Generation | $ | 2,366 | $ | 2,107 | ||||||||
| Nuclear Operations | 0 | 0 | ||||||||||
| Technical Services | 12,901 | 12,833 | ||||||||||
| Nuclear Energy | 2 | (153 | ) | |||||||||
| mPower | 0 | 0 | ||||||||||
| TOTAL | $ | 15,269 | $ | 14,787 | ||||||||
PENSION EXPENSE: | ||||||||||||
| Power Generation | $ | 530 | $ | 715 | ||||||||
| Nuclear Operations | 872 | 1,133 | ||||||||||
| Technical Services | 48 | 72 | ||||||||||
| Nuclear Energy | 1,292 | 1,063 | ||||||||||
| mPower | 0 | 0 | ||||||||||
| Corporate | 488 | 505 | ||||||||||
| TOTAL | $ | 3,230 | $ | 3,488 | ||||||||
DEPRECIATION AND AMORTIZATION: | ||||||||||||
| Power Generation | $ | 5,567 | $ | 5,854 | ||||||||
| Nuclear Operations | 6,358 | 6,689 | ||||||||||
| Technical Services | 1 | 48 | ||||||||||
| Nuclear Energy | 1,794 | 1,567 | ||||||||||
| mPower | 187 | 122 | ||||||||||
| Corporate | 3,106 | 3,078 | ||||||||||
| TOTAL | $ | 17,013 | $ | 17,358 | ||||||||
RESEARCH AND DEVELOPMENT, NET: | ||||||||||||
| Power Generation | $ | 4,011 | $ | 5,671 | ||||||||
| Nuclear Operations | 4 | 0 | ||||||||||
| Technical Services | 12 | 26 | ||||||||||
| Nuclear Energy | 495 | 1,171 | ||||||||||
| mPower | 19,474 | 21,478 | ||||||||||
| TOTAL | $ | 23,996 | $ | 28,346 | ||||||||
CAPITAL EXPENDITURES: | ||||||||||||
| Power Generation | $ | 3,185 | $ | 5,759 | ||||||||
| Nuclear Operations | 8,290 | 7,716 | ||||||||||
| Technical Services | 0 | 0 | ||||||||||
| Nuclear Energy | 6,142 | 1,422 | ||||||||||
| mPower | 1,492 | 936 | ||||||||||
| Corporate | 2105 | 2,966 | ||||||||||
| TOTAL | $ | 21,214 | $ | 18,799 | ||||||||
BACKLOG: | ||||||||||||
| Power Generation | $ | 1,982,373 | $ | 2,304,783 | ||||||||
| Nuclear Operations | 2,849,585 | 2,931,322 | ||||||||||
| Technical Services | 1,363 | 9,010 | ||||||||||
| Nuclear Energy | 172,758 | 239,237 | ||||||||||
| mPower | 1,392 | 2,897 | ||||||||||
| TOTAL | $ | 5,007,471 | $ | 5,487,249 | ||||||||
BOOKINGS: | ||||||||||||
| Power Generation | $ | 219,339 | $ | 282,439 | ||||||||
| Nuclear Operations | 763,444 | 207,319 | ||||||||||
| Technical Services | 20,735 | 29,201 | ||||||||||
| Nuclear Energy | 76,037 | 24,357 | ||||||||||
| mPower | 0 | (59 | ) | |||||||||
| TOTAL | $ | 1,079,555 | $ | 543,257 | ||||||||
Contacts:
Investor Contact:
Jenny
L. Apker, 704-625-4944
Vice President, Treasurer and Investor
Relations
investors@babcock.com
or
Media
Contact:
Aimee Mills, 980-365-4583
Media Relations Lead
aemills@babcock.com
