Key Developments: The Babcock & Wilcox Co (BWC)
29.79USD
22 May 2013
$-0.23 (-0.77%)
$30.02
$29.91
$30.15
$29.65
1,242,149
792,732
$30.18
$22.72
Latest Key Developments (Source: Significant Developments)
The Babcock & Wilcox Co Announces $366 Million Contract For Naval Reactors Materials Procurement
The Babcock & Wilcox Co announced that its subsidiary, Babcock & Wilcox Nuclear Operations Group, Inc., has received a contract from the U.S. Naval Reactors Program worth approximately $366 million. The award is for the procurement of material to be used in the assembly of nuclear propulsion components at B&W NOG`s Lynchburg, Va. facility. At this time, $75 million has been released to B&W, with the remaining amount expected to be funded over the next six fiscal years (2014-2019). Full Article
The Babcock & Wilcox Co Reaffirms FY 2013 Guidance
The Babcock & Wilcox Co announced that for fiscal 2013, it expects revenues of $3.40 billion to $3.55 billion and adjusted earnings per share of $2.25 to $2.45. Adjusted EPS excludes the mark-to-market adjustment for pension and post retirement benefits and GCI restructuring charges. According to I/B/E/S Estimates, analysts were expecting the Company to report revenue of $3.55 billion and EPS of $2.40 for fiscal 2013. Full Article
The Babcock & Wilcox Co Increases Share Repurchase Authorization To $500 Million
The Babcock & Wilcox Co announced that the Company repurchased 2.2 million shares of its common stock at a total cost of $57.1 million. Through May 7, 2013, the Company has repurchased a total of 7.5 million shares at a cost of $193.5 million, leaving approximately $56.5 million of capacity remaining under its previously announced $250 million share repurchase authorization. On May 3, 2013, the Board approved an increase of $250 million, to $500 million, to the authorization to repurchase the Company's outstanding common stock during a two-year period. Full Article
The Babcock & Wilcox Co's B&W mPower, DOE Signs Cooperative Agreement For Small Modular Reactor Funding
The Babcock & Wilcox Co announced that its subsidiary, Babcock & Wilcox mPower, Inc. (B&W mPower), and the U.S. Department of Energy (DOE) have signed a Cooperative Agreement for funding made available through DOE’s Small Modular Reactor (SMR) Licensing Technical Support Program for the development and licensing of B&W’s mPower technology. The $79 million allocated for the first year of the program will be immediately available to the B&W mPower program. While the DOE has projected that approximately $150 million will be made available during the five-year period of the DOE award, subject to incremental appropriations from Congress and B&W mPower’s compliance with the terms of the Cooperative Agreement, the Cooperative Agreement allows for $226 million or more in federal funding. B&W mPower intends to use any additional funding made available on a cost-shared basis for licensing and engineering activities that qualify under this award. Full Article
The Babcock & Wilcox Co's Subsidiary Receives Environmental Equipment Contract for Iowa Power Plant
The Babcock & Wilcox Co announced that its subsidiary Babcock & Wilcox Power Generation Group Inc (B&W PGG) has been awarded a contract to deliver, erect and commission a dry flue gas desulfurization system for Interstate Power and Light Company's (IPL) 270 megawatt coal-fired Lansing Generating Station in Lansing, Iowa. IPL is a subsidiary of Alliant Energy Corporation. Under contract to Burns & McDonnell, B&W will deliver and erect a circulating dry scrubber (CDS) with a lime and byproduct solids handling system for the reduction of emissions, including sulfur dioxide (SO2). B&W will also supply new bags for the plant's existing pulse jet fabric filter. Babcock & Wilcox Construction Co Inc will erect the environmental equipment. Full Article
The Babcock & Wilcox Co Issues FY 2013 Guidance; EPS Guidance Above Analysts' Estimates
The Babcock & Wilcox Co announced that for fiscal 2013, it expects revenues of $3.40 billion to $3.55 billion and adjusted earnings per share of $2.25 to $2.45. Adjusted EPS excludes the mark-to-market adjustment for pension and post retirement benefits and GCI restructuring charges. According to I/B/E/S Estimates, analysts were expecting the Company to report revenue of $3.48 billion and EPS of $2.10 for fiscal 2013. Full Article
The Babcock & Wilcox Co Sign Contract For Clinch River mPower Construction Permit
The Babcock & Wilcox Co announced that its subsidiary, Babcock & Wilcox mPower, Inc. (B&W mPower), and the Tennessee Valley Authority (TVA) have signed a contract to prepare and support Nuclear Regulatory Commission (NRC) review of a Construction Permit Application for a B&W mPower small modular reactor (SMR) nuclear plant at TVA's Clinch River Site in Oak Ridge, Tenn. This contract formalizes the first steps toward the anticipated B&W mPower deployment at Clinch River, as contemplated in TVA's May 2011 Letter of Intent to B&W for the project. It also represents the first definitive milestone in the U.S. Department of Energy`s (DOE) recently initiated SMR Licensing Technical Support Program for commercial demonstration of SMRs by 2022. The DOE selected B&W mPower in November 2012 as the recipient of the Program's competitively bid cost-share funding grant. Full Article
The Babcock & Wilcox Co Announces $36 Million In Contracts For Naval Reactors Assembly And Materials Procurement
The Babcock & Wilcox Co announced that its subsidiary Babcock & Wilcox Nuclear Operations Group, Inc. (B&W NOG) has received two U.S. Naval Reactors Program contracts totaling approximately $36 million. The larger of the two awards, valued at approximately $32 million, is for the assembly of nuclear propulsion components for Virginia Class submarines. Work began in the fourth quarter of 2012 and will be performed at B&W`s Lynchburg, Va. facility over a four-year period. Under the second contract, worth approximately $4 million, B&W will procure long-lead materials related to the manufacture of nuclear components for Virginia Class submarines. Full Article
The Babcock & Wilcox Co Announces Quarterly Dividend
The Babcock & Wilcox Co announced that it has declared a quarterly dividend of $0.08 per share on the outstanding common shares of the Company, payable on March 12, 2013 to shareholders of record at the close of business on February 19, 2013. Full Article
The Babcock & Wilcox Co's Babcock & Wilcox Nuclear Operations Group, Inc. Announces $510 Million In Contracts Supporting U.S. Naval Nuclear Programs
The Babcock & Wilcox Co's Babcock & Wilcox Nuclear Operations Group, Inc. (B&W NOG), announced that it was awarded contracts totaling more than $510 million for the manufacture of nuclear components to support U.S. defense programs including the manufacture of naval nuclear power systems for submarines and aircraft carriers. The entire amount was appropriated in the fourth quarter of 2012. Full Article
TEXT-Fitch: TVA deal could pave way to small nuclear reactors
Feb 22 - Fitch believes the Tennessee Valley Authority's (TVA) agreement with Babcock & Wilcox (B&W) to develop the first small modular nuclear reactor in the U.S. could eventually provide affordable access to an alternative to gas-fired generation for public and cooperative power providers. The joint effort between TVA and B&W will include remaining design work, preparation of a license application for Nuclear Regulatory Commission (NRC) review, as well as an evaluation of TVA's Clinch River si
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