Babcock & Wilcox Co. on Tuesday reported that second-quarter net income rose to $64 million, or 54 cents per share.
That’s up from $46.2 million, or 39 cents a share, a year ago.
Revenue also was up from a year ago, the Charlotte, N.C.-based energy industry manufacturer reported after the stock market closed.
B&W, which has a significant campus in Barberton, reported revenue of nearly $852.6 million, up $100.2 million, or 13.3 percent, from $752.3 million in the second quarter in 2011. The company also said it had a backlog of $5.7 billion in orders, up $1.1 billion, or 23.4 percent, from a year ago.
B&W said revenue rose in large part from a $108.4 million increase in its Power Generation segment, primarily because of strong environmental control equipment and environmental aftermarket services and growth in new renewable steam generation systems. The revenue increase was partially offset by a nuclear energy segment replacement steam generator project and by a small reduction in government segment revenue, the company said.
When factoring in additional costs for its mPower small modular nuclear reactor program, B&W said it had adjusted earnings of 44 cents per share for the quarter, down 6.4 percent from 47 cents a share for second quarter 2011.
“In the second quarter, the company continued to perform in line with expectations and is tracking well for the full year,” E. James Ferland, president and chief executive officer, said in a statement. “Bookings in the first half of the year have been strong, but volatile on a quarterly basis.”
Ferland said B&W stands to benefit from the federal government authorizing the building of an additional Virginia-class nuclear submarine. He also said plans are advancing with Akron-based FirstEnergy Corp. toward building a new B&W mPower modular nuclear reactor.
B&W executives plan a conference call at 8:30 a.m. today with industry analysts to discuss the latest earnings. The public may listen in by going to the investor relations section at www.babcock.com.
Jim Mackinnon can be reached at 330-996-3544 or jmackinnon@thebeaconjournal.com.