- Power segment in line with expectations; improves gross profit margin
- Industrial segment achieves strong revenue growth from acquisition
- Renewable segment enhancing execution model; takes charge on ongoing
projects
CHARLOTTE, N.C.--(BUSINESS WIRE)--
Babcock & Wilcox Enterprises, Inc. (B&W) (NYSE:BW) announced today
fourth quarter 2016 revenues of $380.0 million, a decrease of $122.7
million, or 24.4%, compared to the fourth quarter of 2015. GAAP earnings
per share for the fourth quarter of 2016 were a loss of $1.47 compared
to a loss per share of $0.10 for the fourth quarter of 2015. Adjusted
earnings per share, which exclude the gain on sale of an equity method
investment, non-cash mark-to-market adjustments for pension and other
post-retirement benefits, acquisition and integration costs, litigation
charges, restructuring activities, and spin-off transaction costs, were
a loss of $1.60 for the three months ended December 31, 2016 compared to
adjusted earnings per share of $0.47 in the prior year period.
“During our 18 months as an independent company, we have made
significant progress realigning the business and executing on our
strategic goals. In 2016, we focused on enhancing the profitability of
our Power business and increasing revenue diversification by driving the
growth of our Industrial and Renewable businesses. Through the
restructuring of our Power business, we have created a leaner, more
flexible organization that is better positioned to compete in the
market. In our Industrial segment, we have made key acquisitions to
build the business and grow our B&W-wide non-coal revenue to greater
than 50% of our total revenues in 2016," said Mr. E. James Ferland,
Chairman and Chief Executive Officer. "Productivity and schedule issues
in our Renewable segment, however, significantly impacted our results in
the fourth quarter and for the full year. We have taken specific actions
to address these issues, and to enhance the resources and infrastructure
of the Renewable segment, better enabling it to profitably capture
long-term market opportunities. We are confident in our strategy and
believe that the Company is well positioned to create long-term value
for shareholders.”
Results of Operations
Consolidated revenues for the fourth quarter of 2016 were $380.0
million, a decrease of $122.7 million, compared to $502.7 million for
the fourth quarter of 2015, due primarily to decreased volume in the
Power segment, in line with revised expectations, and setbacks in
Renewable projects, partially offset by an increase in revenues in the
Industrial segment. The GAAP operating loss for the fourth quarter of
2016 was $58.6 million as compared to an operating loss of $10.0 million
in the fourth quarter of 2015. The adjusted operating loss in the fourth
quarter of 2016 was $65.0 million, a decrease of $104.5 million compared
to adjusted operating income of $39.5 million in the fourth quarter of
2015, due mainly to charges on contracts within our Renewable segment.
Power Segment Results
Fourth quarter 2016 revenues for the Power segment decreased 33.3% to
$218.1 million compared to $327.1 million in revenues in the prior year
period. Revenues decreased as a result of lower activity in retrofits,
new build utility and environmental work and industrial steam
generation, which was in line with revised expectations and the
proactive restructuring plan. Gross profit in the Power segment in the
fourth quarter 2016 was $62.6 million, compared to $71.4 million in the
prior year period. As a result of the restructuring as well as good
contract performance, gross profit margin improved year over year.
Industrial Segment Results
The Industrial segment contributed $106.3 million in revenues for the
fourth quarter of 2016 compared to $60.3 million in the fourth quarter
of 2015, an increase of $46.0 million due to the addition of B&W SPIG,
our global cooling system and services business, which the Company
acquired on July 1, 2016. Gross profit in the Industrial segment was
$17.2 million in the fourth quarter of 2016, an approximate $0.1 million
decrease compared to $17.3 million in the prior year period. Year over
year, gross profit benefited from the contributions from B&W SPIG,
offset by the lower levels of activity for B&W MEGTEC and overall
revenue mix.
Renewable Segment Results
Revenues in the Renewable segment were $55.6 million for the fourth
quarter of 2016, versus $115.2 million in the corresponding period in
2015, a decrease of $59.7 million driven by the increased costs to
complete and lengthened schedule on several contracts. The Renewable
segment has grown significantly over the past two years and resources
used to address previously disclosed issues at one project led to
productivity and scheduling issues at others. The Company appointed a
new management team and is taking actions to address these issues,
including investing in enhanced engineering and project management
capabilities and infrastructure. The Renewable segment gross loss of
$82.6 million in the fourth quarter of 2016 was $103.7 million lower
than the $21.1 million gross profit reported in the prior year fourth
quarter due to losses on the Renewable contracts.
Liquidity
The Company’s cash and cash equivalents balance, net of restricted cash,
increased during the fourth quarter to $95.9 million at the end of 2016,
which was mainly driven by strong cash flows from operations in the
quarter. The outstanding balances under revolving credit facilities
totaled $24.0 million as of December 31, 2016. Because of the challenges
in the Renewable segment, the Company expects to use a significant
amount of cash during 2017. The Company recently amended its credit
facility to allow for continued access and capacity to meet liquidity
and letter of credit needs.
Full Year 2017 Outlook
Revenue is expected to increase from $1.6 billion in 2016 to $1.8
billion in 2017.
Full year adjusted EPS is expected to be in the range of $0.75 to $0.95.
Adjusted EPS excludes intangible asset amortization expense,
restructuring expenses, acquisition and integration costs, non-cash
mark-to-market adjustments for pension and other post-retirement
benefits and spin-off transaction costs. The reduction in the previously
discussed EPS guidance range includes approximately $0.60 of impacts
from Renewable projects and related interest expense from credit
facility usage.
The adjusted tax rate for 2017 is expected to be in the range of 32% to
34%.
As more fully described in Exhibit 1, management is unable to reconcile
without unreasonable effort the Company's forecasted range of adjusted
EPS for the full year to a comparable GAAP range.
Conference Call to Discuss Fourth Quarter 2016 Results
Date: Wednesday, March 1, 2017, 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 our strategic
objectives; management’s expectations regarding the industries in which
we operate; our guidance and forecasts for 2017; our projected tax rate;
our projected operating margin improvements, savings and restructuring
costs; project execution; and growth through acquisitions. These
forward-looking statements are based on management’s current
expectations and involve a number of risks and uncertainties, including,
among other things, our ability to realize anticipated savings and
operational benefits from our restructuring plan; our ability to
successfully integrate SPIG and Universal and realize the expected
synergies from the acquisitions; our ability to realize the benefits of
expected cross-selling opportunities from the SPIG and Universal
acquisitions; our ability to successfully address productivity and
schedule issues in our Renewable segment, including our efforts to
enhance its resources and infrastructure; changes in the jurisdictional
mix of our income and losses; disruptions experienced with customers and
suppliers; the inability to retain key personnel; adverse changes in the
industries in which we operate; delays, changes or termination of
contracts in backlog; the timing and amount of repurchases of our common
stock, if any; and the inability to grow and diversify through
acquisitions. 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 most recent
annual report on Form 10-K 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
Headquartered in Charlotte, N.C., Babcock & Wilcox is a global leader
in energy and environmental technologies and services for the power and
industrial markets. B&W companies employ approximately 5,000 people
around the world. Follow us on Twitter @BabcockWilcox and learn more at www.babcock.com.
|
|
|
Exhibit 1
|
Babcock & Wilcox Enterprises, Inc.
|
Reconciliation of Non-GAAP Operating Income and Earnings Per
Share(1)(2)
|
(In millions, except per share amounts)
|
|
|
|
|
|
Three Months Ended December 31, 2016
|
|
|
|
|
Sale of
|
|
Pension &
|
|
Acquisition
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
|
|
|
GAAP
|
|
equity
|
|
OPEB MTM
|
|
and
|
|
Litigation
|
|
Restructuring
|
|
Spin
|
|
Non-GAAP
|
|
Intangible
|
|
excluding
|
|
|
|
|
method
|
|
(gain) /
|
|
integration
|
|
|
|
|
|
costs
|
|
|
|
amortization
|
|
intangible
|
|
|
|
|
investment
|
|
loss
|
|
costs
|
|
|
|
|
|
|
|
|
|
|
|
amortization
|
Operating income (loss)
|
|
$
|
(58.6
|
)
|
|
$
|
(8.3
|
)
|
|
$
|
(6.4
|
)
|
|
$
|
2.4
|
|
|
$
|
3.2
|
|
|
$
|
2.4
|
|
|
$
|
0.4
|
|
$
|
(65.0
|
)
|
|
$
|
8.0
|
|
|
$
|
(57.0
|
)
|
Other income (expense)
|
|
|
(5.0
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
(5.0
|
)
|
|
|
—
|
|
|
$
|
(5.0
|
)
|
Income tax (expense) benefit
|
|
|
(7.7
|
)
|
|
|
—
|
|
|
|
2.7
|
|
|
|
(0.2
|
)
|
|
|
(1.2
|
)
|
|
|
(1.0
|
)
|
|
|
—
|
|
|
(7.4
|
)
|
|
|
(2.5
|
)
|
|
$
|
(10.0
|
)
|
Net income (loss)
|
|
$
|
(71.3
|
)
|
|
$
|
(8.3
|
)
|
|
$
|
(3.8
|
)
|
|
$
|
2.1
|
|
|
$
|
2.0
|
|
|
$
|
1.4
|
|
|
$
|
0.4
|
|
$
|
(77.4
|
)
|
|
$
|
5.5
|
|
|
$
|
(71.9
|
)
|
Net loss attributable to non-controlling interest
|
|
|
(0.3
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
(0.3
|
)
|
|
|
—
|
|
|
$
|
(0.3
|
)
|
Net income (loss) attributable to shareholders
|
|
$
|
(71.6
|
)
|
|
$
|
(8.3
|
)
|
|
$
|
(3.8
|
)
|
|
$
|
2.1
|
|
|
$
|
2.0
|
|
|
$
|
1.4
|
|
|
$
|
0.4
|
|
$
|
(77.7
|
)
|
|
$
|
5.5
|
|
|
$
|
(72.2
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS - continuing operations
|
|
$
|
(1.47
|
)
|
|
$
|
(0.17
|
)
|
|
$
|
(0.08
|
)
|
|
$
|
0.04
|
|
|
$
|
0.04
|
|
|
$
|
0.03
|
|
|
$
|
0.01
|
|
$
|
(1.60
|
)
|
|
$
|
0.11
|
|
|
$
|
(1.48
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax rate
|
|
|
(12.2
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(10.6
|
)%
|
|
|
|
|
(16.1
|
)%
|
|
|
|
|
|
Three Months Ended December 31, 2015
|
|
|
|
|
Pension &
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
|
|
|
GAAP
|
|
OPEB MTM
|
|
Impairments
|
|
Restructuring
|
|
Spin costs
|
|
Non-GAAP
|
|
Intangible
|
|
excluding
|
|
|
|
|
(gain) /
|
|
|
|
|
|
|
|
|
|
amortization
|
|
intangible
|
|
|
|
|
loss
|
|
|
|
|
|
|
|
|
|
|
|
amortization
|
Operating income (loss)
|
|
$
|
(10.0
|
)
|
|
$
|
40.2
|
|
|
$
|
5.6
|
|
|
$
|
3.0
|
|
|
$
|
0.7
|
|
|
$
|
39.5
|
|
|
$
|
1.5
|
|
|
$
|
41.0
|
|
Other income (expense)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Income tax (expense) benefit
|
|
|
4.7
|
|
|
|
(16.0
|
)
|
|
|
(2.1
|
)
|
|
|
(1.0
|
)
|
|
|
(0.3
|
)
|
|
|
(14.7
|
)
|
|
|
(0.5
|
)
|
|
|
(15.3
|
)
|
Net income (loss)
|
|
$
|
(5.2
|
)
|
|
$
|
24.2
|
|
|
$
|
3.4
|
|
|
$
|
1.9
|
|
|
$
|
0.4
|
|
|
$
|
24.8
|
|
|
$
|
1.0
|
|
|
$
|
25.8
|
|
Net loss attributable to non-controlling interest
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Net income (loss) attributable to shareholders
|
|
$
|
(5.2
|
)
|
|
$
|
24.2
|
|
|
$
|
3.4
|
|
|
$
|
1.9
|
|
|
$
|
0.4
|
|
|
$
|
24.8
|
|
|
$
|
1.0
|
|
|
$
|
25.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS - continuing operations
|
|
$
|
(0.10
|
)
|
|
$
|
0.45
|
|
|
$
|
0.06
|
|
|
$
|
0.04
|
|
|
$
|
0.01
|
|
|
$
|
0.47
|
|
|
$
|
0.02
|
|
|
$
|
0.48
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax rate
|
|
|
47.4
|
%
|
|
|
|
|
|
|
|
|
|
|
37.3
|
%
|
|
|
|
|
37.2
|
%
|
|
|
|
|
|
Year Ended December 31, 2016
|
|
|
|
|
|
|
Pension &
|
|
Sale of
|
|
Acquisition
|
|
|
|
|
|
|
|
|
|
Non-GAAP
|
|
|
GAAP
|
|
Restructuring
|
|
OPEB MTM
|
|
equity
|
|
and
|
|
Spin
|
|
Litigation
|
|
Non-GAAP
|
|
Intangible
|
|
excluding
|
|
|
|
|
|
|
(gain) /
|
|
method
|
|
integration
|
|
costs
|
|
|
|
|
|
amortization
|
|
intangible
|
|
|
|
|
|
|
loss
|
|
investment
|
|
costs
|
|
|
|
|
|
|
|
|
|
amortization
|
Operating income (loss)
|
|
$
|
(102.8
|
)
|
|
$
|
37.0
|
|
|
$
|
24.1
|
|
|
$
|
(8.3
|
)
|
|
$
|
5.1
|
|
|
$
|
3.8
|
|
$
|
3.2
|
|
|
$
|
(37.9
|
)
|
|
$
|
19.9
|
|
|
$
|
(18.0
|
)
|
Other income (expense)
|
|
|
(5.4
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|
(5.4
|
)
|
|
|
—
|
|
|
|
(5.4
|
)
|
Income tax (expense) benefit
|
|
|
(6.9
|
)
|
|
|
(0.6
|
)
|
|
|
(8.4
|
)
|
|
|
—
|
|
|
|
(0.8
|
)
|
|
|
0.3
|
|
|
(1.2
|
)
|
|
|
(17.7
|
)
|
|
|
(6.4
|
)
|
|
|
(24.1
|
)
|
Net income (loss)
|
|
$
|
(115.1
|
)
|
|
$
|
36.4
|
|
|
$
|
15.7
|
|
|
$
|
(8.3
|
)
|
|
$
|
4.3
|
|
|
$
|
4.1
|
|
$
|
2.0
|
|
|
$
|
(60.9
|
)
|
|
$
|
13.5
|
|
|
$
|
(47.4
|
)
|
Net loss attributable to non-controlling interest
|
|
|
(0.6
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|
(0.6
|
)
|
|
|
—
|
|
|
|
(0.6
|
)
|
Net income (loss) attributable to shareholders
|
|
$
|
(115.6
|
)
|
|
$
|
36.4
|
|
|
$
|
15.7
|
|
|
$
|
(8.3
|
)
|
|
$
|
4.3
|
|
|
$
|
4.1
|
|
$
|
2.0
|
|
|
$
|
(61.5
|
)
|
|
$
|
13.5
|
|
|
$
|
(48.0
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS - continuing operations
|
|
$
|
(2.31
|
)
|
|
$
|
0.73
|
|
|
$
|
0.31
|
|
|
$
|
(0.17
|
)
|
|
$
|
0.09
|
|
|
$
|
0.08
|
|
$
|
0.04
|
|
|
$
|
(1.23
|
)
|
|
$
|
0.27
|
|
|
$
|
(0.96
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax rate
|
|
|
(6.4
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(40.9
|
)%
|
|
|
|
|
(103.3
|
)%
|
|
|
|
|
|
Year Ended December 31, 2015
|
|
|
|
|
Pension &
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
|
|
|
GAAP
|
|
OPEB MTM
|
|
Impairments
|
|
Restructuring
|
|
Litigation
|
|
Spin
|
|
NE Segment
|
|
Non-GAAP
|
|
Intangible
|
|
excluding
|
|
|
|
|
(gain) /
|
|
|
|
|
|
|
|
costs
|
|
allocation
|
|
|
|
amortization
|
|
intangible
|
|
|
|
|
loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
amortization
|
Operating income (loss)
|
|
$
|
21.9
|
|
|
$
|
40.2
|
|
|
$
|
14.6
|
|
|
$
|
11.7
|
|
|
$
|
9.6
|
|
|
$
|
3.3
|
|
|
$
|
2.7
|
|
|
$
|
103.8
|
|
|
$
|
11.4
|
|
|
$
|
115.3
|
|
Other income (expense)
|
|
|
(1.7
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(1.7
|
)
|
|
|
—
|
|
|
|
(1.7
|
)
|
Income tax (expense) benefit
|
|
|
(3.7
|
)
|
|
|
(16.0
|
)
|
|
|
(5.6
|
)
|
|
|
(4.2
|
)
|
|
|
(3.7
|
)
|
|
|
(1.2
|
)
|
|
|
(0.7
|
)
|
|
|
(35.1
|
)
|
|
|
(4.1
|
)
|
|
|
(39.2
|
)
|
Net income (loss)
|
|
$
|
16.5
|
|
|
$
|
24.2
|
|
|
$
|
9.0
|
|
|
$
|
7.5
|
|
|
$
|
5.8
|
|
|
$
|
2.0
|
|
|
$
|
2.0
|
|
|
$
|
67.1
|
|
|
$
|
7.4
|
|
|
$
|
74.5
|
|
Net loss attributable to non-controlling interest
|
|
|
(0.2
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.2
|
)
|
|
|
—
|
|
|
|
(0.2
|
)
|
Net income (loss) attributable to shareholders
|
|
$
|
16.3
|
|
|
$
|
24.2
|
|
|
$
|
9.0
|
|
|
$
|
7.5
|
|
|
$
|
5.8
|
|
|
$
|
2.0
|
|
|
$
|
2.0
|
|
|
$
|
66.9
|
|
|
$
|
7.4
|
|
|
$
|
74.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS - continuing operations
|
|
$
|
0.30
|
|
|
$
|
0.45
|
|
|
$
|
0.17
|
|
|
$
|
0.14
|
|
|
$
|
0.11
|
|
|
$
|
0.04
|
|
|
$
|
0.04
|
|
|
$
|
1.25
|
|
|
$
|
0.14
|
|
|
$
|
1.38
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax rate
|
|
|
18.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
34.3
|
%
|
|
|
|
|
34.5
|
%
|
|
|
|
(1)
|
|
Figures may not be clerically accurate 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.
|
2017 Outlook
Management has provided full year adjusted earnings per diluted share
("adjusted EPS") guidance of $0.75 to $0.95. It is not possible for
management to identify the amount or significance of future adjustments
associated with potential mark to market adjustments to our pension and
other postretirement benefit plan liabilities or other non-routine costs
that we adjust in our presentation of adjusted EPS guidance. These items
are dependent on future events and/or market inputs that are not
reasonably estimable at this time. In addition, the estimated tax rate
can have additional variability from estimate due to changes in
jurisdiction mix and impacts from deferred tax asset valuation
allowances. Accordingly, management is unable to reconcile without
unreasonable effort the Company's forecasted range of adjusted EPS for
the full year included in the 2017 Outlook section of this earnings
release to a comparable GAAP range. However, items excluded from our
adjusted EPS guidance include the historical adjustments noted in the
tables above, and our adjusted EPS guidance also excludes future
estimable adjusting items, including intangible amortization of $0.25 to
$0.26 per share, charges relating to previously announced restructuring
initiatives of $0.18 to $0.25 per share, additional spin costs of
approximately $0.02 per share, additional acquisition and integration
costs of approximately $0.04 to $0.05 per share, and benefits from asset
sales of approximately $0.01.
|
|
|
|
|
Exhibit 2
|
Babcock & Wilcox Enterprises, Inc.
|
Condensed Consolidated and Combined Statements of Operations(1)
|
(In millions, except per share amounts)
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Twelve Months Ended
|
|
|
December, 2016
|
|
December, 2016
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Revenues
|
|
$
|
380.0
|
|
|
$
|
502.7
|
|
|
$
|
1,578.3
|
|
|
$
|
1,757.3
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
Cost of operations
|
|
380.8
|
|
|
437.7
|
|
|
1,399.1
|
|
|
1,449.1
|
|
Research and development costs
|
|
2.1
|
|
|
4.1
|
|
|
10.4
|
|
|
16.5
|
|
Losses on asset disposals and impairments, net
|
|
—
|
|
|
5.6
|
|
|
—
|
|
|
14.6
|
|
Selling, general and administrative expenses
|
|
64.4
|
|
|
61.4
|
|
|
247.1
|
|
|
240.0
|
|
Restructuring activities and spin-off transaction costs
|
|
2.8
|
|
|
3.7
|
|
|
40.8
|
|
|
14.9
|
|
Total costs and expenses
|
|
450.1
|
|
|
512.5
|
|
|
1,697.5
|
|
|
1,735.2
|
|
Equity in income (loss) of investees
|
|
11.6
|
|
|
(0.2
|
)
|
|
16.4
|
|
|
(0.2
|
)
|
Operating income (loss)
|
|
(58.6
|
)
|
|
(10.0
|
)
|
|
(102.8
|
)
|
|
21.9
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
Interest income
|
|
0.2
|
|
|
0.2
|
|
|
0.8
|
|
|
0.6
|
|
Interest expense
|
|
(2.6
|
)
|
|
(0.4
|
)
|
|
(3.8
|
)
|
|
(1.1
|
)
|
Other – net
|
|
(2.5
|
)
|
|
0.2
|
|
|
(2.4
|
)
|
|
(1.2
|
)
|
Total other income (expense)
|
|
(5.0
|
)
|
|
0.0
|
|
|
(5.4
|
)
|
|
(1.7
|
)
|
Income (loss) before income tax expense
|
|
(63.6
|
)
|
|
(9.9
|
)
|
|
(108.1
|
)
|
|
20.2
|
|
Income tax expense (benefit)
|
|
7.7
|
|
|
(4.7
|
)
|
|
6.9
|
|
|
3.7
|
|
Income (loss) from continuing operations
|
|
(71.3
|
)
|
|
(5.2
|
)
|
|
(115.1
|
)
|
|
16.5
|
|
Income from discontinued operations, net of tax
|
|
|
|
—
|
|
|
—
|
|
|
2.8
|
|
Net income (loss)
|
|
(71.3
|
)
|
|
(5.2
|
)
|
|
(115.1
|
)
|
|
19.3
|
|
Net income attributable to noncontrolling interest
|
|
(0.3
|
)
|
|
—
|
|
|
(0.6
|
)
|
|
(0.2
|
)
|
Net income (loss) attributable to shareholders
|
|
$
|
(71.6
|
)
|
|
$
|
(5.2
|
)
|
|
$
|
(115.6
|
)
|
|
$
|
19.1
|
|
|
|
|
|
|
|
|
|
|
Amounts attributable to shareholders:
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations
|
|
$
|
(71.6
|
)
|
|
$
|
(5.2
|
)
|
|
$
|
(115.6
|
)
|
|
$
|
16.3
|
|
Income from discontinued operations, net of tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2.8
|
|
Net income (loss) attributable to shareholders
|
|
$
|
(71.6
|
)
|
|
$
|
(5.2
|
)
|
|
$
|
(115.6
|
)
|
|
$
|
19.1
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss) per share - continuing operations
|
|
$
|
(1.47
|
)
|
|
$
|
(0.10
|
)
|
|
$
|
(2.31
|
)
|
|
$
|
0.31
|
|
Basic earnings per share - discontinued operations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.05
|
|
Basic earnings (loss) per share
|
|
$
|
(1.47
|
)
|
|
$
|
(0.10
|
)
|
|
$
|
(2.31
|
)
|
|
$
|
0.36
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss) per share - continuing operations
|
|
$
|
(1.47
|
)
|
|
$
|
(0.10
|
)
|
|
$
|
(2.31
|
)
|
|
$
|
0.30
|
|
Diluted earnings per share - discontinued operations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.06
|
|
Diluted earnings (loss) per share
|
|
$
|
(1.47
|
)
|
|
$
|
(0.10
|
)
|
|
$
|
(2.31
|
)
|
|
$
|
0.36
|
|
|
|
|
|
|
|
|
|
|
Shares used in the computation of earnings per share:
|
|
|
|
|
|
|
|
|
Basic
|
|
48.7
|
|
|
53.3
|
|
|
50.1
|
|
|
53.5
|
|
Diluted
|
|
48.7
|
|
|
53.3
|
|
|
50.1
|
|
|
53.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Figures may not be clerically accurate due to
rounding.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit 3
|
Babcock & Wilcox Enterprises, Inc.
|
Condensed Consolidated and Combined Balance Sheets(1)
|
(In millions, except per share amount)
|
|
|
|
|
|
|
|
December 31, 2016
|
|
December 31, 2015
|
Cash and cash equivalents
|
|
$
|
95.9
|
|
|
$
|
365.2
|
|
Restricted cash and cash equivalents
|
|
27.8
|
|
|
37.1
|
|
Accounts receivable – trade, net
|
|
282.3
|
|
|
291.2
|
|
Accounts receivable – other
|
|
73.8
|
|
|
44.8
|
|
Contracts in progress
|
|
166.0
|
|
|
128.2
|
|
Inventories
|
|
85.8
|
|
|
90.1
|
|
Other current assets
|
|
46.0
|
|
|
21.5
|
|
Total current assets
|
|
777.5
|
|
|
978.2
|
|
Property, plant and equipment - gross
|
|
332.5
|
|
|
330.0
|
|
Accumulated depreciation
|
|
(198.9
|
)
|
|
(184.3
|
)
|
Net property, plant and equipment
|
|
133.6
|
|
|
145.7
|
|
Goodwill
|
|
267.4
|
|
|
201.1
|
|
Deferred income taxes
|
|
163.4
|
|
|
190.7
|
|
Investments in unconsolidated affiliates
|
|
98.7
|
|
|
92.2
|
|
Intangible assets
|
|
71.0
|
|
|
37.8
|
|
Other assets
|
|
17.5
|
|
|
17.4
|
|
Total assets
|
|
$
|
1,529.1
|
|
|
$
|
1,663.0
|
|
|
Revolving debt
|
|
$
|
14.2
|
|
|
$
|
2.0
|
|
Accounts payable
|
|
220.7
|
|
|
175.2
|
|
Accrued employee benefits
|
|
35.5
|
|
|
51.5
|
|
Advance billings on contracts
|
|
210.6
|
|
|
229.4
|
|
Accrued warranty expense
|
|
40.5
|
|
|
39.8
|
|
Other accrued liabilities
|
|
96.0
|
|
|
63.5
|
|
Total current liabilities
|
|
617.5
|
|
|
561.4
|
|
Accumulated postretirement benefit obligations
|
|
12.8
|
|
|
27.8
|
|
Pension liabilities
|
|
288.4
|
|
|
282.1
|
|
Other noncurrent liabilities
|
|
49.4
|
|
|
43.4
|
|
Total liabilities
|
|
968.2
|
|
|
914.6
|
|
Commitments and contingencies
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
Common stock, par value $0.01 per share, authorized 200.0 shares;
issued 48.7 and 52.5 shares at December 31, 2016 and 2015,
respectively
|
|
0.5
|
|
|
0.5
|
|
Capital in excess of par value
|
|
806.6
|
|
|
790.5
|
|
Treasury stock at cost, 5.6 and 1.4 shares at December 31, 2016
and 2015, respectively
|
|
(103.8
|
)
|
|
(25.4
|
)
|
Retained earnings (deficit)
|
|
(114.7
|
)
|
|
1.0
|
|
Accumulated other comprehensive loss
|
|
(36.5
|
)
|
|
(18.9
|
)
|
Stockholders' equity attributable to shareholders
|
|
552.1
|
|
|
747.7
|
|
Noncontrolling interest
|
|
8.8
|
|
|
0.7
|
|
Total stockholders' equity
|
|
561.0
|
|
|
748.4
|
|
Total liabilities and stockholders' equity
|
|
$
|
1,529.1
|
|
|
$
|
1,663.0
|
|
|
|
|
|
|
|
|
|
|
(1) Figures may not be clerically accurate due to
rounding.
|
|
|
|
Exhibit 4
|
Babcock & Wilcox Enterprises, Inc.
|
Condensed Consolidated and Combined Statements of Cash Flows(1)
|
(In millions)
|
|
|
|
|
|
Year Ended December 31,
|
|
|
2016
|
|
2015
|
|
2014
|
Cash flows from operating activities:
|
|
|
|
|
|
|
Net income (loss)
|
|
$
|
(115.1
|
)
|
|
$
|
19.3
|
|
|
$
|
(26.2
|
)
|
Non-cash items included in net income (loss):
|
|
|
|
|
|
|
Depreciation and amortization
|
|
39.6
|
|
|
34.9
|
|
|
32.4
|
|
Debt issuance cost amortization
|
|
1.2
|
|
|
0.6
|
|
|
—
|
|
(Income) loss of equity method investees
|
|
(16.4
|
)
|
|
0.2
|
|
|
8.7
|
|
Losses on asset disposals and impairments
|
|
14.9
|
|
|
16.9
|
|
|
6.0
|
|
Write off of accrued claims receivable, net
|
|
—
|
|
|
7.8
|
|
|
—
|
|
Provision for (benefit from) deferred taxes
|
|
(9.0
|
)
|
|
(32.1
|
)
|
|
(42.0
|
)
|
Recognition of losses for pension and postretirement plans
|
|
36.3
|
|
|
40.6
|
|
|
101.8
|
|
Stock-based compensation charges
|
|
16.1
|
|
|
7.8
|
|
|
—
|
|
Changes in assets and liabilities:
|
|
|
|
|
|
|
Accounts receivable
|
|
58.9
|
|
|
(34.0
|
)
|
|
(13.8
|
)
|
Accrued insurance receivable
|
|
(15.0
|
)
|
|
—
|
|
|
—
|
|
Accounts payable
|
|
4.5
|
|
|
17.9
|
|
|
(8.9
|
)
|
Contracts in progress and advance billings on contracts
|
|
(13.3
|
)
|
|
63.0
|
|
|
(99.2
|
)
|
Inventories
|
|
2.9
|
|
|
6.1
|
|
|
4.3
|
|
Income taxes
|
|
22.6
|
|
|
9.3
|
|
|
10.1
|
|
Accrued and other current liabilities
|
|
25.1
|
|
|
11.5
|
|
|
9.7
|
|
Pension liabilities, accrued postretirement and employee benefits
|
|
(47.0
|
)
|
|
(2.3
|
)
|
|
(17.3
|
)
|
Other, net
|
|
(4.2
|
)
|
|
3.0
|
|
|
10.0
|
|
Net cash from operating activities
|
|
2.3
|
|
|
170.4
|
|
|
(24.2
|
)
|
Cash flows from investing activities:
|
|
|
|
|
|
|
Decrease in restricted cash and cash equivalents
|
|
9.4
|
|
|
6.3
|
|
|
(5.6
|
)
|
Purchase of property plant and equipment
|
|
(22.5
|
)
|
|
(35.4
|
)
|
|
(15.5
|
)
|
Acquisition of businesses, net of cash acquired
|
|
(144.8
|
)
|
|
—
|
|
|
(127.7
|
)
|
Proceeds from sale of equity method investment in a joint venture
|
|
18.0
|
|
|
—
|
|
|
—
|
|
Investment in equity method investee
|
|
(26.3
|
)
|
|
(7.4
|
)
|
|
(4.9
|
)
|
Purchases of available-for-sale securities
|
|
(45.2
|
)
|
|
(14.0
|
)
|
|
(4.5
|
)
|
Sales and maturities of available-for-sale securities
|
|
29.8
|
|
|
5.3
|
|
|
10.1
|
|
Other
|
|
0.6
|
|
|
(0.6
|
)
|
|
(0.6
|
)
|
Net cash from investing activities
|
|
(180.8
|
)
|
|
(45.9
|
)
|
|
(148.6
|
)
|
Cash flows from financing activities:
|
|
|
|
|
|
|
Borrowings under our U.S. revolving credit facility
|
|
205.6
|
|
|
—
|
|
|
—
|
|
Repayments of our U.S. revolving credit facility
|
|
(195.8
|
)
|
|
—
|
|
|
—
|
|
Borrowings under our foreign revolving credit facilities
|
|
5.7
|
|
|
—
|
|
|
—
|
|
Repayments of our foreign revolving credit facilities
|
|
(20.2
|
)
|
|
(1.1
|
)
|
|
(4.5
|
)
|
Payment of debt issuance costs
|
|
—
|
|
|
—
|
|
|
3.0
|
|
Net transfers from former Parent
|
|
—
|
|
|
80.6
|
|
|
213.1
|
|
Repurchase of shares of common stock
|
|
(78.4
|
)
|
|
(25.4
|
)
|
|
—
|
|
Other
|
|
(0.2
|
)
|
|
(0.5
|
)
|
|
0.1
|
|
Net cash from financing activities
|
|
(83.4
|
)
|
|
53.6
|
|
|
211.7
|
|
Effects of exchange rate changes on cash
|
|
(7.3
|
)
|
|
(6.4
|
)
|
|
(12.6
|
)
|
Cash flows from continuing operations
|
|
(269.3
|
)
|
|
171.8
|
|
|
26.2
|
|
Operating cash flows from discontinued operations, net
|
|
—
|
|
|
(25.2
|
)
|
|
(0.2
|
)
|
Investing cash flows from discontinued operations, net
|
|
—
|
|
|
—
|
|
|
(1.7
|
)
|
Effects of exchange rate changes on cash
|
|
—
|
|
|
—
|
|
|
3.0
|
|
NET CASH FLOWS FROM DISCONTINUED OPERATIONS
|
|
—
|
|
|
(25.2
|
)
|
|
1.1
|
|
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
|
(269.3
|
)
|
|
146.5
|
|
|
27.3
|
|
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
|
|
365.2
|
|
|
218.7
|
|
|
191.3
|
|
CASH AND CASH EQUIVALENTS AT END OF PERIOD
|
|
$
|
95.9
|
|
|
$
|
365.2
|
|
|
$
|
218.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Figures may not be clerically accurate due to
rounding.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit 5
|
Babcock & Wilcox Enterprises, Inc.
|
Segment Information(1)
|
(In millions)
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Twelve Months Ended
|
SEGMENT RESULTS:
|
|
December 31,
|
|
December 31,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
REVENUES:
|
|
|
|
|
|
|
|
|
Power
|
|
$
|
218.1
|
|
|
$
|
327.1
|
|
|
$
|
975.5
|
|
|
$
|
1,235.0
|
|
Renewable
|
|
55.6
|
|
|
115.2
|
|
|
349.2
|
|
|
338.6
|
|
Industrial
|
|
106.3
|
|
|
60.3
|
|
|
253.6
|
|
|
183.7
|
|
|
|
$
|
380.0
|
|
|
$
|
502.7
|
|
|
$
|
1,578.3
|
|
|
$
|
1,757.3
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT:
|
|
|
|
|
|
|
|
|
Power
|
|
$
|
62.6
|
|
|
$
|
71.4
|
|
|
$
|
233.5
|
|
|
$
|
247.6
|
|
Renewable
|
|
(82.6
|
)
|
|
21.1
|
|
|
(68.1
|
)
|
|
57.7
|
|
Industrial
|
|
17.2
|
|
|
17.3
|
|
|
50.7
|
|
|
54.8
|
|
Intangible asset amortization included in cost of operations
|
|
(7.0
|
)
|
|
(0.5
|
)
|
|
(15.8
|
)
|
|
(7.7
|
)
|
Mark to market adjustment included in cost of operations
|
|
8.9
|
|
|
(44.3
|
)
|
|
(21.2
|
)
|
|
(44.3
|
)
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Twelve Months Ended
|
|
|
December 31,
|
|
December 31,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
AMORTIZATION EXPENSE
|
|
|
|
|
|
|
|
|
Power
|
|
$
|
0.3
|
|
|
$
|
0.3
|
|
|
$
|
1.1
|
|
|
$
|
1.1
|
Renewable
|
|
0.4
|
|
|
0.2
|
|
|
1.3
|
|
|
1.3
|
Industrial
|
|
7.3
|
|
|
1.0
|
|
|
17.5
|
|
|
9.1
|
|
|
$
|
8.0
|
|
|
$
|
1.5
|
|
|
$
|
19.9
|
|
|
$
|
11.5
|
DEPRECIATION EXPENSE
|
|
|
|
|
|
|
|
|
Power
|
|
$
|
2.5
|
|
|
$
|
2.4
|
|
|
$
|
10.1
|
|
|
$
|
17.4
|
Renewable
|
|
0.4
|
|
|
0.3
|
|
|
1.4
|
|
|
1.3
|
Industrial
|
|
0.5
|
|
|
0.3
|
|
|
1.6
|
|
|
1.3
|
Corporate
|
|
0.7
|
|
|
1.6
|
|
|
6.6
|
|
|
3.5
|
|
|
$
|
4.2
|
|
|
$
|
4.6
|
|
|
$
|
19.7
|
|
|
$
|
23.5
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Twelve Months Ended
|
BOOKINGS:
|
|
December 31,
|
|
December 31,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Power
|
|
$
|
161
|
|
|
$
|
339
|
|
|
$
|
784
|
|
|
$
|
1002
|
Renewable
|
|
12
|
|
|
15
|
|
|
135
|
|
|
657
|
Industrial
|
|
89
|
|
|
35
|
|
|
222
|
|
|
178
|
|
|
$
|
262
|
|
|
$
|
389
|
|
|
$
|
1,141
|
|
|
$
|
1,837
|
|
|
|
BACKLOG:
|
|
As of December 31,
|
|
|
2016
|
|
2015
|
Power
|
|
$
|
615
|
|
|
$
|
803
|
Renewable
|
|
1,241
|
|
|
1,458
|
Industrial
|
|
216
|
|
|
67
|
|
|
$
|
2,072
|
|
|
$
|
2,328
|
(1)
|
|
Figures may not be clerically accurate due to rounding.
|
|
|
|
|
|
|
|
|
|
Exhibit 6
|
Babcock & Wilcox Enterprises, Inc.
|
Quarterly Information(1)
|
(In millions, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
June 30,
|
|
September 30,
|
|
December 31,
|
|
|
2016
|
|
2016
|
|
2016
|
|
2016
|
Revenues
|
|
$
|
404.1
|
|
|
$
|
383.2
|
|
|
$
|
411.0
|
|
|
$
|
380.0
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
Cost of operations
|
|
324.0
|
|
|
357.2
|
|
|
337.2
|
|
|
380.8
|
|
Research and development costs
|
|
2.8
|
|
|
3.1
|
|
|
2.4
|
|
|
2.1
|
|
Losses on asset disposals and impairments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Selling, general and administrative expenses
|
|
58.7
|
|
|
63.3
|
|
|
60.7
|
|
|
64.4
|
|
Restructuring activities and spin-off transaction costs
|
|
4.0
|
|
|
31.6
|
|
|
2.4
|
|
|
2.8
|
|
Total costs and expenses
|
|
389.5
|
|
|
455.2
|
|
|
402.7
|
|
|
450.1
|
|
Equity in income (loss) of investees
|
|
2.7
|
|
|
(0.6
|
)
|
|
2.8
|
|
|
11.6
|
|
Operating income (loss)
|
|
17.3
|
|
|
(72.6
|
)
|
|
11.1
|
|
|
(58.5
|
)
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
0.3
|
|
|
0.3
|
|
|
0.1
|
|
|
0.2
|
|
Interest expense
|
|
(0.4
|
)
|
|
(0.4
|
)
|
|
(0.4
|
)
|
|
(2.6
|
)
|
Other, net
|
|
0.1
|
|
|
0.3
|
|
|
(0.2
|
)
|
|
(2.5
|
)
|
Total other income (expense)
|
|
—
|
|
|
0.2
|
|
|
(0.5
|
)
|
|
(4.9
|
)
|
Income before income tax expense (benefit)
|
|
17.3
|
|
|
(72.4
|
)
|
|
10.6
|
|
|
(63.4
|
)
|
Income tax expense (benefit)
|
|
6.6
|
|
|
(9.0
|
)
|
|
1.6
|
|
|
7.7
|
|
Income (loss) from continuing operations
|
|
10.7
|
|
|
(63.4
|
)
|
|
9.0
|
|
|
(71.1
|
)
|
Income (loss) from discontinued operations, net of tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Net income (loss)
|
|
10.7
|
|
|
(63.4
|
)
|
|
9.0
|
|
|
(71.1
|
)
|
Net income attributable to noncontrolling interest
|
|
(0.1
|
)
|
|
(0.1
|
)
|
|
(0.1
|
)
|
|
(0.3
|
)
|
Net income (loss) attributable to shareholders
|
|
$
|
10.6
|
|
|
$
|
(63.5
|
)
|
|
$
|
8.9
|
|
|
$
|
(71.4
|
)
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations
|
|
10.5
|
|
|
(63.5
|
)
|
|
8.9
|
|
|
(71.6
|
)
|
Income (loss) from discontinued operations, net of tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Net income (loss) attributable to shareholders
|
|
$
|
10.5
|
|
|
$
|
(63.5
|
)
|
|
$
|
8.9
|
|
|
$
|
(71.6
|
)
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per common share
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
$
|
0.20
|
|
|
$
|
(1.25
|
)
|
|
$
|
0.18
|
|
|
$
|
(1.47
|
)
|
Discontinued operations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Basic earnings (loss) per common share
|
|
$
|
0.20
|
|
|
$
|
(1.25
|
)
|
|
$
|
0.18
|
|
|
$
|
(1.47
|
)
|
Diluted
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
$
|
0.20
|
|
|
$
|
(1.25
|
)
|
|
$
|
0.18
|
|
|
$
|
(1.47
|
)
|
Discontinued operations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Diluted earnings (loss) per common share
|
|
0.20
|
|
|
(1.25
|
)
|
|
0.18
|
|
|
(1.47
|
)
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
June 30,
|
|
September 30,
|
|
December 31,
|
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
Revenues
|
|
$
|
397.2
|
|
|
$
|
437.5
|
|
|
$
|
420.0
|
|
|
$
|
502.7
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
Cost of operations
|
|
313.8
|
|
|
355.6
|
|
|
342.1
|
|
|
437.7
|
|
Research and development costs
|
|
4.5
|
|
|
4.0
|
|
|
4.0
|
|
|
4.1
|
|
Losses on asset disposals and impairments
|
|
—
|
|
|
9.0
|
|
|
—
|
|
|
5.6
|
|
Selling, general and administrative expenses
|
|
56.2
|
|
|
59.7
|
|
|
62.6
|
|
|
61.4
|
|
Restructuring activities and spin-off transaction costs
|
|
3.3
|
|
|
5.3
|
|
|
2.7
|
|
|
3.7
|
|
Total costs and expenses
|
|
377.8
|
|
|
433.6
|
|
|
411.4
|
|
|
512.5
|
|
Equity in income (loss) of investees
|
|
(2.1
|
)
|
|
1.0
|
|
|
1.0
|
|
|
(0.2
|
)
|
Operating income (loss)
|
|
17.3
|
|
|
4.9
|
|
|
9.6
|
|
|
(10.0
|
)
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
0.2
|
|
|
0.1
|
|
|
0.1
|
|
|
0.2
|
|
Interest expense
|
|
(0.1
|
)
|
|
(0.1
|
)
|
|
(0.4
|
)
|
|
(0.4
|
)
|
Other, net
|
|
(0.3
|
)
|
|
0.2
|
|
|
(1.3
|
)
|
|
0.2
|
|
Total other income (expense)
|
|
(0.2
|
)
|
|
0.2
|
|
|
(1.6
|
)
|
|
—
|
|
Income before income tax expense (benefit)
|
|
17.1
|
|
|
5.1
|
|
|
8.0
|
|
|
(10.0
|
)
|
Income tax expense (benefit)
|
|
5.7
|
|
|
0.9
|
|
|
1.8
|
|
|
(4.7
|
)
|
Income (loss) from continuing operations
|
|
11.4
|
|
|
4.2
|
|
|
6.2
|
|
|
(5.3
|
)
|
Income (loss) from discontinued operations, net of tax
|
|
1.4
|
|
|
1.4
|
|
|
—
|
|
|
—
|
|
Net income (loss)
|
|
12.8
|
|
|
5.6
|
|
|
6.2
|
|
|
(5.3
|
)
|
Net income attributable to noncontrolling interest
|
|
(0.1
|
)
|
|
(0.1
|
)
|
|
(0.1
|
)
|
|
—
|
|
Net income (loss) attributable to shareholders
|
|
$
|
12.7
|
|
|
$
|
5.5
|
|
|
$
|
6.1
|
|
|
$
|
(5.3
|
)
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations
|
|
11.3
|
|
|
4.1
|
|
|
6.2
|
|
|
(5.2
|
)
|
Income (loss) from discontinued operations, net of tax
|
|
1.4
|
|
|
1.4
|
|
|
—
|
|
|
—
|
|
Net income (loss) attributable to shareholders
|
|
$
|
12.7
|
|
|
$
|
5.5
|
|
|
$
|
6.2
|
|
|
$
|
(5.2
|
)
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per common share
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
$
|
0.21
|
|
|
$
|
0.08
|
|
|
$
|
0.11
|
|
|
$
|
(0.10
|
)
|
Discontinued operations
|
|
0.03
|
|
|
0.02
|
|
|
—
|
|
|
—
|
|
Basic earnings (loss) per common share
|
|
$
|
0.24
|
|
|
$
|
0.10
|
|
|
$
|
0.11
|
|
|
$
|
(0.10
|
)
|
Diluted
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
$
|
0.21
|
|
|
$
|
0.08
|
|
|
$
|
0.11
|
|
|
$
|
(0.10
|
)
|
Discontinued operations
|
|
0.03
|
|
|
0.02
|
|
|
—
|
|
|
—
|
|
Diluted earnings (loss) per common share
|
|
0.24
|
|
|
0.10
|
|
|
0.11
|
|
|
(0.10
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Figures may not be clerically accurate due to
rounding.
|
|
|
|
|
|
|
|
|
|
|
|
|
|

View source version on businesswire.com: http://www.businesswire.com/news/home/20170228006778/en/
Source: Babcock & Wilcox Enterprises, Inc.