B&W INCOME, REVENUE DIPS DURING FIRST QUARTER OF 2014

Babcock & Wilcox’s income and revenue decreased during the first quarter of 2014 compared to the first quarter of 2013, but the reduced performance met the expectations of financial analysts. B&W yesterday reported $662 million in revenues during the first quarter of 2014, down $143.4 million, while it said it had $45 million worth of net income, under the $47.2 million it reported during the same period last year. Earnings per share, however, were 41 cents, and adjusted earnings per share, which exclude one-time charges, were 42 cents, which met the forecast of analysts. B&W reported a slight $600,000 increase in operating income for its Technical Services Group ($14.8 million), but a drop in revenue, from $25.2 million to $24.5 million. Its Technical Services Group includes its work for the National Nuclear Security Administration and the Department of Energy’s cleanup program.