Babcock & Wilcox reported a significant dip in net income for the second quarter of 2014 and scaled back its forecast for the rest of the year as it released its quarterly earnings yesterday. B&W reported net income of $26.44 million, a significant decrease from the $72.87 million it reported during the second quarter of 2013. Revenue for the quarter was $686.0 million, down $200.1 million from the second quarter of 2013, the company said. B&W said that it was expecting adjusted earnings per share to be between $1.70 and $1.85, down from $2.00 to $2.20, and it projected revenues of $2.9 to $3.0 billion, a change from its previous projection of $2.9 to $3.1 billion.
Income for B&W’s Technical Services Group, which includes all of its Department of Energy and National Nuclear Security Administration work, was $15.2 million, remaining relatively flat compared to $15.1 million in income it reported during the same period last year. Revenues for the Technical Services Group were $27.4 million, up slightly from $26.0 million a year ago.
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