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Aktienboard > Märkte > US-Börsen - Nasdaq, NYSE > Babcock & Wilcox Enterprises [BW]

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Alt 11.04.2018, 17:10   #1
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Standard Babcock & Wilcox Enterprises

More losses, more executive changes at Babcock & Wilcox

Babcock & Wilcox Enterprises Inc. says it has discovered $51 million in additional cost overruns in its troubled renewable energy division, warning investors that first-quarter earnings could be more than two two-thirds lower than the company forecast just six weeks ago.

The company also acknowledges it has hired a managing director from a nationally known turnaround company to cut costs and improve efficiency. Robert Caruso of New York-based Alvarez & Marsal was appointed in late March to the new position of chief implementation officer. He will report directly to the B&W board, not CEO Leslie Kass.

In a Securities and Exchange Commission filing filled with somber warnings about the financially troubled company, B&W (NYSE: BWC) also reports Chief Financial Officer Jenny Apker has resigned for health reasons, effective June 1. Joel Mostrom, a senior director also with Alvarez & Marsal, will take the role of interim CFO on her departure, while remaining with the turnaround firm.

Expanded offering
And B&W discloses it has extended the deadline for a rights offering to shareholders and taken measures to make it more attractive to potential participants. The company will increase what it is seeking to raise in the offering to $248 million from an initial proposal of $180 million.

...

BW heute -38%

 
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Alt 04.05.2018, 18:08   #2
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Standard AW: Babcock & Wilcox Enterprises

Two activist investors significantly boost ownership in troubled Babock & Wilcox


By John Downey – Senior Staff Writer, Charlotte Business Journal
a day ago
New regulatory filings by the two hedge funds who are Babcock & Wilcox Enterprises Inc.’s largest shareholders provide ownership details of the troubled power engineering and manufacturing company.

After a rights offering that close to quadrupled outstanding stock in the company, Florida-based Vintage Capital Management and New York’s Steel Partners Holdings each walked away with significantly larger ownership shares than they previously had.

The two now own a combined 46.6% of the outstanding stock for B&W (NYSE: BW). Vintage, which has been working with management in the company’s restructuring and holds three seats on the board, owns 28.8% of the company’s common stock. Steel Partners now holds 17.8%, according to a filing it made Thursday with the Securities & Exchange Commission.

...

https://www.bizjournals.com/charlott...hoo&yptr=yahoo
 
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Alt 09.05.2018, 08:41   #3
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Standard AW: Babcock & Wilcox Enterprises

Babcock & Wilcox Announces First Quarter 2018 Results

Babcock & Wilcox Enterprises, Inc. ("B&W") (BW) announced today first quarter 2018 revenues of $311.4 million, a decrease of $79.7 million, or 20%, compared to the first quarter of 2017. GAAP earnings per share in first quarter 2018 were a loss of $2.73 compared to a loss per share of $0.14 in first quarter 2017. Adjusted earnings per share were a loss of $2.19 for the three months ended March 31, 2018 compared to an adjusted earnings per share of $0.04 in the prior-year period. GAAP net loss in first quarter 2018 was $120.3 million compared to $6.8 million in first quarter 2017. Adjusted EBITDA was negative $61.6 million compared to positive $8.4 million in the prior year period. A reconciliation of historical non-GAAP results is provided in the exhibits to this release.

“Performance in our Power and Industrial segments was generally in line with our expectations in first quarter. However, the performance in these segments was overshadowed by the previously announced cost increases on our B&W Vølund new-build contracts," said Leslie C. Kass, President and Chief Executive Officer. “We are making progress toward completion at each of our Renewable new-build project sites and are seeking potential recoveries to mitigate losses. In Power, we had strong bookings, and Industrial profitability is beginning to improve.

...

https://finance.yahoo.com/news/babco...l?guccounter=1
 
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Alt 24.05.2018, 08:22   #4
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Standard AW: Babcock & Wilcox Enterprises

Spurned suitor renews bid to buy troubled Babcock & Wilcox

Steel Partners Holdings has made a new offer of up to $485.3 million to buy Charlotte-based Babcock & Wilcox Enterprises Inc.

Steel Partners Executive Chairman Warren Lichtenstein wrote to B&W’s board of directors Wednesday and offered to pay $3 to $3.50 per share in cash for all outstanding shares of the company not already owned by his activist investing firm.

B&W did not respond to requests for comment about the offer. Steel Partners had no comment beyond what it says in the filing.

The filing includes a copy of the letter Lichtenstein wrote to the board.

https://www.bizjournals.com/charlott...hoo&yptr=yahoo
 
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Alt 24.05.2018, 17:39   #5
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Standard AW: Babcock & Wilcox Enterprises

Babcock & Wilcox's stock soars after confirming indication of buyout interest from its largest shareholder

Shares of Babcock & Wilcox Enterprises Inc. BW, +11.28% soared 16% in premarket trade Thursday, after the energy and environmental technologies company confirmed that it received a "non-binding indication of interest" from its largest shareholder, Steel Partners. The company said a potential buyout would value B&W shares between $3.00 to $3.50 each, which is 17% to 36% above Wednesday's closing price of $2.57, and would give B&W a market capitalization of between $505.9 million to $590.2 million. Steel Partners owns 17.8% of B&W's shares outstanding

...

https://www.marketwatch.com/Story/ba...of2&yptr=yahoo
 
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Alt 10.08.2018, 14:43   #6
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Standard AW: Babcock & Wilcox Enterprises

How Babcock & Wilcox is cutting costs in the face of continued losses


By John Downey – Senior Staff Writer, Charlotte Business Journal
Aug 10, 2018, 9:09am EDT Updated 11 minutes ago
Facing deepening losses in its European waste-to-energy operations, Babcock & Wilcox Enterprises Inc. will sell its Florida waste-to-energy operations for $45 million. The company also confirmed additional layoffs and other cost-saving measures.

Charlotte-based B&W reported it lost $265.8 million, or $2.12 per diluted share, in the second quarter, when revenue totaled $291.3 million. In the same quarter last year, it lost $151 million, or $3.09 per diluted share, on revenue totaling $306.2 million.

The losses per share were higher in 2017 even though the overall losses were smaller because B&W has essentially tripled the number of shares outstanding since then. In April, the financially troubled company sold 2.8 shares for every share of outstanding stock in a rights offering to shareholders that raised about $248 million.


...

https://www.bizjournals.com/charlott...hoo&yptr=yahoo
 
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