Babcock & Wilcox (BW) Misses Q2 EPS by 6c, Affirms Guidance and Approves $100M Buyback
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Babcock & Wilcox (NYSE: BW) reported Q2 EPS of ($0.20), $0.06 worse than the analyst estimate of ($0.14). Revenue for the quarter came in at $383.2 million versus the consensus estimate of $432.54 million.
Babcock & Wilcox reaffirmed FY2016 guidance.
Share Repurchase Program
The Company repurchased 0.7 million shares of our common stock for $15.1 million during the second quarter of 2016 under a $100 million share repurchase program that was authorized in 2015 by the Board of Directors. As of August 9th, we have $18.8 million of remaining capacity under the original authorization, which we expect to complete by the end of the third quarter of 2016.
In addition, the Board has approved a new authorization for up to $100 million in share repurchases over the next 24 months. The Company may utilize various methods to effect the repurchases and the timing of repurchases will depend upon several factors, including market and business conditions, and repurchases may be discontinued at any time. The pace of the share repurchase program beyond the third quarter of 2016 will be determined based on the status of potential acquisitions as well as market conditions.
For earnings history and earnings-related data on Babcock & Wilcox (BW) click here.
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