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Babcock & Wilcox reports lower 1Q earnings

Babcock & Wilcox Co. today reported its first-quarter net income fell from the same period last year.

The Charlotte-based company said net income was $13.5 million, or 11 cents per diluted share, down from $16.8 million, or 14 cents per diluted share, in the year-ago quarter.

Unfavorable adjustments for loss contracts of approximately $20 million on an after-tax basis impacted first-quarter 2011 results, Babcock & Wilcox said.

Recent first-quarter revenue rose to $691.3 million, or 4.4 percent, from $662.4 million in the same period last year.

Babcock & Wilcox specializes in clean-energy technology and services, primarily for the nuclear, fossil and renewable power markets.

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