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Babcock & Wilcox Strikes Twin Deals
Babcock & Wilcox Company has won 2 U.S. Naval Reactors Program contracts to render procurement and assembling services. Babcock & Wilcox will execute the deals, worth $36 million, through its affiliate Babcock & Wilcox Nuclear Operations Group Inc.
The first contract is for the assembly of nuclear propulsion components for Virginia Class submarines for $32 million. Work for the same started in fourth quarter 2012 at B&W’s Lynchburg, Va. facility, and will take 4 years for completion.
The second contract, valued at $4 million, includes procurement of long-lead materials associated with the manufacture of nuclear components for Virginia Class submarines.
Earlier this month, B&W also received contracts worth more than $510 million for the manufacture of nuclear components as well as naval nuclear power systems.
Headquartered in Charlotte, North Carolina, Babcock & Wilcox is engaged in providing clean energy technology and services for the nuclear, fossil and renewable power markets worldwide. The company – which was spun off as a separate, independent and publicly traded entity from energy-focused engineering and construction firm McDermott International ( MDR - Analyst Report) in Aug 2010 – operates in four business units: Power Generation, Nuclear Operations, Technical Services and Nuclear Energy.
B&W currently carries a Zacks Rank #4 (Sell), implying that it is expected to underperform the broader U.S. equity market over the next one to three months.
However, certain other engineering firms in the energy sector like Gardner Denver Inc. and Graco Inc. ( GGG - Snapshot Report) are expected to outperform the equity market in the next one to three months. Both the stocks currently hold a Zacks Rank #2 (Buy).