Events Calendar
In This Section
New General Motors to fire up its engine
Wal-Mart settles $17.5 million discrimination suit
Smucker CEO pay up 23% in 2009
Modest gains follow Alcoa success
Ways to work around lack of Apple floppy drive
Church to host mortgage seminar
Hospital connects to patients online
Most Read Stories
Akron police investigate teen mob attack on family
Woman, 75, charged with beating fawn to death
Akron woman found dead at Brimfield Township store
Man shot in back near Akron park
Man shot outside his Akron home during robbery attempt
Man admits repeatedly biting 2-year-old
Tragic day puts man on path to be Pinnacle owner
Blogs:
Pets:
Dogs' Bark: Not fair! Study shows pups get jealous
The Heldenfiles:
Who Will Get the Michael Media Treatment Next?
Patrick McManamon:
More on Varejao
Akron Zips:
Opponent outlook: Kent State
Browns Bulletin:
Quick thought on Browns rookies
Tribe Matters:
Wedge challenges relievers
Cleveland Browns:
Stallworth test showed marijuana
Kent State Sports:
Men's Basketball Scheduling update
Cleveland Cavaliers:
Andy’s Signed According to ESPN
All Da King's Men:
Does Medicare Have Lower Administrative Costs ?
Blog of Mass Destruction:
CIA Did Mislead Congress
Akron Law Café:
Breaking Story: CIA Lied to Congress about Secret Program
Varsity Letters:
East basketball update
See Jane Style:
Oh Baby!
Car Chase:
Where do We Go from Here?
Let's Talk Real Estate:
Closings….Not the Good Kind!
Ohio Travels with Betty:
Margy inquires-when is a Taste of Hudson?
Sound Check:
LeVert II live performance Saturday night — "Dedication" album due July 13,
HRLite House:
DDI One of Best Places to Work
Akron Gamer:
First 24 'Guitar Hero 5' songs announced
Demand is called strong for new coal-fired facilities and work to upgrade existing ones. Parent earnings better than expected
By Jim Mackinnon
Beacon Journal business writer
Published on Wednesday, May 14, 2008
Babcock & Wilcox should continue to benefit for years from strong global demand for new coal-fired power plants and the need to upgrade existing plants, top executives of B&W's corporate parent said Tuesday.
B&W's strong financial performance in the first quarter of the year helped McDermott International's earnings come in at the high end of the Houston company's previously announced estimates.
McDermott reported earning $123.2 million, or 54 cents a share, on revenue of $1.45 billion. Earnings were down about 22 percent from the $158.1 million reported a year ago largely because of bad weather that slowed down company projects in the Caspian region and elsewhere. McDermott is an engineering and construction company that services primarily the global energy industry.
The better-than-expected earnings, released Monday after the stock market closed, helped propel the company's stock up $3.93, or 7.3 percent, to $57.88 on Tuesday.
The Babcock & Wilcox Power Generation Group Inc. campus in Barberton remains one of Summit County's largest private employers with about 1,460 people working here and more than 3,000 in Ohio; B&W's corporate headquarters was relocated last year from Barberton to Lynchburg, Va., as part of a restructuring.
''Power generation systems (primarily Babcock & Wilcox) reported an outstanding quarter at over $76 million (in income),'' Michael S. Taff, senior vice president and chief financial officer, told industry analysts in a conference call. The company reported improved profitability on its coal-fired boiler business and a high level of parts and service work, he said.
''Power generation has clearly started the year off well,'' Taff said.
The market remains active for new McDermott projects, said Bruce Wilkinson, the chairman and chief executive officer, who is retiring as CEO by the end of the year.
The power generation segment has bids on a number of power-plant scrubbers, new and replacement boilers and biomass and waste energy proposals, Wilkinson said.
B&W should benefit if Washington legislates the greenhouse gas carbon dioxide, which is a significant coal-plant gas, Wilkinson said. Limits on power plant carbon dioxide emissions should provide new boiler and pollution control business for B&W as well as retrofit projects for existing plants, he said.
''With these opportunities ahead we are aggressively pursuing our R&D efforts,'' Wilkinson said.
Jim Mackinnon can be reached at 330-996-3544 or jmackinnon@thebeaconjournal.com.
Babcock & Wilcox should continue to benefit for years from strong global demand for new coal-fired power plants and the need to upgrade existing plants, top executives of B&W's corporate parent said Tuesday.
Get the full article here.

