B&W reports quarterly loss
Babcock & Wilcox Enterprises Inc. reported a second-quarter loss of $265.8 million, or $2.12 per share, on revenue of $291.3 million.
That compares to a loss of $151 million, or $3.09 a share, on revenue of $306.2 million a year ago, the Charlotte, N.C., power plant boiler maker and energy services company said after the stock market closed Thursday.
B&W had an adjusted loss of $96.2 million for the quarter ending June 30 compared to an adjusted loss of $110.5 million a year ago.
The company also announced it has amended its credit facility to improve liquidity and that it will sell off Palm Beach Resource Recovery Corp. to a subsidiary of Covanta Holding Corp. for $45 million, subject to adjustment. The B&W subsidiary provides operations and maintenance services for two waste-to-energy facilities in West Palm Beach, Fla.
B&W has been struggling financially in part because of losses in renewable energy projects in Denmark and the United Kingdom, and also because of a decline in coal use by electric utilities because of cheaper and cleaner fracked natural gas.
Akron firm adopts new name
Akron-based public accounting firm Winer + Bevilacqua is no more; it has rebranded with a new name — W3 Global Accounting.
The name change reflects the firm’s expansion after recently buying Columbus CPA firm Schiffman Grow & Co., W3’s managing partner and executive director Frank Bevilacqua said in a news release. The acquisition increased W3’s accounting staff to 40.
The firm’s growth strategy will follow the footprint established with Bevilacqua’s son, Frank II, principal at sister company W3 Wealth Management. W3 Wealth Management has acquired five financial services practices in the last 10 years.
The rebranded name also aligns the firm with W3 Wealth Management, said co-managing partner Ronald Winer.
Winer and Bevilacqua said they are committed to growing their base of operations in Akron.
Tesla shares retreat after jump
After two days of turmoil, Tesla shares have fallen back closer to the level they were trading at before CEO Elon Musk tweeted Tuesday that he may take the company private.
Shares closed down 5 percent on Thursday.
That means they’ve now given back almost all the gains following Musk’s Tuesday morning tweet that he had confirmed funding for taking the company private at $420 a share. Prior to the tweet, shares closed Monday at $341.99. After two days of turmoil, including reaching $379.52 at market’s close Tuesday, they stood at $352.45 at Thursday’s end of trading.
The retreat from earlier highs suggests the market now doubts the buyout will happen.
The Securities and Exchange Commission has opened an inquiry into the wording and method of Musk’s disclosure about the potential deal, according to a Wednesday report in The Wall Street Journal, which cited unidentified people familiar with the matter.
Compiled from staff and wire reports.
Business news briefs, Aug. 10: Babcock & Wilcox Enterprises reports second-quarter loss of $265.8 million