Babcock & Wilcox Enterprises Inc., which will move its corporate headquarters and operations from Barberton to Akron next year, reported it lost nearly $106 million for its third quarter.
The company, which primarily makes boilers and other components for fossil fuel power plants, said it lost $105.7 million on revenue of $295 million for the quarter ending Sept. 30. That compares to a loss of $114.3 million on revenue of $356.9 million a year ago.
The company had an adjusted loss of $26.4 million for the quarter compared to $14.4 million a year ago.
Shares of B&W closed up 3 cents to 97 cents.
B&W continues to make progress toward completing overseas renewable projects that have created significant losses, Leslie C. Kass, president and chief executive officer, said in a news release.
"In addition, after concluding our strategic planning process, we have increased our previous cost savings target of $54 million in annualized savings to a new target of $62 million, $38 million of which we began to implement in the second and third quarters," Kass said.
The company had about $8 million in cost savings in the third quarter and expects another $11 million in savings by the end of the year, with the balance expected to take place in 2019.
B&W is moving its corporate headquarters from Charlotte, N.C., to Barberton, and then will move its Barberton operations next year to the East End office complex, the redeveloped former Goodyear corporate headquarters in Akron.