Barberton-based Babcock & Wilcox Enterprises on Thursday said it is continuing to improve its losses compared to a year ago.

The company, whose primary business involves making coal-fired boilers and related pollution-control equipment and systems for electric power plants, said its second quarter loss improved by $181.3 million to a $28.3 million loss compared to a $209.7 million loss during the same period a year ago.

"Our performance in the second quarter of 2019 shows we are continuing to gain steam following our recent strategic actions and cost-saving efforts,” said Kenneth Young, B&W Enterprises Chief Executive Officer in a news release.

B&W in April refinanced agreements with creditors and also eliminated liabilities from money-losing European projects, which resolved a financing crisis that could have meant bankruptcy for the company.

"With our equitization transactions complete, we are preparing to re-finance as planned to support our ongoing financial recovery. As 2019 continues, we look forward to demonstrating the underlying core strengths of our businesses to our customers and shareholders,” said Young.

Young said “this quarter we identified more cost efficiencies and as a result we've begun to implement $19 million in additional savings initiatives, for a total of $119 million in annualized savings.”

Young said the company expects to see improvement each quarter from its cost-saving measures.

The company said its second quarter revenues were $248.1 million, down 15 percent from a year ago.

The company will be moving from its Barberton campus to new headquarters in Akron’s East End offices, the redeveloped former Goodyear headquarters building, by the end of the year.