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 Babcock & Wilcox Announces Strong Fourth Quarter 2015 Results
   Thursday, February 25, 2016 4:15:02 PM ET

Babcock & Wilcox Enterprises, Inc. (B&W) (BW ) announced today fourth quarter 2015 revenues of $502.7 million, an increase of $58.1 million, or 13.1%, from the fourth quarter of 2014. GAAP earnings per share for the fourth quarter of 2015 were a loss of $0.10 compared to a loss of $0.90 in the fourth quarter of 2014. Adjusted earnings per share were $0.47 for the three months ended December 31, 2015 compared to $0.66 in the prior year period. Adjusted earnings per share excludes the impact of non-cash mark-to-market adjustments for pension and other post-retirement benefits, impairments, restructuring and other costs as shown in Exhibit 1.

"B&W ended the year with a strong quarter led by the continued growth in Global Power," said Mr. E. James Ferland, Chairman and Chief Executive Officer. "Revenue, gross profit, operating income and free cash flow were all improved in the quarter compared to the prior year fourth quarter, providing a strong finish to a solid year."

Results of Operations

Consolidated revenues for the fourth quarter of 2015 were $502.7 million, an increase of 13.1%, compared to $444.6 million for the fourth quarter of 2014, primarily due to increased volume in Global Power. GAAP consolidated gross profit for the business segments, which includes mark-to-market pension adjustments of $44.3 million in fourth quarter 2015 and $94.2 million in fourth quarter 2014, was $65.0 million in the quarter compared to $4.8 million in the fourth quarter of 2014. Gross profit from our segments, excluding the mark-to-market pension adjustment, was $109.3 million for the fourth quarter 2015, which is a 10.4% increase compared to $99.0 million in the prior year period largely due to the increases from Global Power and Industrial Environmental. Adjusted operating income increased 3.7% in the fourth quarter of 2015 to $39.5 million, compared to adjusted operating income of $38.1 million in the fourth quarter of 2014, primarily from higher volume in Global Power and good project execution in Industrial Environmental, partially offset by increased SG&A expenses related to being a stand-alone company.

The Global Power segment revenues for the fourth quarter of 2015 increased 55.2%, or $70.7 million, to $198.7 million from $128.0 million in the prior year period, primarily attributable to increased activity in new build steam generation systems. Fourth quarter 2015 gross profit in the Global Power segment increased $8.2 million from the same period last year to $38.4 million, largely due to higher volume.

Revenues in the Global Services segment were $243.7 million in the final three months of 2015, versus $263.6 million in the corresponding period in 2014, a decrease of 7.5%, mainly due to timing on repair and maintenance activities and lower parts sales. Gross profit in Global Services was $53.7 million, a decrease of 4.1% compared to $56.0 million in the prior year period, as the improvement in the gross margin was offset by the impact of lower revenue and business mix.

Industrial Environmental segment revenues for the fourth quarter of 2015 were $60.3 million, compared to $52.9 million in the prior year period, an increase of $7.4 million primarily attributable to project timing. The Industrial Environmental segment continued to deliver strong gross profit with $17.1 million in the fourth quarter of 2015, a 33.8% increase from $12.8 million in the 2014 period, due to reduced amortization expense combined with increased volume and strong project execution.

Revenues for the full year of 2015 were $1.76 billion, an increase of 18.3% from the $1.49 billion recorded in 2014 mainly due to increased volume in Global Power and the full-year contribution of the MEGTEC acquisition. Adjusted operating income for 2015 was $103.8 million, which is an increase of 15.1% over the $90.2 million for full year 2014 as a result of inclusion of a full year of MEGTEC and increased volume in Global Power, partially offset by higher SG&A from a full year of MEGTEC overhead and incremental SG&A from being a stand-alone company. GAAP earnings per diluted share from continuing operations for the full year of 2015 were $0.30, compared to a loss of $0.23 in 2014. Full-year 2015 adjusted earnings per share were $1.25 versus adjusted earnings per share of $1.28 in the prior year. The 2014 tax rate was unusually low. If the full-year 2015 adjusted tax rate was applied to the 2014 results, then the 2015 adjusted EPS would be 12% higher than 2014.

"We are pleased with our 2015 full-year results," continued Ferland. "In addition to successful execution of the spin-off from BWX Technologies, we grew revenue over 18% and all three business units delivered on the bottom line allowing us to achieve an adjusted EPS of $1.25, in the top half of our range. Our strong balance sheet has been bolstered by significant cash generation during the year. This allowed us to pursue a meaningful share buyback program while in parallel increasing our cash on hand, thus enabling us to pursue acquisitions to grow our earnings and diversify the business."

Liquidity

B&W’s cash and cash equivalents position, net of restricted cash, was $365.2 million at the end of 2015 reflecting a $57.6 million increase over the $307.6 million as of June 30, 2015 when B&W was launched as an independent publicly-traded company. This consolidated cash position includes $221.2 million in non-U.S. cash. Net cash flow from operating activities for the full year 2015 was $170.4 million compared to a use of cash of $24.2 million in 2014.

Share Repurchase Program

Our Board of Directors previously authorized the repurchase of up to $100 million of common stock. An initial buyback program combined with share repurchases to off-set dilution will use approximately $53 million of the current authorization no later than the end of the first quarter 2016.

B&W will implement a new share repurchase program that will target spending the remaining $47 million under the Board’s authorization by third quarter 2016. B&W may utilize various methods to effect the repurchases, and the timing of repurchases will depend upon several factors, including market and business conditions, and repurchases may be discontinued at any time.

Full Year 2016 Outlook

2016 will be B&W’s first full year as a stand-alone company. Guidance for key financial benchmarks in 2016 includes:

-- Revenue is expected to increase to $1.8 billion based on mid-single digit growth in our Global Power and Industrial Environmental business units while Global Services is expected to remain flat;

-- Full year adjusted EPS in the range of $1.25 to $1.45; -- Adjusted tax rate for 2016 is expected to be in the range of 31%-33%;

-- Earnings are expected to start low in the first quarter and improve through the year due to project timing;

-- EPS estimates exclude any mark-to-market adjustment for pension and post-retirement benefits or restructuring charges;

-- Free cash flow conversion is expected to be between 75% and 100% of net income; and

-- This guidance does not include incremental benefit from acquisitions or additional share repurchases beyond our initial share repurchase program that is expected to conclude by the end of the first quarter 2016.

"Through a combination of revenue growth driven by our strong backlog and robust bid pipeline, continued margin improvement and share buybacks through February 2016, we are projecting 12% adjusted EPS growth in 2016, relative to our original adjusted EPS guidance for 2015," continued Ferland. "This guidance reflects some pressure on merchant utility spending from continued low natural gas prices, foreign exchange headwinds and a challenging global industrial market. We are confident that we will provide meaningful growth to our core business in 2016, while continuing to leverage our strong balance sheet to pursue acquisitions and/or additional share repurchases."

Conference Call to Discuss Fourth Quarter 2015 Results
                 
Date:                                                   Friday, February 26, 2015, at 8:30 a.m. EST
Live Webcast:                                           Investor Relations section of website at www.babcock.com
                                                         

Forward-Looking Statements

Babcock & Wilcox Enterprises, Inc. ("B&W") cautions that this press release contains forward-looking statements, including, without limitation, statements relating to backlog, to the extent it may be viewed as an indicator of future revenues; management’s expectations regarding the industries in which we operate; our guidance and forecasts for 2016; our projected operating margin improvements, savings and restructuring costs; growth through acquisitions; and our plans for stock repurchases. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties, including, among other things, disruptions experienced with customers and suppliers; the inability to successfully operate independently after the spin-off; the inability to retain key personnel; adverse changes in the industries in which we operate; changes or termination of contracts in backlog; the timing and amount of repurchases of our common stock, if any; and the inability to grow and diversify through acquisitions. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. For a more complete discussion of these and other risk factors, see B&W’s filings with the Securities and Exchange Commission, including the our annual report on Form 10-K and subsequent quarterly reports on Form 10-Q. B&W cautions not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and undertake no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.

About B&W

Headquartered in Charlotte, N.C., Babcock & Wilcox is a global leader in energy and environmental technologies and services for the power and industrial markets. B&W companies employ approximately 5,700 people around the world. Follow us on Twitter @BabcockWilcox and learn more at www.babcock.com.

EXHIBIT 1
BABCOCK & WILCOX ENTERPRISES, INC.
RECONCILIATION
OF NON-GAAP OPERATING INCOME AND EARNINGS PER SHARE*
                                                         
(In millions, except per share amounts and percentages)                                                                                                                                                                       Three Months Ended December 31, 2015
                                                                             ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                             GAAP                                 Pension &                             Impairments                           Restructuring                           Spin Costs                              Non-GAAP
                                                                                                                                                     OPEB MTM
                                                                                                                                                   (Gain) / Loss
                                                                             ----------------------------------   -------------------- ----------------------------------   -------------------- ----------------------------------   -------------------- ----------------------------------   -------------------- ----------------------------------   -------------------- ----------------------------------
Operating income (loss)                                                            $   (10.0 )                            $    40.2                              $     5.6                              $     3.0                              $     0.7                              $    39.5
Other income (expense)                                                        --                                            --                                            --                                            --                                            --                                            --
Income tax (expense) benefit                                                             4.7               (16.0 )                                 (2.1 )                                 (1.0 )                                 (0.3 )                                (14.7 )
                                                                             ------------------------------------ -------------------- ------------------------------------ -------------------- ------------------------------------ -------------------- ------------------------------------ -------------------- ------------------------------------ -------------------- ------------------------------------
Net income (loss)                                                                  $    (5.2 )                                               $    24.2                                                 $     3.4                                                 $     1.9                                                 $     0.4                                                 $    24.8
Net loss attributable to non-controlling interest                             --      --      --      --      --      --  
                                                                             ------------------------------------ -------------------- ------------------------------------ -------------------- ------------------------------------ -------------------- ------------------------------------ -------------------- ------------------------------------ -------------------- ------------------------------------
Net income (loss) attributable to B&W shareholders                                 $    (5.2 )                            $    24.2           $     3.4           $     1.9           $     0.4           $    24.8  
                                                                             ======= ======= ==================== ==================== ======= ======= ==================== ==================== ======= ======= ==================== ==================== ======= ======= ==================== ==================== ======= ======= ==================== ==================== ======= ======= ====================
                                                                                                                                                                                                                                                                                                                                                                                
Diluted earnings (loss) per common share                                           $   (0.10 )                                               $    0.45                                                 $    0.06                                                 $    0.04                                                 $    0.01                                                 $    0.47
                                                                                                                                                                                                                                                                                                                                                                                
Income tax rate                                                                                             47.4%                                                                                                                                                                                                                                                                                             37.3%
                                                                                                                                                                                                                                                                                                                                                                               -------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                
(In millions, except per share amounts and percentages)                                                                                                                                                   Three Months Ended December 31, 2014
                                                                             ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                          GAAP                             Pension &                            Restructuring                             NE Sgmt                                    MEGTEC                                  Non-GAAP
                                                                                                                                              OPEB MTM                                                                                                           Allocation                                                    Acquisition
                                                                                                                                            (Gain) / Loss                                                                                                                                                                         Costs
                                                                             ---------------------------   -------------------- ----------------------------------   -------------------- ----------------------------------   -------------------- ----------------------------------   -------------------- -----------------------------------------   -------------------- --------------------------------
Operating income (loss)                                                       $ (71.2 )                            $    99.3                              $     8.4                              $     1.3                              $            0.2                             $   38.1
Other income (expense)                                                           (0.8 )                                          --                                            --                                            --                                                   --                                                    (0.8 )
Income tax (expense) benefit                                                     38.5               (37.0 )                                 (3.2 )                                 (0.1 )                                        (0.1 )                               (1.9 )
                                                                             ----------------------------- -------------------- ------------------------------------ -------------------- ------------------------------------ -------------------- ------------------------------------ -------------------- ------------------------------------------- -------------------- ----------------------------------
Net income (loss)                                                             $ (33.5 )                                               $    62.3                                                 $     5.3                                                 $     1.2                                                 $            0.1                                                $   35.4
Net loss attributable to non-controlling interest                                (0.1 )                       --      --      --             --              (0.1 )
                                                                             ----------------------------- -------------------- ------------------------------------ -------------------- ------------------------------------ -------------------- ------------------------------------ -------------------- ------------------------------------------- -------------------- ----------------------------------
Net income (loss) attributable to B&W shareholders                            $ (33.7 )                            $    62.3           $     5.3           $     1.2           $            0.1          $   35.3  
                                                                             == ===== ==================== ==================== ======= ======= ==================== ==================== ======= ======= ==================== ==================== ======= ======= ==================== ==================== ======= ============== ==================== ==================== ====== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                                
Diluted earnings (loss) per common share                                      $ (0.63 )                                               $    1.17                                                 $    0.10                                                 $    0.02                                                 $ --                                                $   0.66
                                                                                                                                                                                                                                                                                                                                                                                
Income tax rate                                                                                      53.4%                                                                                                                                                                                                                                                                                                   5.1%
                                                                                                                                                                                                                                                                                                                                                                               -----------------------------------
                                                                                                                                                                                                                                                                                                                                                                                
(In millions, except per share amounts and percentages)                                                                                                                                                                                                         Twelve Months Ended December 31, 2015
                                                                             ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                         GAAP                             Pension &                             Impairments                           Restructuring                           Litigation                               NE Sgmt                                 Spin                                  Non-
                                                                                                                                             OPEB MTM                                                                                                                                                                     Settlement                                                Allocation                                                   Costs                                                    GAAP
                                                                                                                                           (Gain) / Loss
                                                                             --------------------------   -------------------- ----------------------------------   -------------------- ----------------------------------   -------------------- ----------------------------------   -------------------- ----------------------------------   -------------------- ----------------------------------   -------------------- ----------------------------------   -------------------- --------------------------------
Operating income (loss)                                                       $ 21.9                              $    40.2                              $    14.6                              $    11.7                              $     9.6                              $     2.7                              $     3.3                             $  103.8
Other income (expense)                                                          (1.7 )                                          --                                            --                                            --                                            --                                            --                                            --                                                    (1.7 )
Income tax (expense) benefit                                                    (3.7 )                                (16.0 )                                 (5.6 )                                 (4.2 )                                 (3.7 )                                 (0.7 )                                 (1.2 )                              (35.1 )
                                                                             ---------------------------- -------------------- ------------------------------------ -------------------- ------------------------------------ -------------------- ------------------------------------ -------------------- ------------------------------------ -------------------- ------------------------------------ -------------------- ------------------------------------ -------------------- ----------------------------------
Net income (loss)                                                             $ 16.5                                                 $    24.2                                                 $     9.0                                                 $     7.5                                                 $     5.8                                                 $     2.0                                                 $     2.0                                                $   67.1
Net loss attributable to non-controlling interest                               (0.2 )                       --      --      --      --      --      --              (0.2 )
                                                                             ---------------------------- -------------------- ------------------------------------ -------------------- ------------------------------------ -------------------- ------------------------------------ -------------------- ------------------------------------ -------------------- ------------------------------------ -------------------- ------------------------------------ -------------------- ----------------------------------
Net income (loss) attributable to B&W shareholders                            $ 16.3           $    24.2           $     9.0           $     7.5           $     5.8           $     2.0           $     2.0          $   66.9  
                                                                             == ==== ==================== ==================== ======= ======= ==================== ==================== ======= ======= ==================== ==================== ======= ======= ==================== ==================== ======= ======= ==================== ==================== ======= ======= ==================== ==================== ======= ======= ==================== ==================== ====== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Diluted earnings (loss) per common share                                      $ 0.30                                                 $    0.45                                                 $    0.17                                                 $    0.14                                                 $    0.11                                                 $    0.04                                                 $    0.04                                                $   1.25
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Income tax rate                                                                                     18.2%                                                                                                                                                                                                                                                                                                                                                                                                               34.3%
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           -----------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
(In millions, except per share amounts and percentages)                                                                                                                                                Twelve Months Ended December 31, 2014
                                                                             ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                          GAAP                             Pension &                            Restructuring                             NE Sgmt                                MEGTEC                               Non-GAAP
                                                                                                                                              OPEB MTM                                                                                                           Allocation                                                Acquisition
                                                                                                                                            (Gain) / Loss                                                                                                                                                                     Costs
                                                                             ---------------------------   -------------------- ----------------------------------   -------------------- ----------------------------------   -------------------- ----------------------------------   -------------------- ----------------------------------   -------------------- --------------------------------
Operating income (loss)                                                       $ (38.0 )                            $   101.3                              $    20.2                              $     5.3                              $     1.4                             $   90.2
Other income (expense)                                                            1.4                                            --                                            --                                            --                                            --                                                     1.4
Income tax (expense) benefit                                                     24.7               (37.5 )                                 (7.2 )                                 (1.4 )                                 (0.5 )                              (21.8 )
                                                                             ----------------------------- -------------------- ------------------------------------ -------------------- ------------------------------------ -------------------- ------------------------------------ -------------------- ------------------------------------ -------------------- ----------------------------------
Net income (loss)                                                             $ (11.9 )                                               $    63.9                                                 $    13.0                                                 $     3.9                                                 $     0.9                                                $   69.7
Net loss attributable to non-controlling interest                                (0.4 )                       --      --      --      --              (0.4 )
                                                                             ----------------------------- -------------------- ------------------------------------ -------------------- ------------------------------------ -------------------- ------------------------------------ -------------------- ------------------------------------ -------------------- ----------------------------------
Net income (loss) attributable to B&W shareholders                            $ (12.3 )                            $    63.9           $    13.0           $     3.9           $     0.9          $   69.3  
                                                                             == ===== ==================== ==================== ======= ======= ==================== ==================== ======= ======= ==================== ==================== ======= ======= ==================== ==================== ======= ======= ==================== ==================== ====== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                         
Diluted earnings (loss) per common share                                      $ (0.23 )                                               $    1.18                                                 $    0.24                                                 $    0.07                                                 $    0.02                                                $   1.28
                                                                                                                                                                                                                                                                                                                                                                         
Income tax rate                                                                                      67.5%                                                                                                                                                                                                                                                                                           23.9%
                                                                                                                                                                                                                                                                                                                                                                        -----------------------------------
                                                                                                                                                                                                                                                                                                                                                                         
* The Company is providing non-GAAP information regarding certain of
its historical results and guidance on future earnings per share to
supplement the results provided in accordance with GAAP and it
should not be considered superior to, or as a substitute for, the
comparable GAAP measures. B&W believes the non-GAAP measures provide
meaningful insight in the Company’s operational performance and
provides these measures to investors to help facilitate comparisons
of operating results with prior periods and to assist them in
understanding B&W’s ongoing operations.
 
EXHIBIT 2
BABCOCK & WILCOX ENTERPRISES, INC.
CONSOLIDATED
AND COMBINED STATEMENTS OF OPERATIONS
                                                                                                                                                                                                                 
(In thousands, except share and per share amounts)                                                                        Three Months Ended                                                                                                        Twelve Months Ended
                                                                                                                             December 31,                                                                                                              December 31,
                                                                                                     2015                                     2014                                      2015                                      2014
                                                                                 -----------------------------------------   -------------------- --------------------------------   -------------------- ----------------------------------------    -------------------- ----------------------------------
Revenues                                                                               $        502,678                            $ 444,556                                                    $   1,757,295                                               $ 1,486,029
Costs and expenses
  Cost of operations                                                                            437,724                                                 439,772                                                        1,449,138                                                 1,266,996
  Research and development costs                                                                  4,086                                                   5,688                                                           16,543                                                    18,483
  Losses on asset disposals and impairments                                                       5,560                                                     276                                                           14,597                                                     1,752
  Selling, general and administrative expenses                                                   61,429                                                  64,605                                                          239,968                                                   225,271
  Restructuring activities and spin-off transaction costs                      3,667             8,440                     14,946              20,183  
----------------------------------------------------------- -------------------- ------------------------------------------- -------------------- ---------------------------------- -------------------- ------------------------------------------- -------------------- ------------------------------------
     Total costs and expenses                                                                   512,466                                                 518,781                                                        1,735,192                                                 1,532,685
Equity in income (loss) of investees                                            (185 )                              3,023                       (242 )                                8,681  
----------------------------------------------------------- -------------------- ------------------------------------------- -------------------- ---------------------------------- -------------------- ------------------------------------------- -------------------- ------------------------------------
Operating income (loss)                                                       (9,973 )                            (71,202 )                                      21,861             (37,975 )
----------------------------------------------------------- -------------------- ------------------------------------------- -------------------- ---------------------------------- -------------------- ------------------------------------------- -------------------- ------------------------------------
Other income (expense)
  Interest income                                                                                   198                                                     141                                                              618                                                     1,060
  Interest expense                                                                                 (386 )                                                  (107 )                                                         (1,059 )                                                    (492 )
  Other, net                                                                     221              (828 )                                      (1,215 )                                  789  
----------------------------------------------------------- -------------------- ------------------------------------------- -------------------- ---------------------------------- -------------------- ------------------------------------------- -------------------- ------------------------------------
     Total other income (expense)                                                 33              (794 )                                      (1,656 )                                1,357  
----------------------------------------------------------- -------------------- ------------------------------------------- -------------------- ---------------------------------- -------------------- ------------------------------------------- -------------------- ------------------------------------
Income (loss) before income tax expense (benefit)                                                (9,940 )                                               (71,996 )                                                         20,205                                                   (36,618 )
Income tax expense (benefit)                                                  (4,710 )                            (38,455 )                                       3,671             (24,728 )
----------------------------------------------------------- -------------------- ------------------------------------------- -------------------- ---------------------------------- -------------------- ------------------------------------------- -------------------- ------------------------------------
  Income (loss) from continuing operations                                                       (5,230 )                                               (33,541 )                                                         16,534                                                   (11,890 )
  Income (loss) from discontinued operations, net of tax              --           (14,509 )                                       2,803             (14,272 )
----------------------------------------------------------- -------------------- ------------------------------------------- -------------------- ---------------------------------- -------------------- ------------------------------------------- -------------------- ------------------------------------
Net income (loss)                                                                                (5,230 )                                               (48,050 )                                                         19,337                                                   (26,162 )
  Net income (loss) attributable to noncontrolling interest                       26              (112 )                                        (196 )                                 (366 )
----------------------------------------------------------- -------------------- ------------------------------------------- -------------------- ---------------------------------- -------------------- ------------------------------------------- -------------------- ------------------------------------
Net income (loss) attributable to B&W shareholders                  $         (5,204 )                          $ (48,162 )                               $      19,141         $   (26,528 )
=========================================================== ==================== ======= ============== ==================== ==================== ===== ======= ==================== ==================== ========== ================================ ==================== ===== ========= ====================
Amounts attributable to B&W shareholders
  Income (loss) from continuing operations                                                       (5,204 )                                               (33,653 )                                                         16,338                                                   (12,256 )
  Income (loss) from discontinued operations, net of tax              --           (14,509 )                                       2,803             (14,272 )
----------------------------------------------------------- -------------------- ------------------------------------------- -------------------- ---------------------------------- -------------------- ------------------------------------------- -------------------- ------------------------------------
Net income (loss) attributable to B&W shareholders                  $         (5,204 )                          $ (48,162 )                               $      19,141         $   (26,528 )
=========================================================== ==================== ======= ============== ==================== ==================== ===== ======= ==================== ==================== ========== ================================ ==================== ===== ========= ====================
 Basic earnings (loss) per common share
   Continuing operations                                                               $          (0.10 )                                             $   (0.63 )                                                  $        0.31                                               $     (0.23 )
   Discontinued operations                                          $ --         $   (0.27 )                               $        0.05         $     (0.26 )
----------------------------------------------------------- -------------------- ------- -------------- -------------------- -------------------- ----- ------- -------------------- -------------------- ---------- ==========  ==================== ==================== ===== --------- --------------------
Basic earnings (loss) per common share                              $          (0.10 )                          $   (0.90 )                               $        0.36         $     (0.49 )
=========================================================== ==================== ======= ============== ==================== ==================== ===== ======= ==================== ==================== ========== ================================ ==================== ===== ========= ====================
 Diluted earnings (loss) per common share
   Continuing operations                                                               $          (0.10 )                                             $   (0.63 )                                                  $        0.30                                               $     (0.23 )
   Discontinued operations                                          $ --         $   (0.27 )                               $        0.06               (0.26 )
----------------------------------------------------------- -------------------- ------- -------------- -------------------- -------------------- ----- ------- -------------------- -------------------- ---------- -------------------------------- -------------------- ------------------------------------
Diluted earnings (loss) per common share                            $          (0.10 )                          $   (0.90 )                               $        0.36         $     (0.49 )
=========================================================== ==================== ======= ============== ==================== ==================== ===== ======= ==================== ==================== ========== ================================ ==================== ===== ========= ====================
Shares used in the computation of earnings per common share
Basic                                                                                        53,258,392                                              53,298,706                                                       53,487,071                                                54,238,631
Diluted                                                                   53,258,392        53,298,706                 53,708,983          54,238,631  
=========================================================== ==================== =========================================== ==================== ================================== ==================== =========================================== ==================== ====================================
                                                                                                                                                                                                           
EXHIBIT 3
BABCOCK & WILCOX ENTERPRISES, INC.
CONSOLIDATED
AND COMBINED BALANCE SHEETS
                                                                                                                             
(In thousands)                                                                                                     December 31, 2015                                        December 31, 2014
                                                                                                        ---------------------------------------                     --------------------------------
                                      ASSETS
Current assets
  Cash and cash equivalents                                                                                   $   365,192                                                    $              218,659
  Restricted cash and cash equivalents                                                                             37,144                                                                    26,311
  Investments                                                                                                       3,996                                                                     1,607
  Accounts receivable - trade, net                                                                   291,242                                                                   265,456
  Accounts receivable - other                                                                         44,765                                                                    36,147
  Contracts in progress                                                                                           128,174                                                                   107,751
  Inventories                                                                                                      90,119                                                                    98,711
  Deferred income taxes                                                                                    --                                                                    36,601
  Other current assets                                                                                             17,552                                                                    11,347
  Assets of discontinued operations                                                     --                              46,177
---------------------------------------------------------------------------------- -------------------- -------------------------------------- -------------------- --------------------------------
  Total current assets                                                                                            978,184                                                                   848,767
Net property, plant and equipment                                                                                 145,717                                                                   135,237
Investments                                                                                                                              1,093                                                  214
Goodwill                                                                                                                               201,069                                              209,277
Deferred income taxes                                                                                                                  190,656                                              115,111
Investments in unconsolidated affiliates                                                                                                92,196                                              109,248
Intangible assets                                                                                                                       37,844                                               50,646
Other assets                                                                                                                            16,286                                                9,226
Assets of discontinued operations                                                       --                              38,828
---------------------------------------------------------------------------------- -------------------- -------------------------------------- -------------------- --------------------------------
  TOTAL ASSETS                                                                             $ 1,663,045              $            1,516,554
---------------------------------------------------------------------------------- -------------------- ------- --------- -------------------- -------------------- ---------- --------------------
                                                                                                                                                                     
          LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
  Short-term line of credit                                                                                   $     2,005                                                    $                3,215
  Accounts payable                                                                                                175,170                                                                   160,606
  Accrued employee benefits                                                                                        51,476                                                                    39,464
  Advance billings on contracts                                                                                   229,390                                                                   148,098
  Accrued warranty expense                                                                                         39,847                                                                    37,735
  Other accrued liabilities                                                                                        63,464                                                                    54,827
  Liabilities of discontinued operations                                                --                              44,145
---------------------------------------------------------------------------------- -------------------- -------------------------------------- -------------------- --------------------------------
     Total current liabilities                                                                                    561,352                                                                   488,090
  Accumulated postretirement benefit obligation                                                                    27,768                                                                    28,347
  Pension liability                                                                                               282,133                                                                   253,763
  Other liabilities                                                                                                43,365                                                                    42,929
  Liabilities of discontinued operations                                                --                              15,988
---------------------------------------------------------------------------------- -------------------- -------------------------------------- -------------------- --------------------------------
     Total liabilities                                                                                            914,618                                                                   829,117
Commitments and contingencies
Stockholders’ equity
  Common stock, par value $0.01 per share, authorized 200,000,000                                                     540                                                            --
  shares; issued 52,480,630 and 0 shares at December 31, 2015 and
  December 31, 2014, respectively
  Capital in excess of par value                                                                                  790,464                                                            --
  Treasury stock at cost, 1,376,226 shares at December 31, 2015                                                   (25,408 )                                                          --
  Retained earnings                                                                                                   965                                                            --
  Accumulated other comprehensive income                                                                          (18,853 )                                                                  10,374
  Former net parent investment                                                          --                             676,036
---------------------------------------------------------------------------------- -------------------- -------------------------------------- -------------------- --------------------------------
  Stockholders’ equity attributable to B&W shareholders                                747,708                                                                   686,410
Noncontrolling interest                                                                            719                               1,027
---------------------------------------------------------------------------------- -------------------- -------------------------------------- -------------------- --------------------------------
  Total stockholders’ equity                                        748,427                             687,437
---------------------------------------------------------------------------------- -------------------- -------------------------------------- -------------------- --------------------------------
  TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY                    $ 1,663,045              $            1,516,554
================================================================================== ==================== ======= ========= ==================== ==================== ========== ====================
                                                                                                                                                                                
EXHIBIT 4
BABCOCK & WILCOX ENTERPRISES, INC.
CONSOLIDATED
AND COMBINED STATEMENTS OF CASH FLOWS
                                                                      
(In thousands)                                                                                                                                            Year Ended December 31,
                                                                                                          2015                                  2014                                  2013
                                                                                          -------------------------------------------------------- -------------------------------------------------------- ------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)                                                                                 19,337                               (26,162 )                             174,816
Non-cash items included in net income (loss)
  Depreciation and amortization                                                                   34,932                                                   32,436                                                   23,030
  Income of investees, net of dividends                                                              242                                                    8,743                                                    1,995
  Losses on asset disposals and impairments                                                       16,881                                                    5,989                                                    2,580
  Write-off of accrued claims receivable                                                           7,832                                           --                                                        0
  Provision for (benefit from) deferred taxes                                                    (32,121 )                                                (42,023 )                                                 56,107
  Recognition of (gains) losses for pension and postretirement plans                              40,611                                                  101,792                                                  (91,358 )
  Stock-based compensation and thrift plan expense                                                 7,773                                                      (11 )                                                   (172 )
Changes in assets and liabilities, net of effects from acquisitions
  Accounts receivable                                                                            (33,977 )                                                (13,797 )                                                  4,898
  Accounts payable                                                                                17,863                                                   (8,860 )                                                (13,354 )
  Contracts in progress and advance billings on contracts                                         62,971                                                  (99,192 )                                                (97,360 )
  Inventories                                                                                      6,060                                                    4,309                                                   10,769
  Income taxes                                                                                     9,275                                                   10,123                                                  (23,309 )
  Accrued and other current liabilities                                                           11,464                                                    9,660                                                  (22,520 )
  Pension liability, accrued postretirement benefit obligation and                                (2,336 )                                                (17,259 )                                                (20,053 )
  employee benefits
  Other, net                                                                    3,592             10,028             10,331  
-------------------------------------------------------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------
NET CASH FROM OPERATING ACTIVITIES                                            170,399            (24,224 )                              16,400  
-------------------------------------------------------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------
CASH FLOWS FROM INVESTING ACTIVITIES
  Change in restricted cash and cash equivalents                                                   6,298                                                   (5,646 )                                                 11,419
  Purchases of property, plant and equipment                                                     (35,397 )                                                (15,475 )                                                (11,588 )
  Acquisition of businesses, net of cash acquired                                         --                                                 (127,705 )                                         --
  Purchase of intangible assets                                                           --                                                     (722 )                                         --
  Purchases of available-for-sale securities                                                     (14,008 )                                                 (4,450 )                                                (11,111 )
  Sales and maturities of available-for-sale securities                                            5,266                                                   10,118                                                    3,973
  Proceeds from (cost of) asset disposals                                                           (587 )                                                    149                                                      507
  Investment in equity and cost method investees                               (7,424 )                              (4,900 )                              (6,884 )
-------------------------------------------------------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------
NET CASH FROM INVESTING ACTIVITIES                                            (45,852 )                            (148,631 )                             (13,684 )
-------------------------------------------------------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------
CASH FLOWS FROM FINANCING ACTIVITIES
Payment of short-term borrowing and long-term debt                                                (1,080 )                                                 (4,538 )                                                   (212 )
Payment of debt issuance costs                                                            --                                                    2,967                                                      484
Net transfers from former Parent                                                                  80,589                                                  213,137                                                   47,445
Repurchase of common shares                                                                      (25,408 )                                         --                                           --
Excess tax benefits from stock-based compensation                                         --                                                       11                                                      172
Other                                                                            (491 )                                  89               (114 )
-------------------------------------------------------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------
NET CASH FROM FINANCING ACTIVITIES                                             53,610            211,666             47,775  
-------------------------------------------------------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------
                                                                                           
-------------------------------------------------------------------- -------------------- -------------------------------------------------------- -------------------------------------------------------- ------------------------------------
EFFECTS OF EXCHANGE RATE CHANGES ON CASH                                       (6,407 )                             (12,573 )                              (4,024 )
-------------------------------------------------------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------
CASH FLOWS FROM DISCONTINUED OPERATIONS
  Operating cash flows from discontinued operations, net                                         (25,194 )                                                   (191 )                                                (28,723 )
  Investing cash flows from discontinued operations, net                                             (23 )                                                 (1,729 )                                                 (4,974 )
  Effects of exchange rate changes on cash                             --              3,023              3,012  
-------------------------------------------------------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------
NET CASH FLOWS FROM DISCONTINUED OPERATIONS                                                      (25,217 )                                                  1,103                                                  (30,685 )
NET CHANGE IN CASH AND CASH EQUIVALENTS                                                          146,533                                                   27,341                                                   15,782
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD                              218,659            191,318            175,536  
-------------------------------------------------------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD                                    365,192            218,659            191,318  
-------------------------------------------------------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------
                                                                                                                                                                                                                            
EXHIBIT 5
BABCOCK & WILCOX ENTERPRISES, INC.
SEGMENT
INFORMATION
                                                                                                                                                             
                                                                                                                       Three Months Ended                                                                                                 Twelve Months Ended
(In thousands)                                                                                                            December 31,                                                                                                       December 31,
                                                                                                  2015                                  2014                                  2015                                   2014
                                                                                  -------------------------------------------------------- -------------------------------------------------------- -------------------------------------------------------- --------------------------------------
REVENUES                                                                                                                                                                                                              
   Global Power                                                                      $   198,707                                              $   128,039                                              $   639,970                                                $   471,929
   Global Services                                                                       243,659                                                  263,601                                                  933,630                                                    908,682
   Industrial Environmental                                                               60,312             52,916            183,695              105,418  
                                                                                  ----------------------------------- -------------------- ----------------------------------- -------------------- ----------------------------------- -------------------- -------------------------------------
                                                                                     $   502,678        $   444,556        $ 1,757,295          $ 1,486,029  
                                                                                  ==== ========= ==================== ==================== ==== ========= ==================== ==================== ==== ========= ==================== ==================== ====== ========= ====================
                                                                                                                                                                                                                                                              
GROSS PROFIT
   Global Power                                                                      $    38,425                                              $    30,210                                              $   111,309                                                $    94,647
   Global Services                                                                        53,720                                                   55,989                                                  192,241                                                    193,629
   Industrial Environmental                                                               17,116             12,789             48,914               24,961  
                                                                                  ----------------------------------- -------------------- ----------------------------------- -------------------- ----------------------------------- -------------------- -------------------------------------
      Gross profit from segments                                                         109,261                                                   98,988                                                  352,464                                                    313,237
   Mark to market adjustment included in cost of operations*                             (44,307 )                             (94,204 )                             (44,307 )                               (94,204 )
                                                                                  ----------------------------------- -------------------- ----------------------------------- -------------------- ----------------------------------- -------------------- -------------------------------------
                                                                                     $    64,954        $     4,784        $   308,157          $   219,033  
                                                                                  ==== ========= ==================== ==================== ==== ========= ==================== ==================== ==== ========= ==================== ==================== ====== ========= ====================
                                                                                                                                                                                                                                                              
BOOKINGS
   Global Power                                                                      $    66,300                                              $   275,554                                              $   816,300                                                $   647,981
   Global Services                                                                       287,900                                                  237,112                                                  843,000                                                    835,344
   Industrial Environmental                                                               35,100             46,139            178,000               91,041  
                                                                                  ----------------------------------- -------------------- ----------------------------------- -------------------- ----------------------------------- -------------------- -------------------------------------
                                                                                     $   389,300        $   558,805        $ 1,837,300          $ 1,574,366  
                                                                                  ==== ========= ==================== ==================== ==== ========= ==================== ==================== ==== ========= ==================== ==================== ====== ========= ====================
                                                                                                                                                                                                                                                              
BACKLOG
   Global Power                                                                      $ 1,118,049                                              $   946,360                                              $ 1,118,049                                                $   946,360
   Global Services                                                                     1,143,306                                                1,229,199                                                1,143,306                                                  1,229,199
   Industrial Environmental                                                               66,459             72,179             66,459               72,179  
                                                                                  ----------------------------------- -------------------- ----------------------------------- -------------------- ----------------------------------- -------------------- -------------------------------------
                                                                                     $ 2,327,814        $ 2,247,738        $ 2,327,814          $ 2,247,738  
                                                                                  ==== ========= ==================== ==================== ==== ========= ==================== ==================== ==== ========= ==================== ==================== ====== ========= ====================
                                                                                                                                                                                                                                                                               
* Total mark to market adjustments for the Company’s pension and
post retirement benefit obligations were a loss of $40.2 million in
2015 and a loss of $101.3 million 2014, of which a $4.1 million gain
in 2015 and a $7.2 million loss in 2014 were included in selling,
general and administrative expense and the remainder was included in
cost of operations. In 2015, the entire mark to market adjustment
was recorded in the fourth quarter. The total mark to market
adjustment in the fourth quarter of 2014 was a loss of $99.3
million, of which $5.1 million was included in selling, general and
administrative expense and the remainder was included in cost of
operations.
 
EXHIBIT 6
BABCOCK & WILCOX ENTERPRISES, INC.
QUARTERLY
INFORMATION
                                                                                                                                                                               
(In thousands, except per share amounts)                                                        March 31,                                               June 30,                                              September 30,                                             December 31,
                                                                                                  2015                                                    2015                                                    2015                                                      2015
                                                                                  ----------------------------------                        ------------------------------                        ----------------------------------                        ----------------------------------
Revenues                                                                                $ 397,155                                             $ 437,485                                                 $ 419,977                                                 $ 502,678
Costs and expenses:
   Cost of operations                                                                     313,758                                               355,601                                                   342,055                                                   437,724
   Research and development costs                                                           4,518                                                 3,962                                                     3,977                                                     4,086
   Losses on asset disposals and impairments                                                   18                                                 9,009                                                        10                                                     5,560
   Selling, general and administrative expenses                                            56,193                                                59,709                                                    62,637                                                    61,429
   Restructuring activities and spin-off transaction costs                                  3,254                              5,312                                  2,713                                  3,667  
                                                                                  ------------------------------------                      --------------------------------                      ------------------------------------                      ------------------------------------
      Total costs and expenses                                                            377,741                                               433,593                                                   411,392                                                   512,466
Equity in income (loss) of investees                                                       (2,071 )                                                 967                                  1,047                                   (185 )
                                                                                  ------------------------------------                      --------------------------------                      ------------------------------------                      ------------------------------------
      Operating income (loss)                                                              17,343                                                 4,859                                                     9,632                                                    (9,973 )
                                                                                                                                                                                                                                                             
   Interest income                                                                            156                                                   126                                                       138                                                       198
   Interest expense                                                                          (140 )                                                (144 )                                                    (389 )                                                    (386 )
   Other, net                                                                                (311 )                                                 201                                 (1,326 )                                                     221  
                                                                                  ------------------------------------                      --------------------------------                      ------------------------------------                      ------------------------------------
      Total other income (expense)                                                           (295 )                                                 183                                                    (1,577 )                                                      33
Income before income tax expense (benefit)                                                 17,048                                                 5,042                                                     8,055                                                    (9,940 )
   Income tax expense (benefit)                                                             5,692                                919                                  1,770                                 (4,710 )
                                                                                  ------------------------------------                      --------------------------------                      ------------------------------------                      ------------------------------------
Income (loss) from continuing operations                                                   11,356                                                 4,123                                                     6,285                                                    (5,230 )
Income (loss) from discontinued operations, net of tax                                      1,385                              1,418                         --                         --  
                                                                                  ------------------------------------                      --------------------------------                      ------------------------------------                      ------------------------------------
   Net income (loss)                                                                       12,741                                                 5,541                                                     6,285                                                    (5,230 )
Net income attributable to noncontrolling interest                                            (52 )                                                 (54 )                                                    (116 )                                                      26  
                                                                                  ------------------------------------                      --------------------------------                      ------------------------------------                      ------------------------------------
   Net income (loss) attributable to shareholders                                       $  12,689                          $   5,487                              $   6,169                              $  (5,204 )
                                                                                  ======= ======= ====================                      === ======= ====================                      ======= ======= ====================                      ======= ======= ====================
                                                                                                                                                                                                                                                             
      Income (loss) from continuing operations                                             11,304                                                 4,069                                                     6,169                                                    (5,204 )
      Income (loss) from discontinued operations, net of tax                                1,385                              1,418                         --                         --  
                                                                                  ------------------------------------                      --------------------------------                      ------------------------------------                      ------------------------------------
   Net income (loss) attributable to shareholders                                       $  12,689                          $   5,487                              $   6,169                              $  (5,204 )
                                                                                  ======= ======= ====================                      === ======= ====================                      ======= ======= ====================                      ======= ======= ====================
                                                                                                                                                                                                                                                             
Earnings (loss) per common share
   Basic
      Continuing operations                                                             $    0.21                                             $    0.08                                                 $    0.11                                                 $   (0.10 )
      Discontinued operations                                                                0.03                               0.02                         --                         --  
                                                                                  ------------------------------------                      --------------------------------                      ------------------------------------                      ------------------------------------
         Basic earnings (loss) per common share                                         $    0.24                          $    0.10                              $    0.11                              $   (0.10 )
                                                                                  ======= ======= ====================                      === ======= ====================                      ======= ======= ====================                      ======= ======= ====================
   Diluted
      Continuing operations                                                             $    0.21                                             $    0.08                                                 $    0.11                                                 $   (0.10 )
      Discontinued operations                                                                0.03                               0.02                         --                         --  
                                                                                  ------------------------------------                      --------------------------------                      ------------------------------------                      ------------------------------------
         Diluted earnings (loss) per common share                                            0.24                               0.10                                   0.11                                  (0.10 )
                                                                                  ====================================                      ================================                      ====================================                      ====================================
 
(In thousands, except per share amounts)                                                        March 31,                                               June 30,                                              September 30,                                             December 31,
                                                                                                  2014                                                    2014                                                    2014                                                      2014
                                                                                  ----------------------------------                        ------------------------------                        ----------------------------------                        ----------------------------------
Revenues                                                                                $ 312,078                                             $ 327,379                                                 $ 402,016                                                 $ 444,556
Costs and expenses:
   Cost of operations                                                                     255,227                                               258,351                                                   313,646                                                   439,772
   Research and development costs                                                           4,012                                                 4,281                                                     4,502                                                     5,688
   Losses on asset disposals and impairments                                       --                                                 1,457                                                        19                                                       276
   Selling, general and administrative expenses                                            49,212                                                53,040                                                    58,414                                                    64,605
   Restructuring activities and spin-off transaction costs                                  1,478                              7,513                                  2,752                                  8,440  
                                                                                  ------------------------------------                      --------------------------------                      ------------------------------------                      ------------------------------------
      Total costs and expenses                                                            309,929                                               324,642                                                   379,333                                                   518,781
Equity in income (loss) of investees                                                        2,366                                433                                  2,859                                  3,023  
                                                                                  ------------------------------------                      --------------------------------                      ------------------------------------                      ------------------------------------
      Operating income (loss)                                                               4,515                                                 3,170                                                    25,542                                                   (71,202 )
                                                                                                                                                                                                                                                             
   Interest income                                                                            629                                                    48                                                       242                                                       141
   Interest expense                                                                          (120 )                                                 (84 )                                                    (181 )                                                    (107 )
   Other, net                                                                               1,231                                323                                     63                                   (828 )
                                                                                  ------------------------------------                      --------------------------------                      ------------------------------------                      ------------------------------------
      Total other income (expense)                                                          1,740                                                   287                                                       124                                                      (794 )
Income before income tax expense (benefit)                                                  6,255                                                 3,457                                                    25,666                                                   (71,996 )
   Income tax expense (benefit)                                                            (1,008 )                                               1,841                                 12,894                                (38,455 )
                                                                                  ------------------------------------                      --------------------------------                      ------------------------------------                      ------------------------------------
Income (loss) from continuing operations                                                    7,263                                                 1,616                                                    12,772                                                   (33,541 )
Income (loss) from discontinued operations, net of tax                                      3,942                              3,397                                 (7,102 )                                                 (14,509 )
                                                                                  ------------------------------------                      --------------------------------                      ------------------------------------                      ------------------------------------
   Net income (loss)                                                                       11,205                                                 5,013                                                     5,670                                                   (48,050 )
Net income attributable to noncontrolling interest                                           (116 )                                                 (77 )                                                     (61 )                                                    (112 )
                                                                                  ------------------------------------                      --------------------------------                      ------------------------------------                      ------------------------------------
   Net income (loss) attributable to shareholders                                       $  11,089                          $   4,936                              $   5,609                              $ (48,162 )
                                                                                  ======= ======= ====================                      === ======= ====================                      ======= ======= ====================                      ======= ======= ====================
                                                                                                                                                                                                                                                             
      Income (loss) from continuing operations                                              7,147                                                 1,539                                                    12,711                                                   (33,653 )
      Income (loss) from discontinued operations, net of tax                                3,942                              3,397                                 (7,102 )                                                 (14,509 )
                                                                                  ------------------------------------                      --------------------------------                      ------------------------------------                      ------------------------------------
   Net income (loss) attributable to shareholders                                       $  11,089                          $   4,936                              $   5,609                              $ (48,162 )
                                                                                  ======= ======= ====================                      === ======= ====================                      ======= ======= ====================                      ======= ======= ====================
                                                                                                                                                                                                                                                             
Earnings (loss) per common share
   Basic
                                                                                        $    0.13                                             $    0.03                                                 $    0.24                                                 $   (0.63 )
      Continuing operations
      Discontinued operations                                                                0.07                               0.06                                  (0.14 )                                                   (0.27 )
                                                                                  ------------------------------------                      --------------------------------                      ------------------------------------                      ------------------------------------
         Basic earnings (loss) per common share                                         $    0.20                          $    0.09                              $    0.10                              $   (0.90 )
                                                                                  ======= ======= ====================                      === ======= ====================                      ======= ======= ====================                      ======= ======= ====================
   Diluted
      Continuing operations                                                             $    0.13                                             $    0.03                                                 $    0.24                                                 $   (0.63 )
      Discontinued operations                                                                0.07                               0.06                                  (0.14 )                                                   (0.27 )
                                                                                  ------------------------------------                      --------------------------------                      ------------------------------------                      ------------------------------------
         Diluted earnings (loss) per common share                                            0.20                               0.09                                   0.10                                  (0.90 )
                                                                                  ====================================                      ================================                      ====================================                      ====================================
                                                                                                                                                                                                                                                                             

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20160225006555r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20160225006555/en/

SOURCE: Babcock & Wilcox Enterprises, Inc.

Babcock & Wilcox 
Investor Contact: 
Leslie Kass, 704-625-4944 
Vice President Investor Relations and Communications 
investors@babcock.com 
or 
Media Contact: 
Ryan Cornell, 330-860-1345 
Public Relations 
rscornell@babcock.com


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