CHARLOTTE, N.C. -- (BUSINESS WIRE) -- The Babcock & Wilcox Company (B&W) (NYSE:BWC) today issued the following statement regarding the potential impact of the government shutdown:
B&W is closely monitoring the government shutdown and the effect it could have on our business results and operations.
We do not expect any delays or impacts to the Babcock & Wilcox Nuclear Operations Group for the foreseeable future.
Babcock & Wilcox Technical Services Group (B&W TSG) continues to follow direction from the U.S. Department of Energy at project sites where B&W TSG has a presence. Many of the sites at which we have management and operating contracts or environmental management contracts have seen activities curtailed and are preparing for furloughs, which will be occurring over the next two weeks if the government shutdown is not ended. If the shutdown continues into November, it could begin to have a modest adverse impact on B&W TSG segment operating income.
We remain hopeful that our leaders in Washington continue to pursue workable solutions to this difficult situation.
Headquartered in Charlotte, N.C., The Babcock & Wilcox Company is a leader in clean energy technology and services, primarily for the nuclear, fossil and renewable power markets, as well as a premier advanced technology and mission critical defense contractor. B&W has locations worldwide and employs approximately 12,000 people, in addition to approximately 10,400 joint venture employees. Learn more at www.babcock.com.
Cautionary Statement Regarding Forward Looking Statements
B&W cautions that this release contains forward-looking statements, including statements relating to the government shutdown and employee furloughs. These forward-looking statements involve a number of risks and uncertainties, including, among other things, the duration and extent of the federal government shutdown, changes in government procurement priorities and appropriations as a result of the government shutdown, the terms on which the shutdown is resolved, and the adverse impact the government shutdown may have on the industries in which we operate or the economy generally. If one or more of these or other risks materialize, actual results may vary materially from those expressed. For a more complete discussion of these and other risk factors, please see B&W's annual report on Form 10-K for the year ended December 31, 2012 and subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission. B&W cautions not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.