ValueStreet Research • 15 Comments
Gordon Tam, CFA
Jan. 22, 2015, 9:45 AM
Aug. 6, 2014, 5:41 PM
Jul. 16, 2014, 11:52 AM
- Uranium miner Cameco (CCJ +1.7%) is higher despite reporting that ore from its Cigar Lake mine in Saskatchewan would not be milled until early 2015 instead of before the end of 2014, due to problems freezing the ground.
- CCJ freezes the mine's ore zone and surrounding ground to prevent water from flooding production areas, but it says freezing has not advanced as quickly as expected.
- Uranium/nuclear names are broadly higher after two of Japan's nuclear reactors received clearance to re-start: USU +8.2%, DNN +3.3%, URG +3.2%, URRE +1.6%, BWC +1%, URS +0.3%, LTBR flat.
Jul. 7, 2014, 2:11 PM
- USEC (USU -22.1%) wins bankruptcy court approval to seek creditor votes on a plan to hand control to noteholders that would swap convertible notes and all of USEC’s preferred and common shares for ~$240M in new debt and new common stock.
- Noteholders would receive $200M of the new debt and 79 % of the new equity, with preferred shareholders Toshiba (TOSBF) and Babcock & Wilcox (BWC) each receiving ~$20M of the new debt and ~8% of the new stock; existing shareholders would get just 5% of USEC’s new shares under the plan.
- Shares rallied strongly last week on receiving $2.5M in new funding from the Energy Department, but the market has corrected today and last Thursday after the apparent overreaction.
Dec. 16, 2013, 7:35 AM
- USEC (USU -66%) plans to file a pre-arranged and voluntary Chapter 11 petition in Q1 next year after reaching an agreement with creditors who represent more than 60% of the company's notes.
- USEC, which supplies enriched uranium for commercial nuclear power plants, will replace $530M in convertible notes that are scheduled to mature in October 2014 with $200M in new debt, as well as new equity. Noteholders will receive 79% of this equity as common stock and existing shareholders 5%.
- In a deal under negotiation, Toshiba and Babcock & Wilcox (BWC), which have a preferred convertible equity investment, would jointly receive 16% of the new shares and $40M in debt in exchange for their existing arrangement.
- USEC expects to fully meet its obligations to customers and suppliers as its operations continue.
- The company also believes that the strong support of its noteholders will accelerate the restructuring of the debt and equity on its balance sheets.
- USEC doesn't expect its subsidiaries to file for bankruptcy protection. (PR)
Aug. 12, 2013, 11:31 AM
- Mistras Group (MG +2.1%) wins a Non-Destructive Evaluation inspection services contract from Babcok & Wilcox (BWC -0.8%) for the replacement of steam generators at its Prairie Island Nuclear Generating Plant in Minnesota.
- The steam generators, which have been in service since 1974, are scheduled to be removed from the reactor building and replaced with newer models.
- The contract includes a variety of services including: Radiographic Testing, Visual Inspection, Liquid Penetrant Testing, Magnetic Particle Testing, and Ultrasonic Testing.
Feb. 27, 2013, 5:46 PM
Feb. 27, 2013, 4:29 PMMore on Babcock & Wilcox (BWC): Q4 beats on all counts as total sales rise 8.1% Y/Y. Power Generation segment revenues +9% on increased new-build environmental equipment revenues. Nuclear Operations segment revenues +12.2%, Nuclear Energy segment revenues -3.7%, Technical Services revenues -10.9%. For FY/13 the company sees an EPS of $2.25 - 2.45 versus $2.10 analyst estimate. Shares +9% AH. | Feb. 27, 2013, 4:29 PM
Feb. 27, 2013, 4:19 PMBabcock & Wilcox (BWC): Q4 EPS of $0.56 beats by $0.14. Revenue of $865.3M (+8.1% Y/Y) beats by $23.56M. Shares +8.8% AH. (PR) | Feb. 27, 2013, 4:19 PM
Dec. 6, 2012, 2:14 PM
Babcock & Wilcox (BWC +1%) trades higher after the company detailed plans to boost its stock buyback program over the near-term up to a total of $150M. BWC previously said it planned to acquire $100M of stock before March 31, 2013 as part of its larger $250M plan announced in in November. CEO E. James Ferland notes long-term value in the company that's not currently being reflected in the stock price.| Dec. 6, 2012, 2:14 PM
Feb. 29, 2012, 4:58 PM
More on Babcock & Wilcox Company (BWC): Q4 results easily beat estimates on a 13% Y/Y jump in revenue. Operating income jumped 25%, primarily due to improvements in revenues and operating margins in the Power Generation, Technical Services and Nuclear Operations segments, which partially offset an increase in R&D expenses related to its modular reactor program. Shares up +4.9% AH.| Feb. 29, 2012, 4:58 PM
Feb. 29, 2012, 4:30 PMBabcock & Wilcox (BWC): Q4 EPS of $0.54 beats by $0.13. Revenue of $801M (+13.6% Y/Y) beats by $31M. Shares +2.9% AH. (PR) | Feb. 29, 2012, 4:30 PM
Nov. 8, 2011, 10:47 AM
Babcock & Wilcox (BWC) knocks out a 8.4% gain after reporting Q3 earnings above estimates on broad segment revenue growth. The Nuclear Energy segment posted a 77% Y/Y revenue jump on higher sales of naval nuclear sales.| Nov. 8, 2011, 10:47 AM