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Why Babcock & Wilcox Enterprises Inc. Plunged a Whopping 64% Today

TheMotleyFool

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Why Babcock & Wilcox Enterprises Inc. Plunged a Whopping 64% Today

Shares of Babcock & Wilcox Enterprises Inc. (NYSE: BW) fell as much as 64% in trading Thursday after the energy supplier reported a terrible second quarter. At 11:30 a.m. EDT, the stock was near a session low, down 62.4% on the day.

Quarterly revenue dropped 8.7% to $349.8 million and net loss more than doubled to $151.0 million, or $3.09 per share. Management said the loss was due to an unexpected $115.2 million charge related to the renewable business in the quarter.

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Source: Fool.com