Exhibit 99.1

Babcock & Wilcox Announces Fourth Quarter 2013 Results and Increases Share Repurchase Authorization to $750 Million

- GAAP Earnings per Share of $1.48, Adjusted EPS of $0.52

- Revenues of $802.8 Million

- 2014 Adjusted EPS Guidance of $2.00 - $2.20

CHARLOTTE, N.C.--(BUSINESS WIRE)--February 26, 2014--The Babcock & Wilcox Company (NYSE: BWC) (“B&W” or the “Company”) today reported fourth quarter 2013 revenues of $802.8 million, a decrease of $62.5 million, or 7.2% from the fourth quarter of 2012. GAAP earnings per share for the fourth quarter 2013 were $1.48 compared to $0.33 in the fourth quarter of 2012. Adjusted earnings per share were $0.52 for the fourth quarter of 2013, a decrease of 7.1% from the adjusted earnings per share of $0.56 for the fourth quarter of 2012. Adjusted earnings per share are non-GAAP and exclude the impact of mark-to-market adjustments for pension and postretirement plans, restructuring costs, non-cash impairment charges and certain discrete tax adjustments.

Revenues for the full year of 2013 were $3,269.2 million, a decrease of 0.7% from the $3,291.4 million recorded in 2012. GAAP earnings per share for the full year of 2013 were $3.07 compared to $1.91 in 2012. Full year 2013 adjusted earnings per share increased 4.6% to $2.27 versus adjusted earnings per share of $2.17 in the prior year. Adjusted earnings per share are non-GAAP and exclude the impact of mark-to-market adjustments for pension and post-retirement plans, restructuring costs, non-cash impairment charges and certain discrete tax adjustments.

During the fourth quarter 2013, the Company repurchased 0.5 million common shares at a total cost of $16.9 million. Through December 31, 2013, the Company has repurchased a total of 9.5 million shares at a cost of $254 million leaving approximately $246 million of capacity remaining under its previously announced $500 million share repurchase authorization. On February 25, 2014, the Board increased the Company’s share repurchase authorization by $250 million to $750 million. Based upon share repurchases through the end of calendar year 2013, B&W has approximately $496 million remaining under the expanded authorization. Since November 2012, when the Company initiated its current capital allocation strategy, B&W has returned more than $300 million to shareholders through share repurchases and dividend payments, which represents 73% of free cash flow generated since our spinoff in August 2010.

Recent Highlights

• Awarded $1.3 billion contract for Naval Reactors components
• Awarded $100 million contract for DOE Fuel and Materials Services
• Awarded environmental equipment contracts for AEP plants
• Signed environmental technology licensing agreement with Chem-Mod
• Announced collaboration with TerraPower on Gen IV nuclear technology

Results of Operations

Consolidated revenues for the fourth quarter of 2013 were $802.8 million, a decrease of $62.5 million, or 7.2%, from the fourth quarter of 2012. The Power Generation segment revenues decreased $40.3 million, or 9.0%, primarily due to a decrease in the new build environmental equipment business, partially offset by an increase in the aftermarket services business. Nuclear Operations segment revenues decreased $4.6 million, or 1.5%, primarily due to the timing of long lead-time material orders and early completion of naval fuel and downblending contracts in the prior year, partially offset by increased activity related to the manufacturing of nuclear components for U.S. Government programs. Nuclear Energy segment revenues increased $7.9 million, or 8.2%, primarily due to increased project activities, partially offset by decreased volume in the nuclear services and nuclear equipment businesses. Technical Services segment revenues decreased $2.2 million, or 7.7%.

Bookings for the 2013 fourth quarter totaled $483.2 million, compared to $1,170.8 million in the prior year period. The decrease is primarily attributable to the timing of bookings for nuclear components and naval fuel contracts in the Nuclear Operations segment that were delayed due to events associated with the government shutdown and budget approval. We have already booked more than $600 million associated with these contracts in the first quarter of 2014. Bookings were also lower in the Power Generation segment principally due to decreases in new build steam generating system orders compared to strong renewable boiler orders recorded in the prior year, partially offset by stronger bookings for service projects and repair and maintenance activities.

GAAP operating income for the fourth quarter of 2013 was $295.3 million, an increase of $229.6 million, compared to $65.7 million in the fourth quarter of 2012. Adjusted operating income was $86.7 million in the fourth quarter of 2013 and $97.6 million for the same period in 2012, after excluding restructuring costs of $14.1 million and pension mark-to-market gains of $222.7 million in 2013 and pension mark-to-market losses of $31.9 million in 2012. Operating income of the Power Generation segment increased $8.4 million compared to the prior year period due primarily to improved project execution and a reduction in selling, general and administrative expenses due to ongoing cost-reduction initiatives. The $10.7 million decrease in Nuclear Energy segment operating income was primarily attributable to lower gross margins due to an unfavorable project mix compared to the prior period. The decrease in Nuclear Operations segment operating income of $5.6 million was primarily attributable to the timing of the completion of fuel contracts and other contract closeout costs. Technical Services segment operating income decreased $3.6 million principally due to net lower award fees at certain National Nuclear Security Administration sites. The mPower segment operating loss increased by $2.4 million due to higher business development costs compared to the prior year period.

“The performance of our largest business segments was strong this quarter. Nuclear Operations again posted close to record-level revenues and continued strong margin performance, while our Power Generation segment produced an operating margin in excess of 13%, driven by solid project execution and continuing momentum from our ongoing cost-reduction initiatives. Bookings in our commercial segments continue to reflect soft market conditions and uncertainty over environmental regulations, but we are beginning to see a modest yet measurable improvement in bidding activity in the Power Generation segment and are starting to gain traction on new equipment orders in the Nuclear Energy segment,” said E. James Ferland, President and Chief Executive Officer. “The results of our Global Competitiveness Initiative program, which focused on reducing operating and sales, general and administrative expenses across our business, exceeded our expectations, with more than $75 million of savings already achieved or identified, almost twice the original cost reductions expected with no increase in the estimated $50 million of cash costs to achieve these savings.”

Ferland continued, “Our priorities in 2014 include:

• Increasing margins in our commercial business segments through structural changes that address the challenging conditions we face in the coal and nuclear markets. Our goal is to generate a 200 to 300 basis point margin improvement in the Power Generation segment and to achieve a 10% operating income margin in the Nuclear Energy segment, both by the end of 2015;
• Reaching a decision on the best path forward for mPower and by mid-year executing the plan; and
• Leveraging our strong balance sheet to support a more aggressive return of capital to our shareholders.”

Impairment Charges

The Company has determined that its remaining investment in USEC, Inc. preferred stock has been impaired based on the uncertainty of recovery of the investment given the terms and conditions associated with USEC’s recently announced proposed voluntary Chapter 11 plan of reorganization. Consequently, a non-cash impairment charge of $19.1 million, with no associated tax benefit, was recorded in the fourth quarter of 2013. We continue to manufacture components for and provide technical support services to the American Centrifuge program.

Liquidity

The Company’s cash and investments position, net of debt, was $402.3 million at the end of the fourth quarter of 2013, an increase of $91.1 million compared to $311.2 million at the end of the third quarter of 2013. The fourth quarter typically represents the highest cash flow quarter of the year. During the quarter, the Company repurchased common shares totaling $16.9 million, paid dividends of $10.9 million and contributed $4.7 million to its pension plans. In addition to net cash, the Company maintains a $700.0 million revolving credit facility, which had $537.0 million of availability as of the end of the fourth quarter. The Company believes it maintains adequate liquidity to fund operations, which could include increased working capital requirements to fund internal growth, R&D programs, capital distribution programs, and product and geographic expansion opportunities.

Full Year 2014 Outlook

Our business plan contemplates 2014 consolidated revenues of $2.90 billion to $3.10 billion and adjusted earnings per share for the full year 2014 of $2.00 to $2.20. Adjusted earnings per share is non-GAAP and excludes the mark-to-market adjustment for pension and postretirement benefits and restructuring charges. Further, it assumes net B&W mPower™ spending of $60 million to $70 million, an effective tax rate of between 32% and 33%, stock repurchases of $100 million for the year and no unusual items. The Company is working on the aforementioned initiatives and others to improve performance and is committed to taking additional actions to drive value for our shareholders.

Reconciliation of Non-GAAP Operating Income and Earnings Per Share

(in $ millions, except per share amounts)

Note: May not foot due to rounding.

The Company is providing non-GAAP information regarding certain of its historical results and guidance on future earnings per share results 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 into the Company’s operational performance, and B&W 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.

Conference Call to Discuss Fourth Quarter 2013 Results

Forward-Looking Statements

The Company cautions that this release contains forward-looking statements, including, without limitation, statements relating to our priorities for 2014, expected revenues and adjusted earnings per share for full-year 2014 and the assumptions underlying those expectations. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties, including, among other things, adverse changes in the industries in which we operate, our inability to timely or properly execute on contracts in our backlog, our inability to realize expected savings from our Global Competitiveness Initiative and margin improvement activities, changes in our liquidity and our inability to control research and development costs associated with the B&W mPower™ program. 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 our annual report on Form 10-K for the year ended December 31, 2013. B&W cautions not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and we undertake no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.

About B&W

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 11,000 people, in addition to approximately 10,200 joint venture employees. A company overview presentation, which will be presented at investor conferences and meetings throughout this quarter, is available on the Investor Relations section of our website. For additional information please visit our website at www.babcock.com.

TABLES TO FOLLOW

CONTACT:
The Babcock & Wilcox Company
Investor Contact:
Jenny L. Apker, Vice President, Treasurer and Investor Relations, 704-625-4944
investors@babcock.com
or
Media Contact:
Aimee Mills, Media Relations Lead, 980-365-4583
aemills@babcock.com