Babcock (LON:BAB) & Wilcox Enterprises, Inc. (NYSE:BW), a Delaware-based company specializing in heating equipment, announced on Monday that its board of directors has approved a dividend for its preferred stockholders. The dividend, set at $0.4843750 per share, will be distributed to holders of the company's 7.75% Series A Cumulative Perpetual Preferred Stock.
Shareholders who are on record as of September 20, 2024, will be eligible to receive the dividend, which is scheduled for payment on September 30, 2024. This preferred stock is traded under the ticker symbol "BW PRA" on the New York Stock Exchange.
The announcement was made in a Form 8-K filing with the Securities and Exchange Commission on Tuesday. The filing confirms that the dividend was declared following a board resolution on September 9, 2024, and it details the specifics regarding the record and payment dates for the dividend.
Babcock & Wilcox, with its headquarters in Akron, Ohio, operates in the manufacturing sector under the industrial classification of heating equipment, except electric and warm air furnaces. The company's common stock, as well as its 8.125% Senior Notes due 2026 and 6.50% Senior Notes due 2026, are also listed on the New York Stock Exchange, with trading symbols "BW," "BWSN," and "BWNB" respectively.
The declaration of the dividend is a routine corporate action for companies with preferred shares and represents a commitment to return value to shareholders in the form of periodic payments. Preferred stock dividends are typically paid to investors before any dividends are paid to common stockholders, reflecting the preferential treatment given to this class of stock.
This information is based on a press release statement and provides the essential details for investors and stakeholders of Babcock & Wilcox Enterprises, Inc.
In other recent news, Babcock & Wilcox Enterprises has secured several substantial contracts. The company landed an $8 million contract for a cooling system in a UK renewable energy facility, a $25 million contract for upgrades and maintenance at a US thermal power plant, and contracts totaling over $18 million for its Environmental segment.
Babcock & Wilcox also sold its subsidiary, Babcock & Wilcox Renewable Service A/S, to Hitachi (OTC:HTHIY) Zosen Inova AG for $87 million, and entered into a registration rights agreement with B. Riley Securities, potentially enhancing liquidity options for B. Riley's holdings in the company.
The company has also amended its credit agreement, allowing for asset sales and rearranging financial obligations, extending its maturity. First-quarter results for 2024 exceeded expectations, despite a decrease in total revenue to $84.1 million, the company's environmental business segment saw a 23% increase in revenue.
Babcock & Wilcox has partnered with NorthStar Clean Energy to convert a former coal-fired power plant into a Bioenergy with Carbon Capture and Storage facility, leveraging the company's proprietary SolveBright technology. These are among the recent developments for the company.
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