Struggling power plant manufacturer Babcock & Wilcox Inc. saw its stock price fall another 24 percent on Friday after it reported a second-quarter loss that was much worse than expected.

The Charlotte-based company reported a net loss from continuing operations of $209.7 million, or $1.68 per share, compared to a net loss of $148.6 million, or $3.05 per share. The one analyst following the company was expected a small profit.

Revenue, which met analyst expectations, fell 4.9 percent to $291.3 million in the quarter.

“Every day that we work to get through the remaining renewable loss projects, we get closer to being able to illustrate to our shareholders the potential earnings power of the business and true value that Babcock & Wilcox delivers to its customers and employees,” said Chief Executive Officer Leslie Kass in a statement.

The company’s stock fell 46 cents, or 24.6 percent, to $1.41 on Friday. Two years ago, the stock was above $16 a share.

Revenues in the company’s renewable segment were $55.0 million for second quarter 2018, compared to $48.1 million in first quarter 2017.

The renewable segment gross loss was $69.3 million in second quarter 2018, compared to gross loss of $110.9 million reported in second quarter 2017.

However, the company has said it has an additional $57.3 million in expenses to finish construction on the waste-to-energy plants in Europe where it’s working.

Kass said that the company is targeting $54 million in annual cost savings, mainly cutting workers in the United States and internationally. Of those moves, $34 million began to be implemented in June.

The company expects to implement the remaining $20 million during the fourth quarter of this year.

In early June 2018, Babcock & Wilcox announced it had signed a definitive agreement to sell its MEGTEC and Universal businesses to Dürr AG for $130 million. The sale is expected to close in the third quarter.

On Aug. 9, the company signed an agreement to sell Palm Beach Resource Recovery Corp. to a subsidiary of Covanta Holding Corp. for $45 million.

Earlier this year, an investor with an 18 percent stake in the company offered to buy Babcock & Wilcox for between $3 and $3.50 a share.

Babcock & Wilcox has hired turnaround firm Alvarez & Marsal to help it find ways to improve its performance.

The company produces power generation and environmental equipment for industrial markets