Babcock & Wilcox Enterprises' stock surged 5.18% during Monday's trading session, driven by the company's release of better-than-expected first-quarter financial results.

The energy and environmental products maker reported quarterly revenue of $214.4 million, a 44% increase compared to the same period last year and significantly above analyst expectations of $149.7 million. The revenue growth was primarily fueled by a large-project volume increase of over $60 million.

Investors responded positively to the company's substantial growth in future business, with bookings skyrocketing 1,971% to $2.5 billion and backlog increasing 483% to $2.7 billion compared to the prior year. The strong performance was further supported by analyst optimism, with both Northland Securities and Lake Street maintaining Buy ratings on the stock.