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Section 1: 8-K (8-K)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 _____________________________________________
 
FORM 8-K
 _____________________________________________
 
CURRENT REPORT
 _____________________________________________

Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 6, 2018

BWX TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
 _____________________________________________
 
 
 
 
 
 
Delaware
 
001-34658
 
80-0558025
(State or other jurisdiction
 
(Commission
 
(IRS Employer
of incorporation)
 
File Number)
 
Identification No.)
 
 
 
 
 
800 Main Street, 4th Floor
 
 
 
 
Lynchburg, Virginia
 
 
 
24504
(Address of principal executive offices)
 
 
 
(Zip Code)

Registrant’s telephone number, including area code (980) 365-4300
 _____________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company    ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ¨





Item 2.02 Results of Operations and Financial Condition.
On August 6, 2018, we issued a press release announcing our financial results for the second quarter ended June 30, 2018.  A copy of the press release is attached as Exhibit 99.1, and the information contained in Exhibit 99.1 is incorporated by reference.

The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d)       Exhibits  
99.1    Earnings Release dated August 6, 2018.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
BWX TECHNOLOGIES, INC.
 
 
 
 
By:
 
/s/ Jason S. Kerr
 
 
 
Jason S. Kerr
 
 
 
Vice President and Chief Accounting Officer




August 6, 2018


(Back To Top)

Section 2: EX-99.1 (EXHIBIT 99.1)

Exhibit
 
394530041_erheadera13.jpg


BWX Technologies Reports Solid Second Quarter 2018 Results with Strong Revenue Growth
2Q18 strong revenue growth of 7%; 2Q18 orders up significantly
2Q18 GAAP EPS of $0.60; 2Q18 non-GAAP EPS of $0.58
Reiterated 2018 non-GAAP EPS guidance of $2.45 to $2.55 despite higher interest expense and integration costs
Completed acquisition of Nordion medical isotope business on July 30, 2018
Lynchburg, VA - August 6, 2018 - BWX Technologies, Inc. (NYSE: BWXT) ("BWXT" or the "Company") reported second quarter 2018 revenue of $439 million, a 7.1% increase compared to $410 million in the second quarter of 2017. GAAP net income for the second quarter 2018 was $60.7 million, or $0.60 per diluted share, compared to GAAP net income of $61.3 million, or $0.61 per diluted share, in the prior-year quarter. Non-GAAP net income for the second quarter 2018 was $58.0 million, or $0.58 per diluted share, compared to non-GAAP net income of $56.2 million, or $0.56 per diluted share, in the second quarter of 2017. A reconciliation of non-GAAP results is detailed in Exhibit 1.

"We are extremely pleased with our second quarter results, especially the robust top-line growth and the overall strong first half performance," said Rex D. Geveden, president and chief executive officer. "We continue to exhibit our capacity for growth while maintaining best-in-class margins and superior competitive positioning. We are maintaining earnings guidance as improving operating performance is being offset by increasing interest expense resulting from capital restructuring and integration costs related to the early close of Nordion.”

"We completed the acquisition of the Nordion medical radioisotope business on July 30, 2018. Closing this acquisition earlier than anticipated de-risks the industrialization phase for our technetium-99m product line and gives us immediate access to a growing and dynamic market.”

Second Quarter 2018 Segment Results
Nuclear Operations Group (NOG) segment revenue was $332 million for the second quarter of 2018, a 6.2% increase from the prior-year period driven by higher missile tube volume and more fuel activity. NOG operating income was $67.0 million in the second quarter of 2018, down 3.2% compared with the prior-year period. Second quarter 2018 segment operating margin was 20.2%.

Nuclear Power Group (NPG) segment revenue was $75.7 million for the second quarter of 2018, a 39% increase from the prior-year period driven by increased field service and refurbishment activity. NPG operating income was $7.8 million in the second quarter of 2018, a 37% increase from the prior-year period. Second quarter 2018 segment operating margin was 10.3%.




Nuclear Services Group (NSG) segment operating income was $3.5 million for the second quarter of 2018 compared with $15.4 million for second quarter of 2017, primarily driven by a $7.9 million gain from a favorable legal settlement in the prior-year period.

Liquidity and Debt
The Company generated cash from operating activities of $35.9 million in the second quarter of 2018 compared with net cash generated from operating activities of $118.8 million in the prior-year period. At the end of the second quarter 2018, the Company’s cash and short-term investments position, net of restricted cash, was $319.4 million.

As of June 30, 2018, the company had gross debt of $691.1 million, which included $400 million in senior notes and $291.1 million in term loans. There was no revolving line of credit borrowings and $71.5 million in letters of credit issued under the Company's revolving credit facility. As a result, the Company had $428.5 million in remaining availability under its revolving credit facility.

Quarterly Dividend
On August 3, 2018, our Board of Directors declared a quarterly cash dividend of $0.16 per common share. The dividend will be payable on September 7, 2018, to shareholders of record on August 20, 2018.

2018 Outlook
BWXT reiterated guidance for 2018:
EPS in a range of $2.45 to $2.55 (excluding mark-to-market of pension and post-retirement benefits)
Revenue in a range of $1.75 to $1.85 billion
NOG revenue in a range of $1.3 to $1.4 billion and operating margin in the high teens with upside potential
NPG revenue in a range of $300 to $350 million and operating margin of approximately 12%
NSG operating income of approximately $20 million
Research and development costs of approximately $15 million
Corporate unallocated costs of approximately $20 million
Other income primarily related to pension and other post-employment benefit plans of $30 to $35 million
Effective non-GAAP tax rate in a range of 22% to 25%
Capital expenditures of approximately $150 million, primarily to support growth in Navy business
Depreciation and amortization of approximately $60 million

Long-term Outlook
BWXT reiterated long-term guidance that beyond 2017, and excluding the benefit of tax reform, the Company anticipates an EPS Compound Annual Growth Rate (CAGR) in the low-double digits over a three to five year period based on a robust organic growth strategy and balance sheet capacity.

Conference Call to Discuss Second Quarter 2018 Results

Date:            Tuesday, August 7, 2018, at 9:00 a.m. EDT
Live Webcast:    Investor Relations section of website at www.bwxt.com




Forward-Looking Statements
BWXT cautions that this release contains forward-looking statements, including, without limitation, statements relating to backlog, to the extent they may be viewed as an indicator of future revenues; the anticipated benefits of our acquisition of Nordion’s medical isotope business; timing of future revenues from the acquisition of Nordion’s medical isotope business and new medical isotope business; our plans and expectations for the NOG, NPG and NSG segments; and our outlook and guidance for 2018 and beyond. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties, including, among other things, our ability to execute contracts in backlog; the lack of, or adverse changes in, Federal appropriations to government programs in which we participate; the demand for and competitiveness of nuclear power; capital priorities of power generating utilities; adverse changes in the industries in which we operate and delays, changes or termination of contracts in backlog. 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 BWXT’s filings with the Securities and Exchange Commission, including our annual report on Form 10-K for the year ended December 31, 2017 and subsequent quarterly reports on Form 10-Q. BWXT cautions not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.


About BWXT
Headquartered in Lynchburg, Va., BWX Technologies, Inc. (NYSE:BWXT) is a leading supplier of nuclear components and fuel to the U.S. government; provides technical and management services to support the U.S. government in the operation of complex facilities and environmental remediation activities; and supplies precision manufactured components, services and fuel for the commercial nuclear power industry. With approximately 6,250 employees, BWXT has eleven major operating sites in the U.S. and Canada. In addition, BWXT joint ventures provide management and operations at more than a dozen U.S. Department of Energy and two NASA facilities. Follow us on Twitter @BWXTech and learn more at www.bwxt.com.

Investor Contact:
 
Media Contact:
Alan Nethery
 
Jud Simmons
Vice President and Chief Investor Relations Officer
 
Director, Media and Public Relations
980-365-4300
Investors@bwxt.com
 
434-522-6462
hjsimmons@bwxt.com




EXHIBIT 1

BWX TECHNOLOGIES, INC.
RECONCILIATION OF NON-GAAP OPERATING INCOME AND EARNINGS PER SHARE(1)(2)(3) 
(In millions, except per share amounts)
 
 
Three Months Ended June 30, 2018
 
 
GAAP
 
Acquisition Related Costs
 
Recognition of Debt Issuance Costs from Former Credit Facility
 
Gain on Forward Contracts
 
 
Non-GAAP
 
 
 
 
 
 
 
 
 
 
 
 
Operating Income
$
71.5

 
$

 
$

 
$

 
 
$
71.5

Other Income (Expense)
7.7

 

 
2.4

 
(6.0
)
 
 
4.1

Provision for Income Taxes
(18.5
)
 

 
(0.6
)
 
1.5

 
 
(17.6
)
Net Income
60.7

 

 
1.8

 
(4.5
)
 
 
58.1

Net Income Attributable to Noncontrolling Interest
(0.1
)
 

 

 

 
 
(0.1
)
Net Income Attributable to BWXT
$
60.7

 
$

 
$
1.8

 
$
(4.5
)
 
 
$
58.0

 
 
 
 
 
 
 
 

 
 
 

Diluted Shares Outstanding
100.6

 
 
 
 
 
 
 
 
100.6

Diluted Earnings per Common Share
$
0.60

 
$

 
$
0.02

 
$
(0.04
)
 
 
$
0.58

 
 

 
 
 
 
 
 
 
 
 

Effective Tax Rate
23.3%

 
 
 
 
 
 
 
 
23.2%


 
 
Three Months Ended June 30, 2017
 
 
GAAP
 
Litigation
 
Impairment (Gains) / Losses
 
 
 
 
Non-GAAP
 
 
 
 
 
 
 
 
 
 
 
 
Operating Income
$
85.4

 
$
(7.9
)
 
$

 
 
 
 
$
77.5

Other Income (Expense)
3.1

 

 

 
 
 
 
3.1

Provision for Income Taxes
(27.1
)
 
2.8

 

 
 
 
 
(24.2
)
Net Income
61.4

 
(5.1
)
 

 
 
 
 
56.3

Net Income Attributable to Noncontrolling Interest
(0.2
)
 

 

 
 
 
 
(0.2
)
Net Income Attributable to BWXT
$
61.3

 
$
(5.1
)
 
$

 
 
 
 
$
56.2

 
 
 
 
 
 
 
 
 
 
 
 

Diluted Shares Outstanding
100.2

 
 
 
 
 
 
 
 
100.2

Diluted Earnings per Common Share
$
0.61

 
$
(0.05
)
 
$

 
 
 
 
$
0.56

 
 
 

 
 
 
 
 
 
 
 
 

Effective Tax Rate
30.6%

 
 
 
 
 
 
 
 
30.1%

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
Tables may not foot due to rounding.
(2)
BWXT is providing non-GAAP information regarding certain of its historical results and guidance on future earnings per share 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. BWXT believes the non-GAAP measures provide meaningful insight and transparency into the Company’s operational performance and provides these measures to investors to help facilitate comparisons of operating results with prior periods and to assist them in understanding BWXT's ongoing operations.
(3)
BWXT has not included a reconciliation of provided non-GAAP guidance to the comparable GAAP measures due to the difficulty and unreliability of estimating any mark-to-market adjustments for pension and post-retirement benefits, which are determined at the end of the year.
 
 
 
 
 
 
 
 
 
 
 
 




EXHIBIT 1 (continued)

BWX TECHNOLOGIES, INC.
RECONCILIATION OF NON-GAAP OPERATING INCOME AND EARNINGS PER SHARE(1)(2)(3) 
(In millions, except per share amounts)
 
 
Six Months Ended June 30, 2018
 
 
GAAP
 
Acquisition Related Costs
 
Recognition of Debt Issuance Costs from Former Credit Facility
 
Gain on Forward Contracts
 
 
 
 
Non-GAAP
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating Income
$
151.4

 
$
1.6

 
$

 
$

 
 
 
 
$
153.0

Other Income (Expense)
12.8

 

 
2.4

 
(6.0
)
 
 
 
 
9.2

Provision for Income Taxes
(37.1
)
 
(0.4
)
 
(0.6
)
 
1.5

 
 
 
 
(36.6
)
Net Income
127.1

 
1.2

 
1.8

 
(4.5
)
 
 
 
 
125.7

Net Income Attributable to Noncontrolling Interest
(0.0
)
 

 

 

 
 
 
 
(0.0
)
Net Income Attributable to BWXT
$
127.1

 
$
1.2

 
$
1.8

 
$
(4.5
)
 
 
 
 
$
125.6

 
 
 
 

 
 

 
 
 
 
 
 
 

Diluted Shares Outstanding
100.5

 
 
 
 
 
 
 
 
 
 
100.5

Diluted Earnings per Common Share
$
1.26

 
$
0.01

 
$
0.02

 
$
(0.04
)
 
 
 
 
$
1.25

 
 

 
 

 
 

 
 
 
 
 
 
 

Effective Tax Rate
22.6%

 
 
 
 
 
 
 
 
 
 
22.5%


 
 
Six Months Ended June 30, 2017
 
 
GAAP
 
Litigation
 
Impairment (Gains) / Charges
 
 
 
 
 
 
Non-GAAP
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating Income
$
161.7

 
$
(7.9
)
 
$

 
 
 
 
 
 
$
153.8

Other Income (Expense)
7.2

 

 
(0.4
)
 
 
 
 
 
 
6.8

Provision for Income Taxes
(51.7
)
 
2.8

 
0.0

 
 
 
 
 
 
(48.8
)
Net Income
117.2

 
(5.1
)
 
(0.4
)
 
 
 
 
 
 
111.7

Net Income Attributable to Noncontrolling Interest
(0.2
)
 

 

 
 
 
 
 
 
(0.2
)
Net Income Attributable to BWXT
$
117.0

 
$
(5.1
)
 
$
(0.4
)
 
 
 
 
 
 
$
111.5

 
 
 
 
 
 
 
 
 
 
 
 
 
 

Diluted Shares Outstanding
100.4

 
 
 
 
 
 
 
 
 
 
100.4

Diluted Earnings per Common Share
$
1.16

 
$
(0.05
)
 
$
(0.00
)
 
 
 
 
 
 
$
1.11

 
 
 

 
 
 
 
 
 
 
 
 
 
 

Effective Tax Rate
30.6%

 
 
 
 
 
 
 
 
 
 
30.4%

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
Tables may not foot due to rounding.
(2)
BWXT is providing non-GAAP information regarding certain of its historical results and guidance on future earnings per share 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. BWXT believes the non-GAAP measures provide meaningful insight and transparency into the Company’s operational performance and provides these measures to investors to help facilitate comparisons of operating results with prior periods and to assist them in understanding BWXT's ongoing operations.
(3)
BWXT has not included a reconciliation of provided non-GAAP guidance to the comparable GAAP measures due to the difficulty of estimating any mark-to-market adjustments for pension and post-retirement benefits, which are determined at the end of the year.
 
 
 
 
 
 
 
 
 
 
 
 
 
 




BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS

ASSETS
 
 
June 30,
2018
 
December 31,
2017
 
 
(Unaudited)
(In thousands)
Current Assets:
 
 
 
 
Cash and cash equivalents
 
$
317,624

 
$
203,404

Restricted cash and cash equivalents
 
5,870

 
7,105

Investments
 
1,824

 
2,934

Accounts receivable – trade, net
 
200,889

 
189,217

Accounts receivable – other
 
14,742

 
19,365

Contracts in progress
 
317,405

 
420,628

Other current assets
 
32,343

 
30,437

Total Current Assets
 
890,697

 
873,090

Property, Plant and Equipment
 
1,034,015

 
1,013,141

Less accumulated depreciation
 
676,813

 
664,512

Net Property, Plant and Equipment
 
357,202

 
348,629

Investments
 
8,932

 
9,301

Goodwill
 
215,547

 
218,331

Deferred Income Taxes
 
84,868

 
86,740

Investments in Unconsolidated Affiliates
 
57,854

 
43,266

Intangible Assets
 
103,008

 
110,405

Other Assets
 
24,357

 
22,577

TOTAL
 
$
1,742,465

 
$
1,712,339






BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
June 30,
2018
 
December 31,
2017
 
 
(Unaudited)
(In thousands, except share
and per share amounts)
Current Liabilities:
 
 
 
 
Current maturities of long-term debt
 
$
14,556

 
$
27,870

Accounts payable
 
88,421

 
93,421

Accrued employee benefits
 
67,417

 
82,477

Accrued liabilities – other
 
48,377

 
64,738

Advance billings on contracts
 
77,775

 
246,192

Accrued warranty expense
 
12,822

 
13,428

Total Current Liabilities
 
309,368

 
528,126

Long-Term Debt
 
666,200

 
481,059

Accumulated Postretirement Benefit Obligation
 
20,065

 
21,368

Environmental Liabilities
 
80,708

 
79,786

Pension Liability
 
259,231

 
296,444

Other Liabilities
 
18,576

 
19,799

Commitments and Contingencies
 
 
 
 
Stockholders' Equity:
 
 
 
 
Common stock, par value $0.01 per share, authorized 325,000,000 shares; issued 125,748,071 and 125,381,591 shares at June 30, 2018 and December 31, 2017, respectively
 
1,257

 
1,254

Preferred stock, par value $0.01 per share, authorized 75,000,000 shares; No shares issued
 

 

Capital in excess of par value
 
108,919

 
98,843

Retained earnings
 
1,097,665

 
990,652

Treasury stock at cost, 26,057,475 and 25,964,088 shares at June 30, 2018 and December 31, 2017, respectively
 
(820,826
)
 
(814,809
)
Accumulated other comprehensive income
 
1,248

 
9,454

Stockholders' Equity – BWX Technologies, Inc.
 
388,263

 
285,394

Noncontrolling interest
 
54

 
363

Total Stockholders' Equity
 
388,317

 
285,757

TOTAL
 
$
1,742,465

 
$
1,712,339





BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2018
 
2017
 
2018
 
2017
 
 
(Unaudited)
(In thousands, except share
and per share amounts)
Revenues
 
$
438,921

 
$
410,011

 
$
896,384

 
$
838,240

Costs and Expenses:
 
 
 
 
 
 
 
 
Cost of operations
 
318,209

 
278,356

 
645,573

 
581,572

Research and development costs
 
4,107

 
1,152

 
7,714

 
2,671

Gains on asset disposals and impairments, net
 
(237
)
 
(31
)
 
(245
)
 
(31
)
Selling, general and administrative expenses
 
51,518

 
48,433

 
105,280

 
99,530

Total Costs and Expenses
 
373,597

 
327,910

 
758,322

 
683,742

Equity in Income of Investees
 
6,225

 
3,327

 
13,375

 
7,202

Operating Income
 
71,549

 
85,428

 
151,437

 
161,700

Other Income (Expense):
 
 
 
 
 
 
 
 
Interest income
 
441

 
211

 
1,219

 
348

Interest expense
 
(7,869
)
 
(3,906
)
 
(11,429
)
 
(7,423
)
Other – net
 
15,106

 
6,749

 
23,016

 
14,235

Total Other Income (Expense)
 
7,678

 
3,054

 
12,806

 
7,160

Income before Provision for Income Taxes
 
79,227

 
88,482

 
164,243

 
168,860

Provision for Income Taxes
 
18,493

 
27,062

 
37,096

 
51,654

Net Income
 
$
60,734

 
$
61,420

 
$
127,147

 
$
117,206

Net Income Attributable to Noncontrolling Interest
 
(71
)
 
(157
)
 
(43
)
 
(224
)
Net Income Attributable to BWX Technologies, Inc.
 
$
60,663

 
$
61,263

 
$
127,104

 
$
116,982

Earnings per Common Share:
 
 
 
 
 
 
 
 
Basic:
 
 
 
 
 
 
 
 
Net Income Attributable to BWX Technologies, Inc.
 
$
0.61

 
$
0.62

 
$
1.28

 
$
1.18

Diluted:
 
 
 
 
 
 
 
 
Net Income Attributable to BWX Technologies, Inc.
 
$
0.60

 
$
0.61

 
$
1.26

 
$
1.16

Shares used in the computation of earnings per share:
 
 
 
 
 
 
 
 
Basic
 
99,681,580

 
99,166,205

 
99,603,884

 
99,305,558

Diluted
 
100,571,737

 
100,150,926

 
100,542,014

 
100,420,948





BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 
 
Six Months Ended June 30,
 
 
2018
 
2017
 
 
(Unaudited)
(In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
 
Net Income
 
$
127,147

 
$
117,206

Non-cash items included in net income from continuing operations:
 
 
 
 
Depreciation and amortization
 
28,420

 
28,199

Income of investees, net of dividends
 
(3,384
)
 
987

Gains on asset disposals and impairments, net
 
(245
)
 
(31
)
Gain on forward contracts
 
(5,997
)
 

Recognition of debt issuance costs from Former Credit Facility
 
2,441

 

Recognition of losses for pension and postretirement plans
 
993

 
892

Stock-based compensation expense
 
5,755

 
7,098

Changes in assets and liabilities:
 
 
 
 
Accounts receivable
 
(10,858
)
 
(154
)
Accounts payable
 
(3,835
)
 
(26,905
)
Contracts in progress and advance billings on contracts
 
(53,902
)
 
(3,869
)
Income taxes
 
(12,302
)
 
18,477

Accrued and other current liabilities
 
973

 
(39,325
)
Pension liability, accrued postretirement benefit obligation and employee benefits
 
(57,439
)
 
(43,790
)
Other, net
 
(457
)
 
5,320

NET CASH PROVIDED BY OPERATING ACTIVITIES
 
17,310

 
64,105

CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
 
Purchases of property, plant and equipment
 
(33,960
)
 
(28,747
)
Purchases of securities
 
(1,822
)
 
(12,049
)
Sales and maturities of securities
 
2,955

 
19,986

Investments, net of return of capital, in equity method investees
 
(9,800
)
 
211

Proceeds from asset disposals
 
249

 
140

Other, net
 
997

 
(24
)
NET CASH USED IN INVESTING ACTIVITIES
 
(41,381
)
 
(20,483
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
 
Borrowings of long-term debt
 
700,000

 
73,600

Repayments of long-term debt
 
(509,968
)
 
(87,344
)
Payment of debt issuance costs
 
(8,197
)
 

Dividends paid to common shareholders
 
(32,063
)
 
(20,139
)
Exercise of stock options
 
3,018

 
14,608

Cash paid for shares withheld to satisfy employee taxes
 
(4,710
)
 
(7,045
)
Other
 
(352
)
 
(266
)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
 
147,728

 
(26,586
)
EFFECTS OF EXCHANGE RATE CHANGES ON CASH
 
(10,660
)
 
6,294

TOTAL INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS
 
112,997

 
23,330

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
 
213,144

 
134,600

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT END OF PERIOD
 
$
326,141

 
$
157,930

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
 
 
 
 
Cash paid during the period for:
 
 
 
 
Interest
 
$
7,625

 
$
7,049

Income taxes (net of refunds)
 
$
49,848

 
$
33,997

SCHEDULE OF NON-CASH INVESTING ACTIVITY:
 
 
 
 
Accrued capital expenditures included in accounts payable
 
$
8,775

 
$
3,886





BWX TECHNOLOGIES, INC.
BUSINESS SEGMENT INFORMATION
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2018
 
2017
 
2018
 
2017
 
 
(Unaudited)
(In thousands)
REVENUES:
 
 
 
 
 
 
 
 
Nuclear Operations Group
 
$
332,140

 
$
312,866

 
$
648,771

 
$
637,947

Nuclear Services Group
 
32,596

 
44,785

 
62,629

 
72,639

Nuclear Power Group
 
75,697

 
54,569

 
188,513

 
132,243

Adjustments and Eliminations
 
(1,512
)
 
(2,209
)
 
(3,529
)
 
(4,589
)
TOTAL
 
$
438,921

 
$
410,011

 
$
896,384

 
$
838,240

 
 
 
 
 
 
 
 
 
SEGMENT INCOME:
 
 
 
 
 
 
 
 
Nuclear Operations Group
 
$
67,046

 
$
69,295

 
$
134,703

 
$
137,044

Nuclear Services Group
 
3,511

 
15,399

 
4,688

 
15,801

Nuclear Power Group
 
7,810

 
5,712

 
29,574

 
18,668

Other
 
(4,357
)
 
(1,070
)
 
(8,400
)
 
(2,682
)
SUBTOTAL
 
74,010

 
89,336

 
160,565

 
168,831

Unallocated Corporate
 
(2,461
)
 
(3,908
)
 
(9,128
)
 
(7,131
)
TOTAL
 
$
71,549

 
$
85,428

 
$
151,437

 
$
161,700

 
 
 
 
 
 
 
 
 
DEPRECIATION AND AMORTIZATION:
 
 
 
 
 
 
 
 
Nuclear Operations Group
 
$
8,124

 
$
7,924

 
$
15,902

 
$
15,555

Nuclear Services Group
 
895

 
936

 
1,808

 
1,874

Nuclear Power Group
 
3,484

 
3,419

 
7,079

 
6,807

Other
 

 

 

 

Corporate
 
1,856

 
1,944

 
3,631

 
3,963

TOTAL
 
$
14,359

 
$
14,223

 
$
28,420

 
$
28,199

 
 
 
 
 
 
 
 
 
CAPITAL EXPENDITURES:
 
 
 
 
 
 
 
 
Nuclear Operations Group
 
$
14,615

 
$
12,488

 
$
28,424

 
$
24,239

Nuclear Services Group
 

 
104

 
235

 
311

Nuclear Power Group
 
763

 
1,148

 
1,722

 
2,188

Other
 
542

 

 
1,054

 

Corporate
 
406

 
1,294

 
2,525

 
2,009

TOTAL
 
$
16,326

 
$
15,034

 
$
33,960

 
$
28,747






BWX TECHNOLOGIES, INC.
BUSINESS SEGMENT INFORMATION
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2018
 
2017
 
2018
 
2017
 
 
(Unaudited)
(In thousands)
BACKLOG:
 
 
 
 
 
 
 
 
Nuclear Operations Group
 
$
2,686,050

 
$
3,262,169

 
$
2,686,050

 
$
3,262,169

Nuclear Services Group
 
43,518

 
20,980

 
43,518

 
20,980

Nuclear Power Group
 
883,049

 
480,534

 
883,049

 
480,534

TOTAL
 
$
3,612,617

 
$
3,763,683

 
$
3,612,617

 
$
3,763,683

 
 
 
 
 
 
 
 
 
BOOKINGS:
 
 
 
 
 
 
 
 
Nuclear Operations Group
 
$
14,860

 
$
169,734

 
$
74,936

 
$
414,499

Nuclear Services Group
 
47,572

 
28,241

 
75,323

 
65,291

Nuclear Power Group
 
408,377

 
56,654

 
445,285

 
139,352

TOTAL
 
$
470,809

 
$
254,629

 
$
595,544

 
$
619,142




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