Toggle SGML Header (+)


Section 1: 8-K (8-K)

Document
false0001486957 0001486957 2019-11-04 2019-11-04


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): November 4, 2019
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: (980365-4300
 ____________________________________________________________________________
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 (see General Instruction A.2. below):
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))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $0.01 par value
BWXT
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company 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 November 4, 2019, we issued a press release announcing our financial results for the third quarter ended September 30, 2019.  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
 
 
 
 
101.INS
 
XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
 
 
 
101.SCH
 
XBRL Taxonomy Extension Schema Document
 
 
 
101.CAL
 
XBRL Taxonomy Extension Calculation Linkbase Document
 
 
 
101.DEF
 
XBRL Taxonomy Extension Definition Linkbase Document
 
 
 
101.LAB
 
XBRL Taxonomy Extension Label Linkbase Document
 
 
 
101.PRE
 
XBRL Taxonomy Extension Presentation Linkbase Document
 
 
 
104
 
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

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




November 4, 2019


(Back To Top)

Section 2: EX-99.1 (EXHIBIT 99.1)

Exhibit
 
400811902_erheadera21.jpg


BWX Technologies Reports Record Third Quarter 2019 Results;
Increases Full-Year 2019 Non-GAAP EPS Guidance
3Q19 GAAP EPS of $0.78 vs. 3Q18 GAAP EPS of $0.78
3Q19 non-GAAP EPS increase of 98% to a record $0.79 vs. 3Q18 non-GAAP EPS of $0.40
3Q19 record revenue up 19% vs. 3Q18 with growth across all three segments
Increases full-year 2019 non-GAAP EPS guidance to ~$2.55
Reiterates 3-5 year, low-double-digit non-GAAP EPS CAGR from 2017 results
Lynchburg, VA - Nov. 4, 2019 - BWX Technologies, Inc. (NYSE: BWXT) ("BWXT", "we", "us" or the "Company") reported third quarter 2019 revenue of $506 million, a new quarterly record for the Company and an 18.9% increase compared with $426 million in the third quarter of 2018. GAAP net income for the third quarter 2019 was $74.8 million, or $0.78 per diluted share, compared with GAAP net income of $77.9 million, or $0.78 per diluted share, in the prior-year period. Non-GAAP net income for the third quarter 2019 was $75.3 million, or $0.79 per diluted share, compared with non-GAAP net income of $40.1 million, or $0.40 per diluted share, in the prior-year period. A reconciliation of non-GAAP results is detailed in Exhibit 1.
"Third quarter results were highlighted by sustained growth in the Nuclear Operations Group as we focused on executing against our backlog and continuing to prepare for future expansion," said Rex D. Geveden, president and chief executive officer. "All three segments delivered solid operating performance in the quarter resulting in record consolidated revenues and non-GAAP earnings per share.”
"In addition, the Nuclear Operations Group segment recognized several favorable contract adjustments in the third quarter, most of which were originally planned for the fourth quarter. The Company's revised non-GAAP EPS guidance is primarily supported by expected increases to non-operating income and a lower tax rate."
Segment Results
Nuclear Operations Group (NOG) segment produced another record with $394.5 million of revenue for the third quarter 2019, a 23.5% increase from the prior-year period, driven primarily by higher volume, favorable EAC changes, long-lead material purchases and the absence of missile tube charges. NOG operating income was robust at $93.7 million in the third quarter 2019, more than double the operating income from the prior-year period driven by higher volume, positive contract adjustments and the absence of missile tube charges. Third quarter 2019 segment operating margins were 23.7%, up 940 basis points compared with the prior-year period.
Nuclear Power Group (NPG) segment revenue was $84.4 million for the third quarter 2019, a 6.6% increase from the prior-year period, primarily due to increases in refurbishment component work and medical radioisotopes, partially offset by lower field service activity. NPG GAAP and non-GAAP operating income was $9.0 million and $9.3 million respectively in the third quarter 2019, down 1% and up 2% respectively compared with the prior-year period, driven primarily from higher volume of component work, partially offset



by lower field service activity. Third quarter segment GAAP and non-GAAP operating margins were 10.6% and 11.0% respectively, down 80 and 40 basis points compared with the prior-year period.
Nuclear Services Group (NSG) segment operating income was $5.5 million for the third quarter of 2019, compared with $6.5 million in the prior-year period. Improved operating performance was more than offset by higher bid and proposal activity and contract completions.
Liquidity and Debt
The Company generated net cash from operating activities of $43.9 million in the third quarter of 2019 compared with $25.8 million of net cash utilized in operating activities in the prior-year period. At the end of the third quarter 2019, the Company’s cash and short-term investments position, net of restricted cash, was $17.3 million.
As of September 30, 2019, the Company had gross debt of $872.5 million and $64.0 million in letters of credit issued under the Company's revolving credit facility. Gross debt included $400.0 million in senior notes, $272.5 million in term loans and $200.0 million in borrowings under the Company’s revolving credit facility. The Company had $236.0 million in remaining availability under its revolving credit facility.
Capital Deployment
The Company returned $16.2 million in dividends to shareholders during the third quarter 2019, bringing the total to $69.2 million of cash returned year-to-date including $20.0 million in share repurchases and $49.2 million in dividends. As of September 30, 2019, total remaining share repurchase authorization remained at $165.3 million.
On November 1, 2019, our Board of Directors declared a quarterly cash dividend of $0.17 per common share. The dividend will be payable on December 13, 2019, to shareholders of record on November 20, 2019.
2019 Guidance
BWXT updated the following guidance for 2019:
Increased non-GAAP EPS to ~$2.55 (excludes pension and post-retirement benefits mark-to-market)
Increased other income primarily related to pension and other post-employment benefits to ~$24 million
Decreased the non-GAAP effective tax rate to ~23%
Decreased capital expenditures to ~$210 million

BWXT reiterated the following guidance for 2019:
Consolidated revenue growth vs. 2018 of ~6%
NOG revenue growth vs. 2018 of ~6%
NPG revenue ~flat vs. 2018
Operating income and margin
NOG operating margin in the “high teens” with upside potential from CAS pension reimbursement
NPG operating margin of ~14%
NSG operating income of ~$20 million
Corporate unallocated expenses of less than $20 million
Other segment operating expense primarily for R&D of ~1% of revenue
Long-term Guidance



BWXT reiterated long-term guidance that, excluding the benefit of tax reform, the Company anticipates a non-GAAP EPS compound annual growth rate (CAGR) in the low-double digits over a three-to-five year period from 2017 based on a robust organic growth strategy and balance sheet capacity.
The Company does not provide GAAP guidance because it is unable to reliably forecast most of the items that are excluded from GAAP to calculate non-GAAP results. These items could cause GAAP results to differ materially from non-GAAP results. See reconciliation of non-GAAP results in Exhibit 1 for additional information.
Conference Call to Discuss Third Quarter 2019 Results
Date:            Tuesday, November 5, 2019, at 8:30 a.m. EST
Live Webcast:    Investor Relations section of website at www.bwxt.com
Full Earnings Release Available on BWXT Website
BWXT may use its website (www.bwxt.com) as a channel of distribution of material Company information. Financial and other important information regarding BWXT is routinely accessible through and posted on our website. In addition, you may elect to automatically receive e-mail alerts and other information about BWXT by enrolling through the “Email Alerts” section of our website at http://investors.bwxt.com.
Forward-Looking Statements
BWXT cautions that this release contains forward-looking statements, including, without limitation, statements relating to backlog and Columbia-class production, to the extent they may be viewed as an indicator of future revenues; our plans and expectations for the NOG, NPG and NSG segments and future growth; and our 2019 guidance and long-term guidance. 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, 2018 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 6,400 employees, BWXT has 11 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 NASA facilities. Follow us on Twitter at @BWXTech and learn more at www.bwxt.com.

Investor Contact:
 
Media Contact:
Mark Kratz
 
Jud Simmons
Director, Investor Relations
 
Director, Media and Public Relations
980-365-4300
 
434-522-6462







EXHIBIT 1

BWX TECHNOLOGIES, INC.
RECONCILIATION OF NON-GAAP OPERATING INCOME AND EARNINGS PER SHARE(1)(2)(3) 
Three Months Ended September 30, 2019
 
 
GAAP
 
Restructuring Costs
 
 
 
 
 
 
 
 
Non-GAAP
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating Income
$
98.5

 
$
0.6

 
 
 
 
 
 
 
 
$
99.0

Other Income (Expense)
(4.0
)
 

 
 
 
 
 
 
 
 
(4.0
)
Provision for Income Taxes
(19.5
)
 
(0.1
)
 
 
 
 
 
 
 
 
(19.6
)
Net Income
75.0

 
0.4

 
 
 
 
 
 
 
 
75.4

Net Income Attributable to Noncontrolling Interest
(0.2
)
 

 
 
 
 
 
 
 
 
(0.2
)
Net Income Attributable to BWXT
$
74.8

 
$
0.4

 
 
 
 
 
 
 
 
$
75.3

 
 
 
 
 
 
 
 
 
 
 
 
 

Diluted Shares Outstanding
95.8

 
 
 
 
 
 
 
 
 
 
95.8

Diluted Earnings per Common Share
$
0.78

 
$
0.00

 
 
 
 
 
 
 
 
$
0.79

 
 

 
 
 
 
 
 
 
 
 
 
 

Effective Tax Rate
20.6%

 
 
 
 
 
 
 
 
 
 
20.7%

 
 
 
 
 
 
 
 
 
 
 
 
 
 
NPG Operating Income
$
9.0

 
$
0.3

 
 
 
 
 
 
 
 
$
9.3

Three Months Ended September 30, 2018
 
 
GAAP
 
Pension & OPEB MTM (Gain) / Loss
 
Acquisition Related Costs
 
Loss on Forward Contracts
 
One-Time Tax Benefit
 
 
Non-GAAP
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating Income
$
50.4

 
$

 
$
0.9

 
$

 
$

 
 
$
51.3

Other Income (Expense)
34.2

 
(35.1
)
 

 
1.3

 

 
 
0.3

Provision for Income Taxes
(6.5
)
 
8.1

 
(0.2
)
 
(0.3
)
 
(12.5
)
 
 
(11.3
)
Net Income
78.1

 
(27.0
)
 
0.7

 
1.0

 
(12.5
)
 
 
40.3

Net Income Attributable to Noncontrolling Interest
(0.2
)
 

 

 

 

 
 
(0.2
)
Net Income Attributable to BWXT
$
77.9

 
$
(27.0
)
 
$
0.7

 
$
1.0

 
$
(12.5
)
 
 
$
40.1

 
 
 
 
 
 
 
 
 
 

 
 
 

Diluted Shares Outstanding
100.4

 
 
 
 
 
 
 
 
 
 
100.4

Diluted Earnings per Common Share
$
0.78

 
$
(0.27
)
 
$
0.01

 
$
0.01

 
$
(0.12
)
 
 
$
0.40

 
 

 
 
 
 
 
 
 
 
 
 
 

Effective Tax Rate
7.7%

 
 
 
 
 
 
 
 
 
 
22.0%

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




Nine Months Ended September 30, 2019
 
 
GAAP
 
 
 
 
 
Restructuring Costs
 
 
 
 
 
 
Non-GAAP
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating Income
$
242.6

 
 
 
 
 
$
0.9

 
 
 
 
 
 
$
243.6

Other Income (Expense)
(7.5
)
 
 
 
 
 

 
 
 
 
 
 
(7.5
)
Provision for Income Taxes
(52.0
)
 

 
 
 
(0.2
)
 
 
 
 
 
 
(52.2
)
Net Income
183.1

 
 
 
 
 
0.7

 
 
 
 
 
 
183.8

Net Income Attributable to Noncontrolling Interest
(0.4
)
 
 
 
 
 

 
 
 
 
 
 
(0.4
)
Net Income Attributable to BWXT
$
182.7

 
 
 
 
 
$
0.7

 
 
 
 
 
 
$
183.4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Diluted Shares Outstanding
95.8

 
 
 
 
 
 
 
 
 
 
 
 
95.8

Diluted Earnings per Common Share
$
1.91

 
 
 
 
 
$
0.01

 
 
 
 
 
 
$
1.91

 
 

 
 
 
 
 
 
 
 
 
 
 
 
 

Effective Tax Rate
22.1%

 
 
 
 
 
 
 
 
 
 
 
 
22.1%

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NPG Operating Income
$
36.4

 
 
 
 
 
$
0.3

 
 
 
 
 
 
$
36.7

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NSG Operating Income
$
8.6

 
 
 
 
 
$
0.3

 
 
 
 
 
 
$
8.9

Nine Months Ended September 30, 2018
 
 
GAAP
 
Pension & OPEB MTM (Gain) / Loss
 
Acquisition Related Costs
 
Recognition of Debt Issuance Costs from Former Credit Facility
 
Gain on Forward Contracts
 
One-Time Tax Benefit
 
 
Non-GAAP
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating Income
$
201.8

 
$

 
$
2.5

 
$

 
$

 
$

 
 
$
204.3

Other Income (Expense)
47.0

 
(35.1
)
 

 
2.4

 
(4.7
)
 

 
 
9.5

Provision for Income Taxes
(43.6
)
 
8.1

 
(0.6
)
 
(0.6
)
 
1.2

 
(12.5
)
 
 
(47.9
)
Net Income
205.2

 
(27.0
)
 
1.9

 
1.8

 
(3.5
)
 
(12.5
)
 
 
166.0

Net Income Attributable to Noncontrolling Interest
(0.2
)
 

 

 

 

 

 
 
(0.2
)
Net Income Attributable to BWXT
$
205.0

 
$
(27.0
)
 
$
1.9

 
$
1.8

 
$
(3.5
)
 
$
(12.5
)
 
 
$
165.8

 
 
 
 

 
 

 
 
 
 
 
 
 
 
 

Diluted Shares Outstanding
100.5

 
 
 
 
 
 
 
 
 
 
 
 
100.5

Diluted Earnings per Common Share
$
2.04

 
$
(0.27
)
 
$
0.02

 
$
0.02

 
$
(0.03
)
 
$
0.12

 
 
$
1.65

 
 

 
 

 
 

 
 
 
 
 
 
 
 
 

Effective Tax Rate
17.5%

 
 
 
 
 
 
 
 
 
 
 
 
22.4%


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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
 
 
September 30,
2019
 
December 31,
2018
 
 
(Unaudited)
(In thousands)
Current Assets:
 
 
 
 
Cash and cash equivalents
 
$
13,641

 
$
29,871

Restricted cash and cash equivalents
 
3,524

 
3,834

Investments
 
3,618

 
3,597

Accounts receivable – trade, net
 
71,484

 
71,574

Accounts receivable – other
 
18,872

 
13,374

Retainages
 
70,294

 
57,885

Contracts in progress
 
399,002

 
318,454

Other current assets
 
41,015

 
43,859

Total Current Assets
 
621,450

 
542,448

Property, Plant and Equipment
 
1,233,151

 
1,132,392

Less accumulated depreciation
 
719,151

 
693,153

Net Property, Plant and Equipment
 
514,000

 
439,239

Investments
 
9,333

 
7,382

Goodwill
 
277,078

 
274,082

Deferred Income Taxes
 
60,901

 
63,908

Investments in Unconsolidated Affiliates
 
70,963

 
63,746

Intangible Assets
 
191,318

 
228,676

Other Assets
 
81,377

 
35,615

TOTAL
 
$
1,826,420

 
$
1,655,096






BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
September 30,
2019
 
December 31,
2018
 
 
(Unaudited)
(In thousands, except share
and per share amounts)
Current Liabilities:
 
 
 
 
Current maturities of long-term debt
 
$
14,535

 
$
14,227

Accounts payable
 
122,277

 
114,751

Accrued employee benefits
 
70,450

 
77,386

Accrued liabilities – other
 
48,892

 
62,163

Advance billings on contracts
 
66,526

 
98,477

Accrued warranty expense
 
11,060

 
10,344

Total Current Liabilities
 
333,740

 
377,348

Long-Term Debt
 
849,589

 
753,617

Accumulated Postretirement Benefit Obligation
 
19,082

 
19,236

Environmental Liabilities
 
90,421

 
86,372

Pension Liability
 
162,403

 
173,469

Other Liabilities
 
16,652

 
9,353

Commitments and Contingencies
 
 
 
 
Stockholders' Equity:
 
 
 
 
Common stock, par value $0.01 per share, authorized 325,000,000 shares; issued 126,508,355 and 125,871,866 shares at September 30, 2019 and December 31, 2018, respectively
 
1,265

 
1,259

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

 

Capital in excess of par value
 
128,876

 
115,725

Retained earnings
 
1,299,279

 
1,166,762

Treasury stock at cost, 31,258,239 and 30,625,074 shares at September 30, 2019 and December 31, 2018, respectively
 
(1,067,622
)
 
(1,037,795
)
Accumulated other comprehensive income
 
(7,322
)
 
(10,289
)
Stockholders' Equity – BWX Technologies, Inc.
 
354,476

 
235,662

Noncontrolling interest
 
57

 
39

Total Stockholders' Equity
 
354,533

 
235,701

TOTAL
 
$
1,826,420

 
$
1,655,096





BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2019
 
2018
 
2019
 
2018
 
 
(Unaudited)
(In thousands, except share and per share amounts)
Revenues
 
$
506,000

 
$
425,507

 
$
1,393,685

 
$
1,321,891

Costs and Expenses:
 
 
 
 
 
 
 
 
Cost of operations
 
357,732

 
326,314

 
999,390

 
971,887

Research and development costs
 
5,125

 
3,959

 
15,631

 
11,673

Losses (gains) on asset disposals and impairments, net
 
(6
)
 
243

 
145

 
(2
)
Selling, general and administrative expenses
 
52,561

 
53,919

 
158,296

 
159,199

Total Costs and Expenses
 
415,412

 
384,435

 
1,173,462

 
1,142,757

Equity in Income of Investees
 
7,874

 
9,323

 
22,418

 
22,698

Operating Income
 
98,462

 
50,395

 
242,641

 
201,832

Other Income (Expense):
 
 
 
 
 
 
 
 
Interest income
 
232

 
1,121

 
784

 
2,340

Interest expense
 
(8,858
)
 
(7,925
)
 
(27,103
)
 
(19,354
)
Other – net
 
4,670

 
40,968

 
18,795

 
63,984

Total Other Income (Expense)
 
(3,956
)
 
34,164

 
(7,524
)
 
46,970

Income before Provision for Income Taxes
 
94,506

 
84,559

 
235,117

 
248,802

Provision for Income Taxes
 
19,508

 
6,482

 
52,009

 
43,578

Net Income
 
$
74,998

 
$
78,077

 
$
183,108

 
$
205,224

Net Income Attributable to Noncontrolling Interest
 
(188
)
 
(158
)
 
(442
)
 
(201
)
Net Income Attributable to BWX Technologies, Inc.
 
$
74,810

 
$
77,919

 
$
182,666

 
$
205,023

Earnings per Common Share:
 
 
 
 
 
 
 
 
Basic:
 
 
 
 
 
 
 
 
Net Income Attributable to BWX Technologies, Inc.
 
$
0.78

 
$
0.78

 
$
1.92

 
$
2.06

Diluted:
 
 
 
 
 
 
 
 
Net Income Attributable to BWX Technologies, Inc.
 
$
0.78

 
$
0.78

 
$
1.91

 
$
2.04

Shares used in the computation of earnings per share:
 
 
 
 
 
 
 
 
Basic
 
95,420,626

 
99,421,031

 
95,344,349

 
99,542,933

Diluted
 
95,811,198

 
100,420,766

 
95,769,919

 
100,501,597





BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 
 
Nine Months Ended September 30,
 
 
2019
 
2018
 
 
(Unaudited) (In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
 
Net Income
 
$
183,108

 
$
205,224

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
Depreciation and amortization
 
46,028

 
43,692

Income of investees, net of dividends
 
(8,642
)
 
(8,471
)
Gain on forward contracts
 

 
(4,743
)
Recognition of debt issuance costs from Former Credit Facility
 

 
2,441

Provision for deferred taxes
 

 
38,685

Recognition of losses (gains) for pension and postretirement plans
 
1,944

 
(33,699
)
Stock-based compensation expense
 
9,139

 
8,519

Changes in assets and liabilities:
 
 
 
 
Accounts receivable
 
3,075

 
23,096

Accounts payable
 
18,124

 
2,061

Retainages
 
(12,341
)
 
(19,712
)
Contracts in progress and advance billings on contracts
 
(111,660
)
 
(35,049
)
Income taxes
 
(5,130
)
 
(46,511
)
Accrued and other current liabilities
 
(15,046
)
 
3,344

Pension liabilities, accrued postretirement benefit obligations and employee benefits
 
(21,608
)
 
(184,898
)
Other, net
 
4,010

 
(2,420
)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
 
91,001

 
(8,441
)
CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
 
Purchases of property, plant and equipment
 
(122,629
)
 
(60,488
)
Acquisition of business
 

 
(212,993
)
Purchases of securities
 
(2,686
)
 
(3,111
)
Sales and maturities of securities
 
2,706

 
3,378

Investments, net of return of capital, in equity method investees
 

 
(9,037
)
Other, net
 
208

 
5,242

NET CASH USED IN INVESTING ACTIVITIES
 
(122,401
)
 
(277,009
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
 
Borrowings of long-term debt
 
587,500

 
901,300

Repayments of long-term debt
 
(498,363
)
 
(624,987
)
Payment of debt issuance costs
 

 
(9,443
)
Repurchases of common shares
 
(20,000
)
 
(62,558
)
Dividends paid to common shareholders
 
(49,167
)
 
(48,014
)
Exercises of stock options
 
3,133

 
3,511

Cash paid for shares withheld to satisfy employee taxes
 
(8,942
)
 
(5,402
)
Other, net
 
847

 
(515
)
NET CASH PROVIDED BY FINANCING ACTIVITIES
 
15,008

 
153,892

EFFECTS OF EXCHANGE RATE CHANGES ON CASH
 
(7
)
 
(8,464
)
TOTAL DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS
 
(16,399
)
 
(140,022
)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
 
36,408

 
213,144

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT END OF PERIOD
 
$
20,009

 
$
73,122

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
 
 
 
 
Cash paid during the period for:
 
 
 
 
Interest
 
$
35,342

 
$
13,325

Income taxes (net of refunds)
 
$
57,179

 
$
51,779

SCHEDULE OF NON-CASH INVESTING ACTIVITY:
 
 
 
 
Accrued capital expenditures included in accounts payable
 
$
18,199

 
$
13,457





BWX TECHNOLOGIES, INC.
BUSINESS SEGMENT INFORMATION
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2019
 
2018
 
2019
 
2018
 
 
(Unaudited)
(In thousands)
REVENUES:
 
 
 
 
 
 
 
 
Nuclear Operations Group
 
$
394,484

 
$
319,325

 
$
1,057,637

 
$
968,096

Nuclear Power Group
 
84,376

 
79,162

 
255,414

 
267,675

Nuclear Services Group
 
33,237

 
28,366

 
92,160

 
90,995

Adjustments and Eliminations
 
(6,097
)
 
(1,346
)
 
(11,526
)
 
(4,875
)
TOTAL
 
$
506,000

 
$
425,507

 
$
1,393,685

 
$
1,321,891

 
 
 
 
 
 
 
 
 
SEGMENT INCOME:
 
 
 
 
 
 
 
 
Nuclear Operations Group
 
$
93,667

 
$
45,580

 
$
226,518

 
$
180,283

Nuclear Power Group
 
8,967

 
9,063

 
36,433

 
38,637

Nuclear Services Group
 
5,516

 
6,494

 
8,577

 
11,182

Other
 
(6,948
)
 
(5,142
)
 
(19,788
)
 
(13,542
)
SUBTOTAL
 
101,202

 
55,995

 
251,740

 
216,560

Unallocated Corporate
 
(2,740
)
 
(5,600
)
 
(9,099
)
 
(14,728
)
TOTAL
 
$
98,462

 
$
50,395

 
$
242,641

 
$
201,832

 
 
 
 
 
 
 
 
 
DEPRECIATION AND AMORTIZATION:
 
 
 
 
 
 
 
 
Nuclear Operations Group
 
$
8,350

 
$
8,102

 
$
24,551

 
$
24,004

Nuclear Power Group
 
3,947

 
4,615

 
13,012

 
11,694

Nuclear Services Group
 
781

 
792

 
2,329

 
2,600

Other
 
246

 

 
545

 

Corporate
 
1,871

 
1,763

 
5,591

 
5,394

TOTAL
 
$
15,195

 
$
15,272

 
$
46,028

 
$
43,692

 
 
 
 
 
 
 
 
 
CAPITAL EXPENDITURES:
 
 
 
 
 
 
 
 
Nuclear Operations Group
 
$
33,909

 
$
22,047

 
$
89,120

 
$
50,471

Nuclear Power Group
 
11,611

 
595

 
24,991

 
2,317

Nuclear Services Group
 
582

 
71

 
967

 
306

Other
 
258

 
286

 
2,510

 
1,340

Corporate
 
568

 
3,529

 
5,041

 
6,054

TOTAL
 
$
46,928

 
$
26,528

 
$
122,629

 
$
60,488






BWX TECHNOLOGIES, INC.
BUSINESS SEGMENT INFORMATION
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2019
 
2018
 
2019
 
2018
 
 
(Unaudited)
(In thousands)
BACKLOG:
 
 
 
 
 
 
 
 
Nuclear Operations Group
 
$
3,444,580

 
$
2,939,464

 
$
3,444,580

 
$
2,939,464

Nuclear Power Group
 
729,445

 
868,258

 
729,445

 
868,258

Nuclear Services Group
 
46,161

 
26,211

 
46,161

 
26,211

TOTAL
 
$
4,220,186

 
$
3,833,933

 
$
4,220,186

 
$
3,833,933

 
 
 
 
 
 
 
 
 
BOOKINGS:
 
 
 
 
 
 
 
 
Nuclear Operations Group
 
$
131,518

 
$
571,762

 
$
1,862,229

 
$
646,698

Nuclear Power Group
 
63,329

 
56,800

 
181,078

 
502,085

Nuclear Services Group
 
26,375

 
10,786

 
91,963

 
86,109

TOTAL
 
$
221,222

 
$
639,348

 
$
2,135,270

 
$
1,234,892




(Back To Top)