BWX Technologies Announces Second Quarter 2017 Results
BWX Technologies, Inc. (NYSE: BWXT) ("BWXT" or the "Company") today reported second quarter 2017 revenues of $410 million, 1.9% growth compared to $402 million in the second quarter of 2016. GAAP Diluted Earnings per share (EPS) for the second quarter were $0.61 compared to GAAP EPS of $0.56 in 2016. GAAP EPS include a $0.05 per share benefit from a settlement of a contract dispute, which is further detailed in the non-GAAP reconciliation tables in Exhibit 1. Adjusted (non-GAAP) EPS increased 24% to $0.56 from $0.45 in the second quarter of 2016.
"BWXT completed a strong second quarter and first half of the year with positive contributions in each business segment," said Mr. John A. Fees, Executive Chairman. "Our Nuclear Operations business continues to produce excellent results, generating second quarter operating income of $75 million on impressive margins. The Nuclear Power business achieved a 12% operating margin as performance in our Canadian operations continued at a high level. Our Nuclear Services segment also saw increases in income and was awarded a new environmental cleanup contract valued at approximately $1.5 billion over the next 10 years. Our focused business approach and cost management is reflected across our P&L statements. We are excited about our markets and the potential for growth."
Second Quarter 2017 Results of Operations
The
Company's consolidated GAAP operating income for the second quarter of
2017 increased to $92.3 million compared to GAAP operating income of
$88.5 million in the second quarter of 2016. Adjusted (non-GAAP)
operating income for the second quarter of 2017 was $84.4 million, an
increase of more than 16% compared to adjusted (non-GAAP) operating
income of $72.4 million in the second quarter of 2016.
Nuclear Operations Group (NOG) segment revenues remained strong at $312.9 million for the second quarter of 2017. NOG's revenue for the first half of 2017 was up nearly 3% compared to the first six months of 2016. NOG operating income was $74.8 million in the second quarter of 2017, 16.1% higher than the $64.4 million in the prior year period.
Revenues from the Nuclear Power Group (NPG) segment increased 13.8% to $54.6 million in the second quarter of 2017 compared to $47.9 million in the prior year period due to our acquisition of BWXT Nuclear Energy Canada Inc. (BWXT NEC). NPG's operating income was $6.5 million in the second quarter of 2017, producing a 12% operating margin in the quarter and a year-to-date margin of 15%.
The Nuclear Services Group (NSG) segment revenues were $44.8 million in the second quarter of 2017 compared to $32.2 million in the same quarter of 2016 due to the settlement of a contract dispute and increased activity levels both for U.S. commercial nuclear plant maintenance outages and our Naval Reactors decommissioning and decontamination project. NSG's operating income increased to $15.7 million in the second quarter of 2017 from $4.4 million in the prior year period due to the revenue increases noted above as well as lower business development expenses associated with the timing of proposal activities.
"BWXT's consolidated backlog increased compared to the second quarter of 2016 as we continue to lay the groundwork for future growth," said Mr. Rex D. Geveden, President and Chief Executive Officer. "We remain a vital supplier to the U.S. Navy as it considers expanding its submarine and aircraft carrier fleet. Our Nuclear Power segment is positioned for long-term growth in components, fuel, waste containers, outage work and refurbishment activities in Canada. We continue to believe we will be able to gain market share in the Nuclear Services segment over the next few years as evidenced by our latest U.S. Department of Energy contract award. In addition to investing to support these strong organic growth opportunities, we remain committed to our balanced capital allocation approach and continue to evaluate opportunities for acquired growth and strategic investments."
Liquidity and Debt
The Company generated cash from
operating activities of $118.8 million in the second quarter of 2017
compared with net cash generated from operating activities of $85.8
million in the second quarter of 2016. At the end of the second quarter,
the Company's cash and short-term investments position, net of
restricted cash, was $152.4 million.
As of June 30, 2017, outstanding balances under our credit facility included $522.0 million in term loans, $0 in borrowings under the revolving line of credit, and letters of credit issued under the facility totaling $131.3 million. As a result, the Company has $268.7 million of remaining availability under our credit facility, excluding an additional $250 million accordion provision. We have $193 million of share repurchase authorization remaining as of June 30, 2017.
Quarterly Dividend
On August 4, 2017, our Board of
Directors declared a quarterly cash dividend of $0.11 per common share.
The dividend will be payable on September 8, 2017, to shareholders of
record on August 21, 2017.
Outlook
The Company increased its guidance for the
full year 2017 and now expects adjusted earnings to be between $1.97 and
$2.07 per share (previously $1.85 to $1.95). Adjusted earnings per share
exclude any mark-to-market adjustments for pension and post-retirement
benefits recognized during 2017 and other items listed in the non-GAAP
reconciliation tables in Exhibit 1. Other changes to guidance for the
full year 2017 include:
- NPG segment revenue will increase to between $265 million and $275 million
- NPG operating margins will approach 12%, inclusive of the amortization of intangibles
- R&D expenses, captured mostly in our "Other" segment, will rise to approximately $10 million to support increased R&D efforts
- Effective tax rate will decrease to between 31% and 33%
All other guidance remains unchanged. Beyond 2017, we continue to anticipate an adjusted earnings per share CAGR in the low double digits over the next three to five years based upon our robust organic growth strategy and remaining balance sheet capacity.
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Conference Call to Discuss Second Quarter 2017 Results |
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Date: |
Tuesday, August 8, 2017, at 9:00 a.m. EDT |
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Live Webcast: |
Investor Relations section of website at www.bwxt.com |
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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, our ability to increase
profitability in the Nuclear Services segment, management's plans and
expectations for our business segments, including potential growth
opportunities, as well as our outlook and guidance for (i) adjusted
earnings per share, NPG segment revenue and operating margin, R&D
expenses for 2017 and (ii) adjusted earnings per share beyond 2017.
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,
2016 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 over 6,000 employees, BWXT has nine 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.
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EXHIBIT 1 |
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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, 2017 | |||||||||||||||||||||||||||
| GAAP |
Performance |
mPower |
Litigation |
Impairment |
Non-GAAP | ||||||||||||||||||||||
| Operating Income | $ | 92.3 | $ | — | $ | — | $ | (7.9 | ) | $ | — | $ | 84.4 | ||||||||||||||
| Other Income (Expense) | (3.9 | ) | — | — | — | — | (3.9 | ) | |||||||||||||||||||
| 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 | % | |||||||||||||||||||||||
| Three Months Ended June 30, 2016 | ||||||||||||||||||||||||||||
| GAAP |
Performance |
mPower |
Litigation |
Impairment |
Non-GAAP | |||||||||||||||||||||||
| Operating Income | $ | 88.5 | $ | — | $ | — | $ | (16.1 | ) | $ | — | $ | 72.4 | |||||||||||||||
| Other Income (Expense) | (0.5 | ) | — | — | — | (0.8 | ) | (1.2 | ) | |||||||||||||||||||
| Provision for Income Taxes | (29.5 | ) | — | — | 5.5 | 0.3 | (23.7 | ) | ||||||||||||||||||||
| Net Income | 58.5 | — | — | (10.6 | ) | (0.4 | ) | 47.5 | ||||||||||||||||||||
| Net Income Attributable to Noncontrolling Interest | (0.1 | ) | — | — | — | — | (0.1 | ) | ||||||||||||||||||||
| Net Income Attributable to BWXT | $ | 58.4 | $ | — | $ | — | $ | (10.6 | ) | $ | (0.4 | ) | $ | 47.4 | ||||||||||||||
| Diluted Shares Outstanding | 105.0 | 105.0 | ||||||||||||||||||||||||||
| Diluted Earnings per Common Share | $ | 0.56 | $ | — | $ | — | $ | (0.10 | ) | $ | 0.00 | $ | 0.45 | |||||||||||||||
| Effective Tax Rate | 33.5 | % | 33.3 | % | ||||||||||||||||||||||||
| (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. | |
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EXHIBIT 1 (continued) |
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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, 2017 | ||||||||||||||||||||||||||||||
| GAAP |
Performance |
mPower |
Framework |
Impairment |
Non-GAAP | |||||||||||||||||||||||||
| Operating Income | $ | 175.6 | $ | — | $ | — | $ | (7.9 | ) | $ | — | $ | 167.6 | |||||||||||||||||
| Other Income (Expense) | (6.7 | ) | — | — | — | (0.4 | ) | (7.1 | ) | |||||||||||||||||||||
| 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 | % | ||||||||||||||||||||||||||
| Six Months Ended June 30, 2016 | ||||||||||||||||||||||||||||||
| GAAP |
Performance |
mPower |
Framework |
Impairment |
Non-GAAP | |||||||||||||||||||||||||
| Operating Income | $ | 131.1 | $ | — | $ | — | $ | 13.9 | $ | — | $ | 145.0 | ||||||||||||||||||
| Other Income (Expense) | 22.0 | (9.3 | ) | (13.6 | ) | — | (1.2 | ) | (2.1 | ) | ||||||||||||||||||||
| Provision for Income Taxes | (44.9 | ) | 3.4 | — | (5.6 | ) | (0.5 | ) | (47.5 | ) | ||||||||||||||||||||
| Net Income | 108.2 | (5.9 | ) | (13.6 | ) | 8.3 | (1.7 | ) | 95.4 | |||||||||||||||||||||
| Net Income Attributable to Noncontrolling Interest | (0.2 | ) | — | — | — | — | (0.2 | ) | ||||||||||||||||||||||
| Net Income Attributable to BWXT | $ | 108.0 | $ | (5.9 | ) | $ | (13.6 | ) | $ | 8.3 | $ | (1.7 | ) | $ | 95.2 | |||||||||||||||
| Diluted Shares Outstanding | 105.4 | 105.4 | ||||||||||||||||||||||||||||
| Diluted Earnings per Common Share | $ | 1.02 | $ | (0.06 | ) | $ | (0.13 | ) | $ | 0.08 | $ | (0.02 | ) | $ | 0.90 | |||||||||||||||
| Effective Tax Rate | 29.3 | % | 33.3 | % | ||||||||||||||||||||||||||
| (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. | |
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BWX TECHNOLOGIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS ASSETS |
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June 30, |
December 31, |
|||||||
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(Unaudited) |
||||||||
| Current Assets: | ||||||||
| Cash and cash equivalents | $ | 147,930 | $ | 125,641 | ||||
| Restricted cash and cash equivalents | 7,089 | 6,130 | ||||||
| Investments | 4,446 | 14,517 | ||||||
| Accounts receivable – trade, net | 145,980 | 135,950 | ||||||
| Accounts receivable – other | 10,510 | 25,221 | ||||||
| Contracts in progress | 400,455 | 356,793 | ||||||
| Other current assets | 29,134 | 29,319 | ||||||
| Total Current Assets | 745,544 | 693,571 | ||||||
| Property, Plant and Equipment | 945,963 | 922,641 | ||||||
| Less accumulated depreciation | 647,749 | 622,955 | ||||||
| Net Property, Plant and Equipment | 298,214 | 299,686 | ||||||
| Investments | 9,133 | 9,013 | ||||||
| Goodwill | 214,933 | 210,788 | ||||||
| Deferred Income Taxes | 182,836 | 194,464 | ||||||
| Investments in Unconsolidated Affiliates | 41,225 | 42,854 | ||||||
| Intangible Assets | 113,001 | 114,748 | ||||||
| Other Assets | 19,852 | 14,691 | ||||||
| TOTAL | $ | 1,624,738 | $ | 1,579,815 | ||||
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BWX TECHNOLOGIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS LIABILITIES AND STOCKHOLDERS' EQUITY |
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June 30, |
December 31, |
|||||||||
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(Unaudited) |
||||||||||
| Current Liabilities: | ||||||||||
| Current maturities of long-term debt | $ | 27,609 | $ | 27,370 | ||||||
| Accounts payable | 68,537 | 99,983 | ||||||||
| Accrued employee benefits | 60,372 | 81,793 | ||||||||
| Accrued liabilities – other | 38,274 | 72,105 | ||||||||
| Advance billings on contracts | 185,765 | 147,148 | ||||||||
| Accrued warranty expense | 12,217 | 11,477 | ||||||||
| Total Current Liabilities | 392,774 | 439,876 | ||||||||
| Long-Term Debt | 489,322 | 497,724 | ||||||||
| Accumulated Postretirement Benefit Obligation | 18,994 | 19,059 | ||||||||
| Environmental Liabilities | 84,775 | 81,711 | ||||||||
| Pension Liability | 340,772 | 357,049 | ||||||||
| Other Liabilities | 33,800 | 33,986 | ||||||||
| Commitments and Contingencies | ||||||||||
| Stockholders' Equity: | ||||||||||
| Common stock, par value $0.01 per share, authorized 325,000,000 shares; issued 125,220,307 and 124,149,609 shares at June 30, 2017 and December 31, 2016, respectively | 1,252 | 1,241 | ||||||||
| Preferred stock, par value $0.01 per share, authorized 75,000,000 shares; No shares issued | — | — | ||||||||
| Capital in excess of par value | 87,657 | 22,018 | ||||||||
| Retained earnings | 982,024 | 885,117 | ||||||||
| Treasury stock at cost, 25,937,314 and 24,858,809 shares at June 30, 2017 and December 31, 2016, respectively | (813,250 | ) | (762,169 | ) | ||||||
| Accumulated other comprehensive income | 6,268 | 3,811 | ||||||||
| Stockholders' Equity – BWX Technologies, Inc. | 263,951 | 150,018 | ||||||||
| Noncontrolling interest | 350 | 392 | ||||||||
| Total Stockholders' Equity | 264,301 | 150,410 | ||||||||
| TOTAL | $ | 1,624,738 | $ | 1,579,815 | ||||||
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BWX TECHNOLOGIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
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| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||
| 2017 | 2016 | 2017 | 2016 | |||||||||||||||||
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(Unaudited) |
||||||||||||||||||||
| Revenues | $ | 410,011 | $ | 402,382 | $ | 838,240 | $ | 767,208 | ||||||||||||
| Costs and Expenses: | ||||||||||||||||||||
| Cost of operations | 271,382 | 265,076 | 567,612 | 513,886 | ||||||||||||||||
| Research and development costs | 1,152 | 1,566 | 2,671 | 3,297 | ||||||||||||||||
| Gains on asset disposals and impairments, net | (31 | ) | (50 | ) | (31 | ) | (50 | ) | ||||||||||||
| Selling, general and administrative expenses | 48,488 | 52,040 | 99,638 | 97,249 | ||||||||||||||||
| mPower framework agreement | — | — | — | 30,000 | ||||||||||||||||
| Total Costs and Expenses | 320,991 | 318,632 | 669,890 | 644,382 | ||||||||||||||||
| Equity in Income of Investees | 3,327 | 4,708 | 7,202 | 8,241 | ||||||||||||||||
| Operating Income | 92,347 | 88,458 | 175,552 | 131,067 | ||||||||||||||||
| Other Income (Expense): | ||||||||||||||||||||
| Interest income | 211 | 267 | 348 | 405 | ||||||||||||||||
| Interest expense | (3,906 | ) | (1,583 | ) | (7,423 | ) | (3,277 | ) | ||||||||||||
| Other – net | (170 | ) | 820 | 383 | 24,891 | |||||||||||||||
| Total Other Income (Expense) | (3,865 | ) | (496 | ) | (6,692 | ) | 22,019 | |||||||||||||
| Income before Provision for Income Taxes | 88,482 | 87,962 | 168,860 | 153,086 | ||||||||||||||||
| Provision for Income Taxes | 27,062 | 29,465 | 51,654 | 44,855 | ||||||||||||||||
| Net Income | $ | 61,420 | $ | 58,497 | $ | 117,206 | $ | 108,231 | ||||||||||||
| Net Income Attributable to Noncontrolling Interest | (157 | ) | (125 | ) | (224 | ) | (228 | ) | ||||||||||||
| Net Income Attributable to BWX Technologies, Inc. | $ | 61,263 | $ | 58,372 | $ | 116,982 | $ | 108,003 | ||||||||||||
| Earnings per Common Share: | ||||||||||||||||||||
| Basic: | ||||||||||||||||||||
| Net Income Attributable to BWX Technologies, Inc. | $ | 0.62 | $ | 0.56 | $ | 1.18 | $ | 1.04 | ||||||||||||
| Diluted: | ||||||||||||||||||||
| Net Income Attributable to BWX Technologies, Inc. | $ | 0.61 | $ | 0.56 | $ | 1.16 | $ | 1.02 | ||||||||||||
| Shares used in the computation of earnings per share: | ||||||||||||||||||||
| Basic | 99,166,205 | 103,527,603 | 99,305,558 | 103,945,872 | ||||||||||||||||
| Diluted | 100,150,926 | 104,971,216 | 100,420,948 | 105,419,583 | ||||||||||||||||
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BWX TECHNOLOGIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
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| Six Months Ended June 30, | ||||||||||
| 2017 | 2016 | |||||||||
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(Unaudited) |
||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||
| Net Income | $ | 117,206 | $ | 108,231 | ||||||
| Non-cash items included in net income from continuing operations: | ||||||||||
| Depreciation and amortization | 28,199 | 24,669 | ||||||||
| Income of investees, net of dividends | 987 | (3,413 | ) | |||||||
| Gains on asset disposals and impairments, net | (31 | ) | (50 | ) | ||||||
| Gain on deconsolidation of Generation mPower LLC | — | (13,571 | ) | |||||||
| Recognition of losses for pension and postretirement plans | 892 | 813 | ||||||||
| Stock-based compensation expense | 7,098 | 6,030 | ||||||||
| Changes in assets and liabilities: | ||||||||||
| Accounts receivable | (154 | ) | 22,662 | |||||||
| Accounts payable | (26,905 | ) | 10,285 | |||||||
| Contracts in progress and advance billings on contracts | (3,869 | ) | (76,044 | ) | ||||||
| Income taxes | 18,477 | 13,182 | ||||||||
| Accrued and other current liabilities | (39,325 | ) | 17,101 | |||||||
| Pension liability, accrued postretirement benefit obligation and employee benefits | (43,790 | ) | (29,016 | ) | ||||||
| Other, net | 5,238 | (7,864 | ) | |||||||
| NET CASH PROVIDED BY OPERATING ACTIVITIES | 64,023 | 73,015 | ||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||
| Decrease (increase) in restricted cash and cash equivalents | (959 | ) | 10,202 | |||||||
| Purchases of property, plant and equipment | (28,747 | ) | (18,479 | ) | ||||||
| Purchases of securities | (12,049 | ) | (15,467 | ) | ||||||
| Sales and maturities of securities | 19,986 | 5,305 | ||||||||
| Investments, net of return of capital, in equity method investees | 211 | (10,493 | ) | |||||||
| Proceeds from asset disposals | 140 | 50 | ||||||||
| Other, net | (24 | ) | — | |||||||
| NET CASH USED IN INVESTING ACTIVITIES | (21,442 | ) | (28,882 | ) | ||||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||
| Borrowings under the Credit Agreement | 73,600 | — | ||||||||
| Repayments under Credit Agreement | (87,344 | ) | (7,500 | ) | ||||||
| Repurchase of common shares | — | (81,466 | ) | |||||||
| Dividends paid to common shareholders | (20,139 | ) | (19,024 | ) | ||||||
| Exercise of stock options | 14,608 | 14,957 | ||||||||
| Cash paid for shares withheld to satisfy employee taxes | (7,045 | ) | (8,638 | ) | ||||||
| Other | (266 | ) | (257 | ) | ||||||
| NET CASH USED IN FINANCING ACTIVITIES | (26,586 | ) | (101,928 | ) | ||||||
| EFFECTS OF EXCHANGE RATE CHANGES ON CASH | 6,294 | 868 | ||||||||
| TOTAL INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 22,289 | (56,927 | ) | |||||||
| CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 125,641 | 154,729 | ||||||||
| CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 147,930 | $ | 97,802 | ||||||
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||||||||||
| Cash paid during the period for: | ||||||||||
| Interest | $ | 7,049 | $ | 2,786 | ||||||
| Income taxes (net of refunds) | $ | 33,997 | $ | 32,939 | ||||||
| SCHEDULE OF NON-CASH INVESTING ACTIVITY: | ||||||||||
| Accrued capital expenditures included in accounts payable | $ | 3,886 | $ | 4,980 | ||||||
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BWX TECHNOLOGIES, INC. BUSINESS SEGMENT INFORMATION |
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| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||
| 2017 | 2016 | 2017 | 2016 | |||||||||||||||||
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(Unaudited) |
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REVENUES: |
||||||||||||||||||||
| Nuclear Operations Group | $ | 312,866 | $ | 325,660 | $ | 637,947 | $ | 620,915 | ||||||||||||
| Nuclear Services Group | 44,785 | 32,224 | 72,639 | 66,218 | ||||||||||||||||
| Nuclear Power Group | 54,569 | 47,946 | 132,243 | 84,145 | ||||||||||||||||
| Adjustments and Eliminations | (2,209 | ) | (3,448 | ) | (4,589 | ) | (4,070 | ) | ||||||||||||
| TOTAL | $ | 410,011 | $ | 402,382 | $ | 838,240 | $ | 767,208 | ||||||||||||
|
SEGMENT INCOME: |
||||||||||||||||||||
| Nuclear Operations Group | $ | 74,794 | $ | 64,407 | $ | 148,042 | $ | 129,349 | ||||||||||||
| Nuclear Services Group | 15,659 | 4,405 | 16,321 | 10,208 | ||||||||||||||||
| Nuclear Power Group | 6,541 | 26,674 | 20,339 | 33,628 | ||||||||||||||||
| Other | (1,070 | ) | (1,271 | ) | (2,682 | ) | (3,161 | ) | ||||||||||||
| SUBTOTAL | 95,924 | 94,215 | 182,020 | 170,024 | ||||||||||||||||
| Unallocated Corporate | (3,577 | ) | (5,757 | ) | (6,468 | ) | (8,957 | ) | ||||||||||||
| mPower Framework Agreement | — | — | — | (30,000 | ) | |||||||||||||||
| TOTAL | $ | 92,347 | $ | 88,458 | $ | 175,552 | $ | 131,067 | ||||||||||||
|
DEPRECIATION AND AMORTIZATION: |
||||||||||||||||||||
| Nuclear Operations Group | $ | 7,924 | $ | 9,122 | $ | 15,555 | $ | 17,458 | ||||||||||||
| Nuclear Services Group | 936 | 939 | 1,874 | 1,874 | ||||||||||||||||
| Nuclear Power Group | 3,419 | 704 | 6,807 | 1,352 | ||||||||||||||||
| Other | — | — | — | — | ||||||||||||||||
| Corporate | 1,944 | 1,999 | 3,963 | 3,985 | ||||||||||||||||
| TOTAL | $ | 14,223 | $ | 12,764 | $ | 28,199 | $ | 24,669 | ||||||||||||
|
CAPITAL EXPENDITURES: |
||||||||||||||||||||
| Nuclear Operations Group | $ | 12,488 | $ | 5,720 | $ | 24,239 | $ | 13,361 | ||||||||||||
| Nuclear Services Group | 104 | 19 | 311 | 25 | ||||||||||||||||
| Nuclear Power Group | 1,148 | 1,617 | 2,188 | 3,065 | ||||||||||||||||
| Other | — | — | — | — | ||||||||||||||||
| Corporate | 1,294 | 1,041 | 2,009 | 2,028 | ||||||||||||||||
| TOTAL | $ | 15,034 | $ | 8,397 | $ | 28,747 | $ | 18,479 | ||||||||||||
|
BWX TECHNOLOGIES, INC. BUSINESS SEGMENT INFORMATION |
||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2017 | 2016 | 2017 | 2016 | |||||||||||||
|
(Unaudited) |
||||||||||||||||
|
BACKLOG: |
||||||||||||||||
| Nuclear Operations Group | $ | 3,262,169 | $ | 3,247,817 | $ | 3,262,169 | $ | 3,247,817 | ||||||||
| Nuclear Services Group | 20,980 | 39,724 | 20,980 | 39,724 | ||||||||||||
| Nuclear Power Group | 480,534 | 385,186 | 480,534 | 385,186 | ||||||||||||
| TOTAL | $ | 3,763,683 | $ | 3,672,727 | $ | 3,763,683 | $ | 3,672,727 | ||||||||
|
BOOKINGS: |
||||||||||||||||
| Nuclear Operations Group | $ | 169,734 | $ | 1,475,546 | $ | 414,499 | $ | 1,556,494 | ||||||||
| Nuclear Services Group | 28,241 | 22,568 | 65,291 | 72,185 | ||||||||||||
| Nuclear Power Group | 56,654 | 114,137 | 139,352 | 160,968 | ||||||||||||
| TOTAL | $ | 254,629 | $ | 1,612,251 | $ | 619,142 | $ | 1,789,647 | ||||||||
View source version on businesswire.com: http://www.businesswire.com/news/home/20170807005911/en/
