BWX Technologies Announces Third Quarter 2017 Results
BWX Technologies, Inc. (NYSE: BWXT) ("BWXT" or the "Company") today reported third quarter 2017 revenues of $419 million, a 10.5% increase from $380 million in the third quarter of 2016. Earnings per share (EPS) for the third quarter were $0.46 compared to $0.39 in 2016, a 17.9% increase from the prior year period.
"BWXT has continued to build upon momentum from the first half of the year, with third quarter revenues and operating income both increasing by double digits over the prior period," said Executive Chairman, Mr. John A. Fees. "Our Nuclear Operations business grew its revenue while also increasing operating margins 242 basis points. The Nuclear Power business generated revenues of $68.6 million in the third quarter of 2017 - an almost 90% increase over the third quarter of 2016 - primarily driven by last year's successful acquisition of BWXT NEC. Our Nuclear Services segment was awarded more than $1.0 billion of contracts during the third quarter and is leading a joint venture that was awarded a contract from the U.S. Department of Energy in October which could be worth up to $4.7 billion over 10 years if all options are exercised and we withstand the protest. We remain diligent in executing on our operational initiatives and are excited about the growth prospects within our markets."
Third Quarter 2017 Results of Operations
The Company's consolidated operating income is up 18.1% versus the prior year quarter to $73.7 million and up 28.8% year-to-date from the prior period. The Company also expanded consolidated operating margin by 113 basis points to 17.6% from the third quarter in 2016.
Nuclear Operations Group (NOG) had a record third quarter. Segment revenues reached $324.5 million for the third quarter of 2017, a 2.4% increase from the prior year period. NOG's revenue, through the first three quarters of 2017, was up 2.6% compared to the first nine months of 2016. NOG operating income was $71.9 million in the third quarter of 2017, almost 15.0% higher than the $62.5 million in the prior year period.
The Nuclear Power Group (NPG) segment had record revenues in the third quarter. Revenues increased to $68.6 million in the third quarter of 2017 compared to $36.1 million in the prior year period, benefiting from our acquisition of BWXT Nuclear Energy Canada Inc. (BWXT NEC). NPG's operating income was $9.3 million in the third quarter of 2017 and produced a healthy 13.6% operating margin in the quarter and a year-to-date margin of 14.8%.
The Nuclear Services Group (NSG) segment delivered $27.5 million in revenues. Year-to-date, the segment's revenue has increased 5.4% to $100.1 million compared to the same period in 2016. Operating income increased to $1.0 million in the third quarter of 2017.
"Our growing backlog year-over-year is a leading indicator of future growth in our business," said Mr. Rex D. Geveden, President and Chief Executive Officer. "NPG grew backlog $156.3 million to $527.7 million - a 42.1% increase from the third quarter of 2016 - and consolidated backlog increased 4.4% to $3.5 billion compared to the third quarter of 2016. As we continue to focus on operational excellence, we anticipate continued strong cash flow from operations, maintaining our balanced capital allocation approach by providing capital for organic growth, returning capital through dividends and opportunistic share repurchases, and retaining capacity for attractive M&A opportunities."
Liquidity and Debt
The Company generated cash from operating activities of $80.7 million in the third quarter of 2017 compared to $19.5 million in the third quarter of 2016. At the end of the third quarter, the Company's cash and short-term investments position, net of restricted cash, was $206.4 million.
As of September 30, 2017, outstanding balances under our credit facility included $521.7 million in term loans, $0 in borrowings under the revolving line of credit, and letters of credit issued under the facility totaled $78.7 million. As a result, the Company has $321.3 million of remaining availability under its credit facility, excluding an additional $250 million accordion provision. We have $193 million of share repurchase authorization remaining as of September 30, 2017.
Quarterly Dividend
On November 3, 2017, our Board of Directors declared a quarterly cash dividend of $0.11 per common share. The dividend will be payable on December 13, 2017, to shareholders of record on November 20, 2017.
Outlook
The Company narrowed its guidance for the full year 2017 and now expects adjusted earnings to be between $2.01 and $2.07 per share (previously $1.97 to $2.07). 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. The Company also expects NPG segment revenue for 2017 to increase to between $275 million and $290 million.
All other guidance for 2017 remains unchanged. In the 3-5 year range after 2017 (i.e. 2020-2022), the Company anticipates an adjusted EPS CAGR in the low double digits based upon our robust organic growth strategy and remaining balance sheet capacity.
Conference Call to Discuss Third Quarter 2017 Results
Date:
Tuesday, November 7, 2017, at 9:00 a.m. EST
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, 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, capital expenditures and 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 6,100 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. |
|||||||||||||||||||||||||||
| Nine Months Ended September 30, 2017 | |||||||||||||||||||||||||||
| GAAP |
Performance
Guarantees Release |
mPower
Deconsolidation |
Framework Agreement & Litigation |
Impairment
(Gains) / Charges |
Non-GAAP | ||||||||||||||||||||||
| Operating Income | $ | 249.2 | $ | — | $ | — | $ | (7.9 | ) | $ | — | $ | 241.3 | ||||||||||||||
| Other Income (Expense) | (9.8 | ) | — | — | — | (0.4 | ) | (10.2 | ) | ||||||||||||||||||
| Provision for Income Taxes | (75.6 | ) | — | — | 2.8 | 0.0 | (72.7 | ) | |||||||||||||||||||
| Net Income | 163.9 | — | — | (5.1 | ) | (0.4 | ) | 158.4 | |||||||||||||||||||
| Net Income Attributable to Noncontrolling Interest | (0.4 | ) | — | — | — | — | (0.4 | ) | |||||||||||||||||||
| Net Income Attributable to BWXT | $ | 163.5 | $ | — | $ | — | $ | (5.1 | ) | $ | (0.4 | ) | $ | 158.1 | |||||||||||||
| Diluted Shares Outstanding | 100.4 | 100.4 | |||||||||||||||||||||||||
| Diluted Earnings per Common Share | $ | 1.63 | $ | — | $ | — | $ | (0.05 | ) | $ | 0.00 | $ | 1.57 | ||||||||||||||
| Effective Tax Rate | 31.6 | % | 31.5 | % | |||||||||||||||||||||||
| Nine Months Ended September 30, 2016 | |||||||||||||||||||||||||||
| GAAP |
Performance
Guarantees Release |
mPower
Deconsolidation |
Framework Agreement & Litigation |
Impairment
(Gains) / Charges |
Non-GAAP | ||||||||||||||||||||||
| Operating Income | $ | 193.4 | $ | — | $ | — | $ | 13.9 | $ | — | $ | 207.4 | |||||||||||||||
| Other Income (Expense) | 20.3 | (9.3 | ) | (13.6 | ) | — | (1.5 | ) | (4.0 | ) | |||||||||||||||||
| Provision for Income Taxes | (64.3 | ) | 3.4 | — | (5.6 | ) | (0.6 | ) | (67.1 | ) | |||||||||||||||||
| Net Income | 149.4 | (5.9 | ) | (13.6 | ) | 8.3 | (2.1 | ) | 136.2 | ||||||||||||||||||
| Net Income Attributable to Noncontrolling Interest | (0.4 | ) | — | — | — | — | (0.4 | ) | |||||||||||||||||||
| Net Income Attributable to BWXT | $ | 149.1 | $ | (5.9 | ) | $ | (13.6 | ) | $ | 8.3 | $ | (2.1 | ) | $ | 135.8 | ||||||||||||
| Diluted Shares Outstanding | 104.9 | 104.9 | |||||||||||||||||||||||||
| Diluted Earnings per Common Share | $ | 1.42 | $ | (0.06 | ) | $ | (0.13 | ) | $ | 0.08 | $ | (0.02 | ) | $ | 1.29 | ||||||||||||
| Effective Tax Rate | 30.1 | % | 33.0 | % | |||||||||||||||||||||||
|
(1) |
Tables may not foot due to rounding. |
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|
(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. |
|||||||||||
|
September 30, 2017 |
December 31, 2016 |
||||||||||
|
(Unaudited)
(In thousands) |
|||||||||||
| Current Assets: | |||||||||||
| Cash and cash equivalents | $ | 203,140 | $ | 125,641 | |||||||
| Restricted cash and cash equivalents | 7,096 | 6,130 | |||||||||
| Investments | 3,234 | 14,517 | |||||||||
| Accounts receivable – trade, net | 160,740 | 135,950 | |||||||||
| Accounts receivable – other | 14,105 | 25,221 | |||||||||
| Contracts in progress | 413,604 | 356,793 | |||||||||
| Other current assets | 28,957 | 29,319 | |||||||||
| Total Current Assets | 830,876 | 693,571 | |||||||||
| Property, Plant and Equipment | 974,633 | 922,641 | |||||||||
| Less accumulated depreciation | 661,674 | 622,955 | |||||||||
| Net Property, Plant and Equipment | 312,959 | 299,686 | |||||||||
| Investments | 8,917 | 9,013 | |||||||||
| Goodwill | 217,453 | 210,788 | |||||||||
| Deferred Income Taxes | 176,299 | 194,464 | |||||||||
| Investments in Unconsolidated Affiliates | 39,980 | 42,854 | |||||||||
| Intangible Assets | 113,437 | 114,748 | |||||||||
| Other Assets | 23,591 | 14,691 | |||||||||
| TOTAL | $ | 1,723,512 | $ | 1,579,815 | |||||||
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BWX TECHNOLOGIES, INC. |
|||||||||||
|
September 30, 2017 |
December 31, 2016 |
||||||||||
|
(Unaudited)
(In thousands, except share and per share amounts) |
|||||||||||
| Current Liabilities: | |||||||||||
| Current maturities of long-term debt | $ | 27,954 | $ | 27,370 | |||||||
| Accounts payable | 89,057 | 99,983 | |||||||||
| Accrued employee benefits | 76,126 | 81,793 | |||||||||
| Accrued liabilities – other | 55,841 | 72,105 | |||||||||
| Advance billings on contracts | 198,176 | 147,148 | |||||||||
| Accrued warranty expense | 12,713 | 11,477 | |||||||||
| Total Current Liabilities | 459,867 | 439,876 | |||||||||
| Long-Term Debt | 489,128 | 497,724 | |||||||||
| Accumulated Postretirement Benefit Obligation | 19,284 | 19,059 | |||||||||
| Environmental Liabilities | 86,958 | 81,711 | |||||||||
| Pension Liability | 325,666 | 357,049 | |||||||||
| Other Liabilities | 34,368 | 33,986 | |||||||||
| Commitments and Contingencies | |||||||||||
| Stockholders' Equity: | |||||||||||
| Common stock, par value $0.01 per share, authorized 325,000,000 shares; issued 125,310,668 and 124,149,609 shares at September 30, 2017 and December 31, 2016, respectively | 1,253 | 1,241 | |||||||||
| Preferred stock, par value $0.01 per share, authorized 75,000,000 shares; No shares issued | — | — | |||||||||
| Capital in excess of par value | 92,403 | 22,018 | |||||||||
| Retained earnings | 1,017,544 | 885,117 | |||||||||
| Treasury stock at cost, 25,954,358 and 24,858,809 shares at September 30, 2017 and December 31, 2016, respectively | (814,149 | ) | (762,169 | ) | |||||||
| Accumulated other comprehensive income | 10,849 | 3,811 | |||||||||
| Stockholders' Equity – BWX Technologies, Inc. | 307,900 | 150,018 | |||||||||
| Noncontrolling interest | 341 | 392 | |||||||||
| Total Stockholders' Equity | 308,241 | 150,410 | |||||||||
| TOTAL | $ | 1,723,512 | $ | 1,579,815 | |||||||
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BWX TECHNOLOGIES, INC. |
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|
Three Months Ended September 30, |
Nine Months Ended September 30, |
||||||||||||||||||||
| 2017 | 2016 | 2017 | 2016 | ||||||||||||||||||
|
(Unaudited)
(In thousands, except share and per share amounts) |
|||||||||||||||||||||
| Revenues | $ | 419,360 | $ | 379,505 | $ | 1,257,600 | $ | 1,146,713 | |||||||||||||
| Costs and Expenses: | |||||||||||||||||||||
| Cost of operations | 295,316 | 271,174 | 862,928 | 785,060 | |||||||||||||||||
| Research and development costs | 2,597 | 1,746 | 5,268 | 5,043 | |||||||||||||||||
| Gains on asset disposals and impairments, net | (2 | ) | (5 | ) | (33 | ) | (55 | ) | |||||||||||||
| Selling, general and administrative expenses | 51,398 | 49,225 | 151,036 | 146,474 | |||||||||||||||||
| mPower framework agreement | — | — | — | 30,000 | |||||||||||||||||
| Total Costs and Expenses | 349,309 | 322,140 | 1,019,199 | 966,522 | |||||||||||||||||
| Equity in Income of Investees | 3,630 | 5,008 | 10,832 | 13,249 | |||||||||||||||||
| Operating Income | 73,681 | 62,373 | 249,233 | 193,440 | |||||||||||||||||
| Other Income (Expense): | |||||||||||||||||||||
| Interest income | 402 | 128 | 750 | 533 | |||||||||||||||||
| Interest expense | (3,837 | ) | (2,049 | ) | (11,260 | ) | (5,326 | ) | |||||||||||||
| Other – net | 348 | 228 | 731 | 25,119 | |||||||||||||||||
| Total Other Income (Expense) | (3,087 | ) | (1,693 | ) | (9,779 | ) | 20,326 | ||||||||||||||
| Income before Provision for Income Taxes | 70,594 | 60,680 | 239,454 | 213,766 | |||||||||||||||||
| Provision for Income Taxes | 23,901 | 19,473 | 75,556 | 64,328 | |||||||||||||||||
| Net Income | $ | 46,693 | $ | 41,207 | $ | 163,898 | $ | 149,438 | |||||||||||||
| Net Income Attributable to Noncontrolling Interest | (140 | ) | (145 | ) | (364 | ) | (373 | ) | |||||||||||||
| Net Income Attributable to BWX Technologies, Inc. | $ | 46,553 | $ | 41,062 | $ | 163,534 | $ | 149,065 | |||||||||||||
| Earnings per Common Share: | |||||||||||||||||||||
| Basic: | |||||||||||||||||||||
| Net Income Attributable to BWX Technologies, Inc. | $ | 0.47 | $ | 0.40 | $ | 1.65 | $ | 1.44 | |||||||||||||
| Diluted: | |||||||||||||||||||||
| Net Income Attributable to BWX Technologies, Inc. | $ | 0.46 | $ | 0.39 | $ | 1.63 | $ | 1.42 | |||||||||||||
| Shares used in the computation of earnings per share: | |||||||||||||||||||||
| Basic | 99,328,677 | 102,735,989 | 99,313,264 | 103,542,578 | |||||||||||||||||
| Diluted | 100,260,255 | 103,985,995 | 100,367,383 | 104,941,720 | |||||||||||||||||
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BWX TECHNOLOGIES, INC. |
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|
Nine Months Ended September 30, |
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| 2017 | 2016 | ||||||||||
|
(Unaudited)
(In thousands) |
|||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
| Net Income | $ | 163,898 | $ | 149,438 | |||||||
| Non-cash items included in net income from continuing operations: | |||||||||||
| Depreciation and amortization | 42,135 | 37,090 | |||||||||
| Income of investees, net of dividends | 731 | (6,083 | ) | ||||||||
| Gains on asset disposals and impairments, net | (33 | ) | (55 | ) | |||||||
| Gain on deconsolidation of Generation mPower LLC | — | (13,571 | ) | ||||||||
| Recognition of losses for pension and postretirement plans | 1,320 | 1,222 | |||||||||
| Stock-based compensation expense | 9,879 | 8,373 | |||||||||
| Changes in assets and liabilities: | |||||||||||
| Accounts receivable | (17,748 | ) | (4,379 | ) | |||||||
| Accounts payable | (10,978 | ) | 2,635 | ||||||||
| Contracts in progress and advance billings on contracts | (2,963 | ) | (72,918 | ) | |||||||
| Income taxes | 39,088 | 16,217 | |||||||||
| Accrued and other current liabilities | (33,736 | ) | 15,876 | ||||||||
| Pension liability, accrued postretirement benefit obligation and employee benefits | (47,109 | ) | (37,532 | ) | |||||||
| Other, net | 200 | (3,839 | ) | ||||||||
| NET CASH PROVIDED BY OPERATING ACTIVITIES | 144,684 | 92,474 | |||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
| Decrease (increase) in restricted cash and cash equivalents | (966 | ) | 9,553 | ||||||||
| Purchases of property, plant and equipment | (49,361 | ) | (30,865 | ) | |||||||
| Purchases of securities | (3,237 | ) | (17,599 | ) | |||||||
| Sales and maturities of securities | 12,406 | 7,895 | |||||||||
| Investments, net of return of capital, in equity method investees | 2,142 | (9,165 | ) | ||||||||
| Proceeds from asset disposals | 142 | 55 | |||||||||
| Other, net | (24 | ) | — | ||||||||
| NET CASH USED IN INVESTING ACTIVITIES | (38,898 | ) | (40,126 | ) | |||||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
| Borrowings under the Credit Agreement | 73,600 | 241,300 | |||||||||
| Repayments under Credit Agreement | (94,320 | ) | (91,150 | ) | |||||||
| Payment of debt issuance costs | — | (663 | ) | ||||||||
| Repurchase of common shares | — | (292,997 | ) | ||||||||
| Dividends paid to common shareholders | (31,072 | ) | (28,421 | ) | |||||||
| Exercise of stock options | 16,019 | 18,775 | |||||||||
| Cash paid for shares withheld to satisfy employee taxes | (7,389 | ) | (9,042 | ) | |||||||
| Other | (415 | ) | (382 | ) | |||||||
| NET CASH USED IN FINANCING ACTIVITIES | (43,577 | ) | (162,580 | ) | |||||||
| EFFECTS OF EXCHANGE RATE CHANGES ON CASH | 15,290 | 729 | |||||||||
| TOTAL INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 77,499 | (109,503 | ) | ||||||||
| CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 125,641 | 154,729 | |||||||||
| CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 203,140 | $ | 45,226 | |||||||
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||||||||||
| Cash paid during the period for: | |||||||||||
| Interest | $ | 10,762 | $ | 4,367 | |||||||
| Income taxes (net of refunds) | $ | 36,425 | $ | 48,779 | |||||||
| SCHEDULE OF NON-CASH INVESTING ACTIVITY: | |||||||||||
| Accrued capital expenditures included in accounts payable | $ | 7,680 | $ | 5,628 | |||||||
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BWX TECHNOLOGIES, INC. |
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Three Months Ended September 30, |
Nine Months Ended September 30, |
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| 2017 | 2016 | 2017 | 2016 | ||||||||||||||||||
|
(Unaudited)
(In thousands) |
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|
REVENUES: |
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| Nuclear Operations Group | $ | 324,545 | $ | 316,899 | $ | 962,492 | $ | 937,814 | |||||||||||||
| Nuclear Services Group | 27,507 | 28,759 | 100,146 | 94,977 | |||||||||||||||||
| Nuclear Power Group | 68,621 | 36,123 | 200,864 | 120,268 | |||||||||||||||||
| Adjustments and Eliminations | (1,313 | ) | (2,276 | ) | (5,902 | ) | (6,346 | ) | |||||||||||||
| TOTAL | $ | 419,360 | $ | 379,505 | $ | 1,257,600 | $ | 1,146,713 | |||||||||||||
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SEGMENT INCOME: |
|||||||||||||||||||||
| Nuclear Operations Group | $ | 71,902 | $ | 62,537 | $ | 219,944 | $ | 191,886 | |||||||||||||
| Nuclear Services Group | 1,033 | 652 | 17,354 | 10,860 | |||||||||||||||||
| Nuclear Power Group | 9,305 | 5,031 | 29,644 | 38,659 | |||||||||||||||||
| Other | (2,255 | ) | (1,907 | ) | (4,937 | ) | (5,068 | ) | |||||||||||||
| SUBTOTAL | 79,985 | 66,313 | 262,005 | 236,337 | |||||||||||||||||
| Unallocated Corporate | (6,304 | ) | (3,940 | ) | (12,772 | ) | (12,897 | ) | |||||||||||||
| mPower Framework Agreement | — | — | — | (30,000 | ) | ||||||||||||||||
| TOTAL | $ | 73,681 | $ | 62,373 | $ | 249,233 | $ | 193,440 | |||||||||||||
|
DEPRECIATION AND AMORTIZATION: |
|||||||||||||||||||||
| Nuclear Operations Group | $ | 7,706 | $ | 8,610 | $ | 23,261 | $ | 26,068 | |||||||||||||
| Nuclear Services Group | 914 | 940 | 2,788 | 2,814 | |||||||||||||||||
| Nuclear Power Group | 3,436 | 791 | 10,243 | 2,143 | |||||||||||||||||
| Other | — | — | — | — | |||||||||||||||||
| Corporate | 1,880 | 2,080 | 5,843 | 6,065 | |||||||||||||||||
| TOTAL | $ | 13,936 | $ | 12,421 | $ | 42,135 | $ | 37,090 | |||||||||||||
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CAPITAL EXPENDITURES: |
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| Nuclear Operations Group | $ | 18,851 | $ | 10,459 | $ | 43,090 | $ | 23,820 | |||||||||||||
| Nuclear Services Group | 178 | 181 | 489 | 206 | |||||||||||||||||
| Nuclear Power Group | 1,047 | — | 3,235 | 3,065 | |||||||||||||||||
| Other | — | — | — | — | |||||||||||||||||
| Corporate | 538 | 1,746 | 2,547 | 3,774 | |||||||||||||||||
| TOTAL | $ | 20,614 | $ | 12,386 | $ | 49,361 | $ | 30,865 | |||||||||||||
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BWX TECHNOLOGIES, INC. |
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|
Three Months Ended September 30, |
Nine Months Ended September 30, |
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| 2017 | 2016 | 2017 | 2016 | ||||||||||||||||||
|
(Unaudited)
(In thousands) |
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|
BACKLOG: |
|||||||||||||||||||||
| Nuclear Operations Group | $ | 2,970,088 | $ | 2,982,735 | $ | 2,970,088 | $ | 2,982,735 | |||||||||||||
| Nuclear Services Group | 37,520 | 33,722 | 37,520 | 33,722 | |||||||||||||||||
| Nuclear Power Group | 527,708 | 371,376 | 527,708 | 371,376 | |||||||||||||||||
| TOTAL | $ | 3,535,316 | $ | 3,387,833 | $ | 3,535,316 | $ | 3,387,833 | |||||||||||||
|
BOOKINGS: |
|||||||||||||||||||||
| Nuclear Operations Group | $ | 32,272 | $ | 51,794 | $ | 446,771 | $ | 1,608,288 | |||||||||||||
| Nuclear Services Group | 43,004 | 20,779 | 108,295 | 92,964 | |||||||||||||||||
| Nuclear Power Group | 115,718 | 22,039 | 255,070 | 183,007 | |||||||||||||||||
| TOTAL | $ | 190,994 | $ | 94,612 | $ | 810,136 | $ | 1,884,259 | |||||||||||||
View source version on businesswire.com: http://www.businesswire.com/news/home/20171106006310/en/
