BWX Technologies Announces Fourth Quarter and Full Year 2017 Results as It Looks to Another Year of Growth in 2018
BWX Technologies, Inc. (NYSE: BWXT) (“BWXT” or the “Company”) reported fourth quarter 2017 revenue of $430 million, a 6.5% increase compared to $404 million in the fourth quarter of 2016. GAAP net loss for the fourth quarter 2017 was $16 million, or $0.16 per share, compared to GAAP net income of $34 million, or $0.34 per share, in the fourth quarter of 2016. Results were unfavorably impacted by tax reform in the amount of $55 million, primarily related to one-time, non-cash deferred tax asset write-downs. Non-GAAP net income for the fourth quarter of 2017 was $48 million, or $0.47 per share, compared to $47 million, or $0.46 per share, in the fourth quarter of 2016. A reconciliation of non-GAAP results is detailed in Exhibit 1.
Full year 2017 revenue was $1.69 billion, an 8.8% increase compared to $1.55 billion in 2016. GAAP Earnings Per Share (EPS) for the full year 2017, which include the $0.54 tax reform impact described above and an $0.07 unfavorable impact of non-cash, mark-to-market loss for pension and other post-retirement benefits, was $1.47 compared to $1.76 in 2016. Non-GAAP EPS for the full year 2017 was $2.05 compared to $1.76 in the prior year.
“BWXT had solid fourth quarter results and a capstone to an outstanding 2017 while continuing to deliver value to our customers and our shareholders,” said John A. Fees, Executive Chairman. “The company grew EPS a remarkable 16 percent on top of 9 percent revenue growth. The NPG team completed the integration of BWXT Nuclear Energy Canada, which we believe will continue to offer significant long-term value for the Company. NOG continued to produce record results with a 22.8% operating margin for the year. Lastly, NSG continued to leverage our environmental management credentials to win new key multi-billion dollar contracts, including the Savannah River Site liquid waste services contract and the Los Alamos National Laboratory legacy cleanup contract.”
“I am also pleased to announce that the Board of Directors approved a 45 percent quarterly dividend increase to 16 cents per share. This represents our third increase in the cash dividend, which is now up 167 percent since the spin,” Fees continued, “The increase demonstrates confidence in our long-term outlook and our ability to generate cash and maximize shareholder value within our balanced capital allocation approach.”
Fourth Quarter and Full Year 2017 Segment Results
Nuclear Operations Group (NOG) segment revenue was $309 million for the fourth quarter of 2017, a 6.7% decrease from the prior-year period. Full year segment revenue was $1.27 billion, up slightly compared to 2016. NOG operating income was $69.9 million in the fourth quarter of 2017, an 8.8% decrease from the prior-year period. Full year segment operating income was a record $289.9 million, an 8.0% increase compared to 2016.
Nuclear Power Group (NPG) segment revenue was a record $85.0 million for the fourth quarter of 2017, a 105.7% increase from the prior-year period. Full year segment revenue was also a record at $285.8 million, a 76.9% increase compared to 2016, inclusive of $93 million attributed to the BWXT Nuclear Energy Canada acquisition. NPG operating income was $10.3 million in the fourth quarter of 2017, a 149.1% increase from the prior-year period. Full year segment GAAP operating income was $40.0 million, a 6.6% decrease compared to 2016 on a GAAP basis and a 43% increase on a non-GAAP basis.
Nuclear Services Group (NSG) segment operating income was $5.8 million for the fourth quarter of 2017, up significantly from the prior-year period. Full year segment GAAP operating income was $23.1 million, an 89.9% increase compared to 2016. Full year segment adjusted (non-GAAP) operating income was $15.2 million, a 25.0% increase compared to 2016.
“Our 2017 results were driven by superior execution from the entire BWXT team,” said Rex D. Geveden, President and Chief Executive Officer. “Our backlog remains robust at $4 billion, with NPG backlog up an outstanding 35% in 2017. Our strong backlog coupled with our growth strategy gives us confidence in meeting our strong expectations for 2018 and beyond. We expect to drive future growth through a combination of organic demand, research and development-driven new products, and attractive M&A opportunities. Our balanced capital deployment approach remains unchanged, returning cash to shareholders through dividends and opportunistic share buybacks, while also providing the capital needed for organic growth and retaining the capacity for accretive acquisitions.”
Liquidity and Debt
The Company generated net cash from operating activities of $77.5 million in the fourth quarter of 2017 compared with net cash from operating activities of $147.4 million in the fourth quarter of 2016. At the end of the fourth quarter, the Company’s cash and short-term investments position, net of restricted cash, was $206.3 million.
As of December 31, 2017, outstanding balances under our credit facility included $513.1 million in term loans, no revolving line of credit borrowings, and $75.9 million in letters of credit. As a result, the Company had $324.1 million of remaining availability under its credit facility, excluding an additional $250 million accordion provision.
Quarterly Dividend
On February 22, 2018, our Board of Directors declared a quarterly cash dividend of $0.16 per common share. The dividend will be payable on March 29, 2018, to shareholders of record on March 12, 2018.
2018 Outlook
Initial guidance for expected adjusted earnings per share for 2018 is between $2.45 and $2.55, which excludes mark-to-market adjustments for pension and post-retirement benefits. Initial guidance for 2018 revenue is expected to be between $1.75 billion and $1.85 billion. The Company also expects the following for 2018:
- 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 in a range of $30 to $35 million
- Effective non-GAAP tax rate in a range of 22% to 25%
- An increase in capital expenditures to approximately $250 million to support growth initiatives across the company
- Depreciation and amortization of approximately $60 million
Long-term Outlook
The company reiterates its long-term guidance that beyond 2017, we anticipate 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 Fourth Quarter and Full Year 2017 Results
Date: Wednesday, February 28, 2018, 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, anticipated benefits of BWXT Nuclear Energy Canada Inc., management’s plans and expectations for the NOG, NPG and NSG segments, as well as 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 6,100 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. |
||||||||||||||||||||||||||
| Three Months Ended December 31, 2017 | ||||||||||||||||||||||||||
| GAAP |
Pension & OPEB MTM (Gain) / Loss |
Impairment (Gains) / Charges |
One Time Tax (Benefit) / Losses |
Executive Restructuring |
Non-GAAP |
|||||||||||||||||||||
| Operating Income | $ | 59.7 | $ | 11.0 | $ | — | $ | — | $ | 2.6 | $ | 73.3 | ||||||||||||||
| Other Income (Expense) | (3.3 | ) | 0.0 | — | — | — | (3.3 | ) | ||||||||||||||||||
| Provision for Income Taxes | (71.9 | ) | (4.2 | ) | — | 54.6 | (1.0 | ) | (22.4 | ) | ||||||||||||||||
| Net Income (Loss) | (15.5 | ) | 6.9 | — | 54.6 | 1.7 | 47.7 | |||||||||||||||||||
| Net Income Attributable to Noncontrolling Interest | (0.2 | ) | — | — | — | — | (0.2 | ) | ||||||||||||||||||
| Net Income (Loss) Attributable to BWXT | $ | (15.7 | ) | $ | 6.9 | $ | — | $ | 54.6 | $ | 1.7 | 47.5 | ||||||||||||||
| Diluted Shares Outstanding | 99.4 | 100.4 | ||||||||||||||||||||||||
| Diluted Earnings per Common Share | $ | (0.16 | ) | $ | 0.07 | $ | — | $ | 0.54 | $ | 0.02 | $ | 0.47 | |||||||||||||
| Effective Tax Rate | 127.6 | % | 31.9 | % | ||||||||||||||||||||||
| Three Months Ended December 31, 2016 | ||||||||||||||||||||||||||
| GAAP |
Pension & OPEB MTM (Gain) / Loss |
Impairment (Gains) / Charges |
One Time Tax (Benefit) / Losses |
Executive Restructuring |
Non-GAAP | |||||||||||||||||||||
| Operating Income | $ | 45.8 | $ | 21.5 | $ | — | $ | — | $ | 4.5 | $ | 71.8 | ||||||||||||||
| Other Income (Expense) | (2.3 | ) | (0.2 | ) | (0.1 | ) | — | — | (2.6 | ) | ||||||||||||||||
| Provision for Income Taxes | (9.3 | ) | (7.1 | ) | 0.6 | (5.0 | ) | (1.6 | ) | (22.5 | ) | |||||||||||||||
| Net Income | 34.2 | 14.2 | 0.5 | (5.0 | ) | 2.8 | 46.7 | |||||||||||||||||||
| Net Income Attributable to Noncontrolling Interest | (0.2 | ) | — | — | — | — | (0.2 | ) | ||||||||||||||||||
| Net Income Attributable to BWXT | $ | 34.0 | $ | 14.2 | $ | 0.5 | $ | (5.0 | ) | $ | 2.8 | 46.5 | ||||||||||||||
| Diluted Shares Outstanding | 100.5 | 100.5 | ||||||||||||||||||||||||
| Diluted Earnings per Common Share | $ | 0.34 | $ | 0.14 | $ | 0.00 | $ | (0.05 | ) | $ | 0.03 | $ | 0.46 | |||||||||||||
| Effective Tax Rate | 21.4 | % | 32.5 | % | ||||||||||||||||||||||
|
(1) |
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 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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EXHIBIT 1 (continued) |
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BWX TECHNOLOGIES, INC. |
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| Twelve Months Ended December 31, 2017 | |||||||||||||||||||||||||||||||||||||||
| GAAP |
Pension & OPEB MTM (Gain) / Loss |
Performance Guarantees Release |
mPower Deconsolidation |
Litigation |
Impairment (Gains) / Charges |
One Time Tax (Benefit) / Losses |
Executive Restructuring |
Non-GAAP | |||||||||||||||||||||||||||||||
| Operating Income | $ | 308.9 | $ | 11.0 | $ | — | $ | — | $ | (7.9 | ) | $ | — | $ | — | $ | 2.6 | $ | 314.7 | ||||||||||||||||||||
| Other Income (Expense) | (13.1 | ) | 0.0 | — | — | — | (0.4 | ) | — | — | (13.5 | ) | |||||||||||||||||||||||||||
| Provision for Income Taxes | (147.4 | ) | (4.2 | ) | — | — | 2.8 | 0.0 | 54.6 | (1.0 | ) | (95.1 | ) | ||||||||||||||||||||||||||
| Net Income | 148.4 | 6.9 | — | — | (5.1 | ) | (0.4 | ) | 54.6 | 1.7 | 206.1 | ||||||||||||||||||||||||||||
| Net Income Attributable to Noncontrolling Interest | (0.5 | ) | — | — | — | — | — | — | — | (0.5 | ) | ||||||||||||||||||||||||||||
| Net Income Attributable to BWXT | $ | 147.8 | $ | 6.9 | $ | — | $ | — | $ | (5.1 | ) | $ | (0.4 | ) | $ | 54.6 | $ | 1.7 | 205.6 | ||||||||||||||||||||
| Diluted Shares Outstanding | 100.4 | 100.4 | |||||||||||||||||||||||||||||||||||||
| Diluted Earnings per Common Share | $ | 1.47 | $ | 0.07 | $ | — | $ | — | $ | (0.05 | ) | $ | 0.00 | $ | 0.54 | $ | 0.02 | $ | 2.05 | ||||||||||||||||||||
| Effective Tax Rate | 49.8 | % | 31.6 | % | |||||||||||||||||||||||||||||||||||
| Twelve Months Ended December 31, 2016 | |||||||||||||||||||||||||||||||||||||||
| GAAP |
Pension & OPEB MTM (Gain) / Loss |
Performance Guarantees Release |
mPower Deconsolidation |
Framework Agreement & Litigation |
Impairment (Gains) / Charges |
One Time Tax (Benefit) / Losses |
Executive Restructuring |
Non-GAAP | |||||||||||||||||||||||||||||||
| Operating Income | $ | 239.3 | $ | 21.5 | $ | — | $ | — | $ | 13.9 | $ | — | $ | — | $ | 4.5 | $ | 279.2 | |||||||||||||||||||||
| Other Income (Expense) | 18.0 | (0.2 | ) | (9.3 | ) | (13.6 | ) | — | (1.6 | ) | — | — | (6.6 | ) | |||||||||||||||||||||||||
| Provision for Income Taxes | (73.7 | ) | (7.1 | ) | 3.4 | — | (5.6 | ) | — | (5.0 | ) | (1.6 | ) | (89.6 | ) | ||||||||||||||||||||||||
| Net Income | 183.6 | 14.2 | (5.9 | ) | (13.6 | ) | 8.3 | (1.6 | ) | (5.0 | ) | 2.8 | 182.9 | ||||||||||||||||||||||||||
| Net Income Attributable to Noncontrolling Interest | (0.6 | ) | — | — | — | — | — | — | — | (0.6 | ) | ||||||||||||||||||||||||||||
| Net Income Attributable to BWXT | $ | 183.1 | $ | 14.2 | $ | (5.9 | ) | $ | (13.6 | ) | $ | 8.3 | $ | (1.6 | ) | $ | (5.0 | ) | $ | 2.8 | 182.3 | ||||||||||||||||||
| Diluted Shares Outstanding | 103.8 | 103.8 | |||||||||||||||||||||||||||||||||||||
| Diluted Earnings per Common Share | $ | 1.76 | $ | 0.14 | $ | (0.06 | ) | $ | (0.13 | ) | $ | 0.08 | $ | (0.02 | ) | $ | (0.05 | ) | $ | 0.03 | $ | 1.76 | |||||||||||||||||
| Effective Tax Rate | 28.6 | % | 32.9 | % | |||||||||||||||||||||||||||||||||||
|
(1) |
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 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. |
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| December 31, | |||||||||||
| 2017 | 2016 | ||||||||||
| (In thousands) | |||||||||||
| Current Assets: | |||||||||||
| Cash and cash equivalents | $ | 203,404 | $ | 125,641 | |||||||
| Restricted cash and cash equivalents | 7,105 | 6,130 | |||||||||
| Investments | 2,934 | 14,517 | |||||||||
| Accounts receivable – trade, net | 189,217 | 135,950 | |||||||||
| Accounts receivable – other | 19,365 | 25,221 | |||||||||
| Contracts in progress | 420,628 | 356,793 | |||||||||
| Other current assets | 30,437 | 29,319 | |||||||||
| Total Current Assets | 873,090 | 693,571 | |||||||||
| Property, Plant and Equipment | 1,013,141 | 922,641 | |||||||||
| Less accumulated depreciation | 664,512 | 622,955 | |||||||||
| Net Property, Plant and Equipment | 348,629 | 299,686 | |||||||||
| Investments | 9,301 | 9,013 | |||||||||
| Goodwill | 218,331 | 210,788 | |||||||||
| Deferred Income Taxes | 86,740 | 194,464 | |||||||||
| Investments in Unconsolidated Affiliates | 43,266 | 42,854 | |||||||||
| Intangible Assets | 110,405 | 114,748 | |||||||||
| Other Assets | 22,577 | 14,691 | |||||||||
| TOTAL | $ | 1,712,339 | $ | 1,579,815 | |||||||
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BWX TECHNOLOGIES, INC. |
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| December 31, | |||||||||||
| 2017 | 2016 | ||||||||||
|
(In thousands, except share and per share amounts)
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| Current Liabilities: | |||||||||||
| Current maturities of long-term debt | $ | 27,870 | $ | 27,370 | |||||||
| Accounts payable | 93,421 | 99,983 | |||||||||
| Accrued employee benefits | 82,477 | 81,793 | |||||||||
| Accrued liabilities – other | 64,738 | 72,105 | |||||||||
| Advance billings on contracts | 246,192 | 147,148 | |||||||||
| Accrued warranty expense | 13,428 | 11,477 | |||||||||
| Total Current Liabilities | 528,126 | 439,876 | |||||||||
| Long-Term Debt | 481,059 | 497,724 | |||||||||
| Accumulated Postretirement Benefit Obligation | 21,368 | 19,059 | |||||||||
| Environmental Liabilities | 79,786 | 81,711 | |||||||||
| Pension Liability | 296,444 | 357,049 | |||||||||
| Other Liabilities | 19,799 | 33,986 | |||||||||
| Commitments and Contingencies | |||||||||||
| Stockholders' Equity: | |||||||||||
| Common stock, par value $0.01 per share, authorized 325,000,000 shares; issued 125,381,591 and 124,149,609 shares at December 31, 2017 and December 31, 2016, respectively | 1,254 | 1,241 | |||||||||
| Preferred stock, par value $0.01 per share, authorized 75,000,000 shares; no shares issued | — | — | |||||||||
| Capital in excess of par value | 98,843 | 22,018 | |||||||||
| Retained earnings | 990,652 | 885,117 | |||||||||
| Treasury stock at cost, 25,964,088 and 24,858,809 shares at December 31, 2017 and December 31, 2016, respectively | (814,809 | ) | (762,169 | ) | |||||||
| Accumulated other comprehensive income | 9,454 | 3,811 | |||||||||
| Stockholders' Equity – BWX Technologies, Inc. | 285,394 | 150,018 | |||||||||
| Noncontrolling interest | 363 | 392 | |||||||||
| Total Stockholders' Equity | 285,757 | 150,410 | |||||||||
| TOTAL | $ | 1,712,339 | $ | 1,579,815 | |||||||
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BWX TECHNOLOGIES, INC. |
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| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||
| 2017 | 2016 | 2017 | 2016 | ||||||||||||||||||
|
(Unaudited)
(In thousands, except share and per share amounts) |
|||||||||||||||||||||
| Revenues | $ | 430,138 | $ | 403,860 | $ | 1,687,738 | $ | 1,550,573 | |||||||||||||
| Costs and Expenses: | |||||||||||||||||||||
| Cost of operations | 307,934 | 289,469 | 1,170,862 | 1,074,529 | |||||||||||||||||
| Research and development costs | 1,922 | 1,364 | 7,190 | 6,407 | |||||||||||||||||
| Losses (gains) on asset disposals and impairments, net | (161 | ) | 12 | (194 | ) | (43 | ) | ||||||||||||||
| Selling, general and administrative expenses | 63,571 | 70,012 | 214,607 | 216,486 | |||||||||||||||||
| mPower framework agreement | — | — | — | 30,000 | |||||||||||||||||
| Total Costs and Expenses | 373,266 | 360,857 | 1,392,465 | 1,327,379 | |||||||||||||||||
| Equity in Income of Investees | 2,780 | 2,820 | 13,612 | 16,069 | |||||||||||||||||
| Operating Income | 59,652 | 45,823 | 308,885 | 239,263 | |||||||||||||||||
| Other Income (Expense): | |||||||||||||||||||||
| Interest income | 655 | 118 | 1,405 | 651 | |||||||||||||||||
| Interest expense | (3,619 | ) | (3,067 | ) | (14,879 | ) | (8,393 | ) | |||||||||||||
| Other – net | (362 | ) | 628 | 369 | 25,747 | ||||||||||||||||
| Total Other Income (Expense) | (3,326 | ) | (2,321 | ) | (13,105 | ) | 18,005 | ||||||||||||||
| Income before Provision for Income Taxes | 56,326 | 43,502 | 295,780 | 257,268 | |||||||||||||||||
| Provision for Income Taxes | 71,860 | 9,328 | 147,415 | 73,656 | |||||||||||||||||
| Net Income (Loss) | $ | (15,534 | ) | $ | 34,174 | $ | 148,365 | $ | 183,612 | ||||||||||||
| Net Income Attributable to Noncontrolling Interest | (157 | ) | (182 | ) | (521 | ) | (555 | ) | |||||||||||||
| Net Income Attributable to BWX Technologies, Inc. | $ | (15,691 | ) | $ | 33,992 | $ | 147,844 | $ | 183,057 | ||||||||||||
| Earnings per Common Share: | |||||||||||||||||||||
| Basic: | |||||||||||||||||||||
| Net Income Attributable to BWX Technologies, Inc. | $ | (0.16 | ) | $ | 0.34 | $ | 1.49 | $ | 1.79 | ||||||||||||
| Diluted: | |||||||||||||||||||||
| Net Income Attributable to BWX Technologies, Inc. | $ | (0.16 | ) | $ | 0.34 | $ | 1.47 | $ | 1.76 | ||||||||||||
| Shares used in the computation of earnings per share: | |||||||||||||||||||||
| Basic | 99,398,096 | 99,259,419 | 99,334,472 | 102,471,788 | |||||||||||||||||
| Diluted | 99,398,096 | 100,537,794 | 100,369,190 | 103,840,738 | |||||||||||||||||
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BWX TECHNOLOGIES, INC. |
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| Twelve Months Ended December 31, | |||||||||||
| 2017 | 2016 | ||||||||||
| (In thousands) | |||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
| Net Income | $ | 148,365 | $ | 183,612 | |||||||
| Non-cash items included in net income from continuing operations: | |||||||||||
| Depreciation and amortization | 56,557 | 50,554 | |||||||||
| Income of investees, net of dividends | 2,520 | (1,017 | ) | ||||||||
| Losses on asset disposals and impairments | (194 | ) | (43 | ) | |||||||
| Gain on deconsolidation of Generation mPower LLC | — | (13,571 | ) | ||||||||
| Provision for (benefit from) deferred taxes | 93,461 | (7,231 | ) | ||||||||
| Recognition of (gains) losses for pension and postretirement plans | 12,823 | 22,940 | |||||||||
| Stock-based compensation and thrift plan expense | 15,222 | 15,371 | |||||||||
| Changes in assets and liabilities, net of effects from acquisitions: | |||||||||||
| Accounts receivable | (42,803 | ) | 28,570 | ||||||||
| Accounts payable | (7,476 | ) | 19,549 | ||||||||
| Contracts in progress and advance billings on contracts | 35,272 | (60,473 | ) | ||||||||
| Income taxes | 15,124 | 13,216 | |||||||||
| Accrued and other current liabilities | (26,610 | ) | 18,542 | ||||||||
| Pension liability, accrued postretirement benefit obligation and employee benefits | (79,311 | ) | (21,057 | ) | |||||||
| Other, net | (796 | ) | (9,112 | ) | |||||||
| NET CASH PROVIDED BY OPERATING ACTIVITIES | 222,154 | 239,850 | |||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
| Decrease (increase) in restricted cash and cash equivalents | (975 | ) | 9,234 | ||||||||
| Purchases of property, plant and equipment | (96,880 | ) | (52,634 | ) | |||||||
| Acquisition of businesses, net of cash acquired | (715 | ) | (117,780 | ) | |||||||
| Purchases of securities | (3,237 | ) | (18,648 | ) | |||||||
| Sales and maturities of securities | 12,852 | 9,261 | |||||||||
| Proceeds from asset disposals | 397 | 43 | |||||||||
| Investments, net of return of capital, in equity method investees | (2,789 | ) | (9,165 | ) | |||||||
| Other, net | 691 | — | |||||||||
| NET CASH USED IN INVESTING ACTIVITIES | (90,656 | ) | (179,689 | ) | |||||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
| Borrowings under Credit Agreement | 109,400 | 539,500 | |||||||||
| Repayments under Credit Agreement | (137,053 | ) | (305,906 | ) | |||||||
| Payment of debt issuance costs | — | (682 | ) | ||||||||
| Repurchase of common shares | — | (292,997 | ) | ||||||||
| Dividends paid to common shareholders | (42,043 | ) | (37,370 | ) | |||||||
| Exercise of stock options | 17,117 | 18,323 | |||||||||
| Cash paid for shares withheld to satisfy employee taxes | (8,049 | ) | (9,254 | ) | |||||||
| Other | (550 | ) | (511 | ) | |||||||
| NET CASH USED IN FINANCING ACTIVITIES | (61,178 | ) | (88,897 | ) | |||||||
| EFFECTS OF EXCHANGE RATE CHANGES ON CASH | 7,443 | (352 | ) | ||||||||
| TOTAL INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 77,763 | (29,088 | ) | ||||||||
| CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 125,641 | 154,729 | |||||||||
| CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 203,404 | $ | 125,641 | |||||||
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||||||||||
| Cash paid during the period for: | |||||||||||
| Interest | $ | 14,252 | $ | 6,512 | |||||||
| Income taxes (net of refunds) | $ | 38,425 | $ | 66,291 | |||||||
| SCHEDULE OF NON-CASH INVESTING ACTIVITY: | |||||||||||
| Accrued capital expenditures included in accounts payable | $ | 8,454 | $ | 8,724 | |||||||
|
BWX TECHNOLOGIES, INC. |
|||||||||||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||
| 2017 | 2016 | 2017 | 2016 | ||||||||||||||||||
|
(Unaudited)
(In thousands) |
|||||||||||||||||||||
|
REVENUES: |
|||||||||||||||||||||
| Nuclear Operations Group | $ | 309,369 | $ | 331,458 | $ | 1,271,861 | $ | 1,269,272 | |||||||||||||
| Nuclear Services Group | 37,103 | 33,044 | 137,249 | 128,021 | |||||||||||||||||
| Nuclear Power Group | 84,967 | 41,304 | 285,831 | 161,572 | |||||||||||||||||
| Adjustments and Eliminations | (1,301 | ) | (1,946 | ) | (7,203 | ) | (8,292 | ) | |||||||||||||
| TOTAL | $ | 430,138 | $ | 403,860 | $ | 1,687,738 | $ | 1,550,573 | |||||||||||||
|
SEGMENT INCOME: |
|||||||||||||||||||||
| Nuclear Operations Group | $ | 69,908 | $ | 76,617 | $ | 289,852 | $ | 268,503 | |||||||||||||
| Nuclear Services Group | 5,764 | 1,311 | 23,118 | 12,171 | |||||||||||||||||
| Nuclear Power Group | 10,334 | 4,149 | 39,978 | 42,808 | |||||||||||||||||
| Other | (5,751 | ) | (1,330 | ) | (10,688 | ) | (6,398 | ) | |||||||||||||
| SUBTOTAL | 80,255 | 80,747 | 342,260 | 317,084 | |||||||||||||||||
| Unallocated Corporate | (9,560 | ) | (13,456 | ) | (22,332 | ) | (26,353 | ) | |||||||||||||
| mPower Framework Agreement | — | — | — | (30,000 | ) | ||||||||||||||||
| Mark to Market Adjustment | (11,043 | ) | (21,468 | ) | (11,043 | ) | (21,468 | ) | |||||||||||||
| TOTAL | $ | 59,652 | $ | 45,823 | $ | 308,885 | $ | 239,263 | |||||||||||||
|
DEPRECIATION AND AMORTIZATION: |
|||||||||||||||||||||
| Nuclear Operations Group | $ | 8,028 | $ | 8,296 | $ | 31,289 | $ | 34,364 | |||||||||||||
| Nuclear Services Group | 914 | 940 | 3,702 | 3,754 | |||||||||||||||||
| Nuclear Power Group | 3,508 | 1,316 | 13,751 | 3,459 | |||||||||||||||||
| Other | — | — | — | — | |||||||||||||||||
| Corporate | 1,972 | 2,912 | 7,815 | 8,977 | |||||||||||||||||
| TOTAL | $ | 14,422 | $ | 13,464 | $ | 56,557 | $ | 50,554 | |||||||||||||
|
CAPITAL EXPENDITURES: |
|||||||||||||||||||||
| Nuclear Operations Group | $ | 43,233 | $ | 19,726 | $ | 86,323 | $ | 43,546 | |||||||||||||
| Nuclear Services Group | 1,025 | 322 | 1,514 | 528 | |||||||||||||||||
| Nuclear Power Group | 621 | 37 | 3,856 | 3,102 | |||||||||||||||||
| Other | 628 | — | 628 | — | |||||||||||||||||
| Corporate | 2,012 | 1,684 | 4,559 | 5,458 | |||||||||||||||||
| TOTAL | $ | 47,519 | $ | 21,769 | $ | 96,880 | $ | 52,634 | |||||||||||||
|
BWX TECHNOLOGIES, INC. |
||||||||||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||||||
| 2017 | 2016 | 2017 | 2016 | |||||||||||||||||
|
(Unaudited)
(In thousands) |
||||||||||||||||||||
|
BACKLOG: |
||||||||||||||||||||
| Nuclear Operations Group | $ | 3,304,416 | $ | 3,485,216 | $ | 3,304,416 | $ | 3,485,216 | ||||||||||||
| Nuclear Services Group | 29,285 | 24,258 | 29,285 | 24,258 | ||||||||||||||||
| Nuclear Power Group | 637,053 | 473,306 | 637,053 | 473,306 | ||||||||||||||||
| TOTAL | $ | 3,970,754 | $ | 3,982,780 | $ | 3,970,754 | $ | 3,982,780 | ||||||||||||
|
BOOKINGS: |
||||||||||||||||||||
| Nuclear Operations Group | $ | 642,969 | $ | 833,879 | $ | 1,089,740 | $ | 2,442,167 | ||||||||||||
| Nuclear Services Group | 28,345 | 21,859 | 136,640 | 114,823 | ||||||||||||||||
| Nuclear Power Group | 194,262 | 10,655 | 449,332 | 193,662 | ||||||||||||||||
| TOTAL | $ | 865,576 | $ | 866,393 | $ | 1,675,712 | $ | 2,750,652 | ||||||||||||
View source version on businesswire.com: http://www.businesswire.com/news/home/20180227006630/en/
