BWX Technologies Reports Second Quarter 2019 Results With
Solid Revenue and EPS Growth
| |
| • | 2Q19 EPS growth to $0.62 vs. 2Q18 GAAP EPS of $0.60 and 2Q18 non-GAAP EPS of $0.58 |
| |
| • | 2Q19 revenue up 7% vs. 2Q18; Continued robust backlog of $4.5 billion |
| |
| • | Declares quarterly cash dividend of $0.17 payable in 3Q19 |
| |
| • | Reiterates 2019 revenue and non-GAAP EPS guidance; updates underlying components |
| |
| • | Reiterates 3-5 year, low-double-digit non-GAAP EPS CAGR from 2017 results |
Lynchburg, VA - August 5, 2019 - BWX Technologies, Inc. (NYSE: BWXT) ("BWXT", "we", "us" or the "Company") reported second quarter 2019 revenue of $471 million, a 7.4% increase compared with $439 million in the second quarter of 2018. GAAP net income for the second quarter 2019 was $58.9 million, or $0.62 per diluted share, compared with GAAP net income of $60.7, or $0.60 per diluted share, in the prior-year period. Non-GAAP net income for the second quarter 2019 was $59.1 million, or $0.62 per diluted share, compared with non-GAAP net income of $58.0 million, or $0.58 per diluted share, in the prior-year period. A reconciliation of non-GAAP results is detailed in Exhibit 1.
"Our strong second quarter results demonstrate the resiliency of our business," said Rex D. Geveden, president and chief executive officer. "The Nuclear Operations Group drove superb results as we enter into an increasing Columbia-class production cadence and the Nuclear Power Group delivered another solid bottom-line quarter through focused execution.”
Segment Results
Nuclear Operations Group (NOG) segment revenue achieved another record high with $358.4 million for the second quarter of 2019, a 7.9% increase from the prior-year period, driven primarily by leveraging an increase in production volume and the acceleration of long-lead material purchases. NOG operating income was $75.2 million in the second quarter of 2019, a 12% increase compared with the prior-year period primarily driven by higher volume and the absence of missile tube charges. Second quarter 2019 segment operating margins were 21.0%, up 80 basis points compared to the prior-year period.
Nuclear Power Group (NPG) segment revenue was $86.6 million for the second quarter of 2019, a 14.5% increase from the prior-year period primarily due to increases in refurbishment component work and the medical radioisotope acquisition, partially offset by lower field service activity. NPG operating income was $14.9 million in the second quarter of 2019, nearly double the operating income from the prior-year period driven primarily from higher volume of component work, including contract improvements, and the medical radioisotope acquisition, partially offset by lower field service activity. Second quarter segment operating margins were robust at 17.2%, up 690 basis points compared to the prior-year period.
Nuclear Services Group (NSG) segment GAAP and non-GAAP operating income was $1.5 million and $1.8 million respectively for the second quarter of 2019, compared with $3.5 million in the prior-year period. Improved site performance was more than offset by higher bid and proposal activity and contract completions.
Liquidity and Debt
The Company generated cash from operating activities of $64.8 million in the second quarter of 2019 compared with $35.9 million in the prior-year period. At the end of the second quarter 2019, the Company’s cash and short-term investments position, net of restricted cash, was $38.1 million.
As of June 30, 2019, the Company had gross debt of $879.2 million and $65.9 million in letters of credit issued under the Company's revolving credit facility. Gross debt included $400.0 million in senior notes, $279.2 million in term loans and $200.0 million in borrowings under the Company’s revolving credit facility. The Company had $234.1 million in remaining availability under its revolving credit facility.
Capital Deployment
The Company returned $16.2 million in dividends to shareholders during the second quarter 2019, bringing the total to $53.0 million of cash returned to shareholders year-to-date including $20.0 million in share repurchases and $33.0 million in dividends. As of June 30, 2019, the total remaining share repurchase authorization remained at $165.3 million.
On July 30, 2019, our Board of Directors declared a quarterly cash dividend of $0.17 per common share. The dividend will be payable on September 6, 2019, to shareholders of record on August 16, 2019.
2019 Guidance
BWXT updated the following guidance for 2019:
| |
| • | Increased NPG operating margin to ~14% |
| |
| • | Decreased NSG operating income to ~$20 million |
| |
| • | Decreased corporate unallocated expenses to less than $20 million |
BWXT reiterated the following guidance for 2019:
| |
| • | Non-GAAP EPS of ~$2.50 (excludes pension and post-retirement benefits mark-to-market) |
| |
| • | 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 |
| |
| • | Other segment operating expense primarily for R&D of ~1% of revenue |
| |
| • | Other income primarily related to pension and other post-employment benefits of ~$22 million |
| |
| • | Non-GAAP effective tax rate in a range of 23% to 24% |
| |
| • | Capital expenditures of ~$225 million |
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 Second Quarter 2019 Results
Date: Tuesday, August 6, 2019, at 8:30 a.m. EDT
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 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 6,350 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.
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| | | | |
| Investor Contact: | | Media Contact: |
| Mark Kratz | | Jud Simmons |
| Director, Investor Relations | | Director, Media and Public Relations |
| 980-365-4300 | Investors@bwxt.com | | 434-522-6462 | hjsimmons@bwxt.com |
EXHIBIT 1
BWX TECHNOLOGIES, INC.
RECONCILIATION OF NON-GAAP OPERATING INCOME AND EARNINGS PER SHARE(1)(2)(3)
|
| | | | | | | | | | | | | | | |
| Three Months Ended June 30, 2019 |
| | | GAAP | | Restructuring Costs | | | | | Non-GAAP |
| | | | | | | | | | |
| Operating Income | $ | 80.5 |
| | $ | 0.3 |
| | | | | $ | 80.9 |
|
| Other Income (Expense) | (2.8 | ) | | — |
| | | | | (2.8 | ) |
| Provision for Income Taxes | (18.7 | ) | | (0.1 | ) | | | | | (18.8 | ) |
| Net Income | 59.0 |
| | 0.3 |
| | | | | 59.3 |
|
| Net Income Attributable to Noncontrolling Interest | (0.1 | ) | | — |
| | | | | (0.1 | ) |
| Net Income Attributable to BWXT | $ | 58.9 |
| | $ | 0.3 |
| | | | | $ | 59.1 |
|
| | | | | | | | | |
|
| Diluted Shares Outstanding | 95.7 |
| | | | | | | 95.7 |
|
| Diluted Earnings per Common Share | $ | 0.62 |
| | $ | 0.00 |
| | | | | $ | 0.62 |
|
| | |
| | | | | | | |
|
| Effective Tax Rate | 24.1% |
| | | | | | | 24.1% |
|
|
| | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, 2018 |
| | | GAAP | | Recognition of Debt Issuance Costs from Former Credit Facility | | Gain on Forward Contracts | | | Non-GAAP |
| | | | | | | | | | |
| Operating Income | $ | 71.5 |
| | $ | — |
| | $ | — |
| | | $ | 71.5 |
|
| Other Income (Expense) | 7.7 |
| | 2.4 |
| | (6.0 | ) | | | 4.1 |
|
| Provision for Income Taxes | (18.5 | ) | | (0.6 | ) | | 1.5 |
| | | (17.6 | ) |
| Net Income | 60.7 |
| | 1.8 |
| | (4.5 | ) | | | 58.1 |
|
| Net Income Attributable to Noncontrolling Interest | (0.1 | ) | | — |
| | — |
| | | (0.1 | ) |
| Net Income Attributable to BWXT | $ | 60.7 |
| | $ | 1.8 |
| | $ | (4.5 | ) | | | $ | 58.0 |
|
| | | | | | |
| | | |
|
| Diluted Shares Outstanding | 100.6 |
| | | | | | | 100.6 |
|
| Diluted Earnings per Common Share | $ | 0.60 |
| | $ | 0.02 |
| | $ | (0.04 | ) | | | $ | 0.58 |
|
| | |
| | | | | | | |
|
| Effective Tax Rate | 23.3% |
| | | | | | | 23.2% |
|
|
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| (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. |
| | | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | | | |
| Six Months Ended June 30, 2019 |
| | | GAAP | | Restructuring Costs | | | | | | | Non-GAAP |
| | | | | | | | | | | | |
| Operating Income | $ | 144.2 |
| | $ | 0.3 |
| | | | | | | $ | 144.5 |
|
| Other Income (Expense) | (3.6 | ) | | — |
| | | | | | | (3.6 | ) |
| Provision for Income Taxes | (32.5 | ) | | (0.1 | ) | | | | | | | (32.6 | ) |
| Net Income | 108.1 |
| | 0.3 |
| | | | | | | 108.4 |
|
| Net Income Attributable to Noncontrolling Interest | (0.3 | ) | | — |
| | | | | | | (0.3 | ) |
| Net Income Attributable to BWXT | $ | 107.9 |
| | $ | 0.3 |
| | | | | | | $ | 108.1 |
|
| | | | | | | | | | | |
|
| Diluted Shares Outstanding | 95.7 |
| | | | | | | | | 95.7 |
|
| Diluted Earnings per Common Share | $ | 1.13 |
| | $ | 0.00 |
| | | | | | | $ | 1.13 |
|
| | |
| | | | | | | | | |
|
| Effective Tax Rate | 23.1% |
| | | | | | | | | 23.1% |
|
|
| | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended June 30, 2018 |
| | | GAAP | | Acquisition Related Costs | | Recognition of Debt Issuance Costs from Former Credit Facility | | Gain on Forward Contracts | | | Non-GAAP |
| | | | | | | | | | | | |
| Operating Income | $ | 151.4 |
| | $ | 1.6 |
| | $ | — |
| | $ | — |
| | | $ | 153.0 |
|
| Other Income (Expense) | 12.8 |
| | — |
| | 2.4 |
| | (6.0 | ) | | | 9.2 |
|
| Provision for Income Taxes | (37.1 | ) | | (0.4 | ) | | (0.6 | ) | | 1.5 |
| | | (36.6 | ) |
| Net Income | 127.1 |
| | 1.2 |
| | 1.8 |
| | (4.5 | ) | | | 125.7 |
|
| Net Income Attributable to Noncontrolling Interest | (0.0 | ) | | — |
| | — |
| | — |
| | | (0.0 | ) |
| Net Income Attributable to BWXT | $ | 127.1 |
| | $ | 1.2 |
| | $ | 1.8 |
| | $ | (4.5 | ) | | | $ | 125.6 |
|
| | | | |
| | |
| | | | | |
|
| Diluted Shares Outstanding | 100.5 |
| | | | | | | | | 100.5 |
|
| Diluted Earnings per Common Share | $ | 1.26 |
| | $ | 0.01 |
| | $ | 0.02 |
| | $ | (0.04 | ) | | | $ | 1.25 |
|
| | |
| | |
| | |
| | | | | |
|
| Effective Tax Rate | 22.6% |
| | | | | | | | | 22.5% |
|
|
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| (1) | Tables may not foot due to rounding. |
| (2) | BWXT is providing non-GAAP information regarding certain of its historical results and guidance on future earnings per share to supplement the results provided in accordance with GAAP and it should not be considered superior to, or as a substitute for, the comparable GAAP measures. BWXT believes the non-GAAP measures provide meaningful insight and transparency into the Company’s operational performance and provides these measures to investors to help facilitate comparisons of operating results with prior periods and to assist them in understanding BWXT's ongoing operations. |
| (3) | BWXT has not included a reconciliation of provided non-GAAP guidance to the comparable GAAP measures due to the difficulty of estimating any mark-to-market adjustments for pension and post-retirement benefits, which are determined at the end of the year. |
| | | | | | | | | | | | | | | | |
BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
ASSETS
|
| | | | | | | | |
| | | June 30,
2019 | | December 31,
2018 |
| | | (Unaudited) (In thousands) |
| Current Assets: | | | | |
| Cash and cash equivalents | | $ | 34,444 |
| | $ | 29,871 |
|
| Restricted cash and cash equivalents | | 4,345 |
| | 3,834 |
|
| Investments | | 3,614 |
| | 3,597 |
|
| Accounts receivable – trade, net | | 68,122 |
| | 71,574 |
|
| Accounts receivable – other | | 17,685 |
| | 13,374 |
|
| Retainages | | 60,664 |
| | 57,885 |
|
| Contracts in progress | | 358,474 |
| | 318,454 |
|
| Other current assets | | 40,032 |
| | 43,859 |
|
| Total Current Assets | | 587,380 |
| | 542,448 |
|
| Property, Plant and Equipment | | 1,182,000 |
| | 1,132,392 |
|
| Less accumulated depreciation | | 708,186 |
| | 693,153 |
|
| Net Property, Plant and Equipment | | 473,814 |
| | 439,239 |
|
| Investments | | 9,089 |
| | 7,382 |
|
| Goodwill | | 278,626 |
| | 274,082 |
|
| Deferred Income Taxes | | 61,443 |
| | 63,908 |
|
| Investments in Unconsolidated Affiliates | | 68,576 |
| | 63,746 |
|
| Intangible Assets | | 195,125 |
| | 228,676 |
|
| Other Assets | | 82,427 |
| | 35,615 |
|
| TOTAL | | $ | 1,756,480 |
| | $ | 1,655,096 |
|
BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
LIABILITIES AND STOCKHOLDERS' EQUITY
|
| | | | | | | | |
| | | June 30,
2019 | | December 31,
2018 |
| | | (Unaudited) (In thousands, except share and per share amounts) |
| Current Liabilities: | | | | |
| Current maturities of long-term debt | | $ | 14,694 |
| | $ | 14,227 |
|
| Accounts payable | | 108,700 |
| | 114,751 |
|
| Accrued employee benefits | | 63,867 |
| | 77,386 |
|
| Accrued liabilities – other | | 51,493 |
| | 62,163 |
|
| Advance billings on contracts | | 67,413 |
| | 98,477 |
|
| Accrued warranty expense | | 9,225 |
| | 10,344 |
|
| Total Current Liabilities | | 315,392 |
| | 377,348 |
|
| Long-Term Debt | | 855,690 |
| | 753,617 |
|
| Accumulated Postretirement Benefit Obligation | | 19,316 |
| | 19,236 |
|
| Environmental Liabilities | | 89,949 |
| | 86,372 |
|
| Pension Liability | | 166,825 |
| | 173,469 |
|
| Other Liabilities | | 15,159 |
| | 9,353 |
|
| Commitments and Contingencies | | | | |
| Stockholders' Equity: | | | | |
| Common stock, par value $0.01 per share, authorized 325,000,000 shares; issued 126,416,746 and 125,871,866 shares at June 30, 2019 and December 31, 2018, respectively | | 1,264 |
| | 1,259 |
|
| Preferred stock, par value $0.01 per share, authorized 75,000,000 shares; No shares issued | | — |
| | — |
|
| Capital in excess of par value | | 124,105 |
| | 115,725 |
|
| Retained earnings | | 1,240,775 |
| | 1,166,762 |
|
| Treasury stock at cost, 31,249,163 and 30,625,074 shares at June 30, 2019 and December 31, 2018, respectively | | (1,067,082 | ) | | (1,037,795 | ) |
| Accumulated other comprehensive income | | (4,932 | ) | | (10,289 | ) |
| Stockholders' Equity – BWX Technologies, Inc. | | 294,130 |
| | 235,662 |
|
| Noncontrolling interest | | 19 |
| | 39 |
|
| Total Stockholders' Equity | | 294,149 |
| | 235,701 |
|
| TOTAL | | $ | 1,756,480 |
| | $ | 1,655,096 |
|
BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
| | | | | | | | | | | | | | | | |
| | | Three Months Ended June 30, | | Six Months Ended June 30, |
| | | 2019 | | 2018 | | 2019 | | 2018 |
| | | (Unaudited) (In thousands, except share and per share amounts) |
| Revenues | | $ | 471,231 |
| | $ | 438,921 |
| | $ | 887,685 |
| | $ | 896,384 |
|
| Costs and Expenses: | | | | | | | | |
| Cost of operations | | 338,023 |
| | 318,209 |
| | 641,658 |
| | 645,573 |
|
| Research and development costs | | 5,332 |
| | 4,107 |
| | 10,506 |
| | 7,714 |
|
| Losses (gains) on asset disposals and impairments, net | | 151 |
| | (237 | ) | | 151 |
| | (245 | ) |
| Selling, general and administrative expenses | | 54,052 |
| | 51,518 |
| | 105,735 |
| | 105,280 |
|
| Total Costs and Expenses | | 397,558 |
| | 373,597 |
| | 758,050 |
| | 758,322 |
|
| Equity in Income of Investees | | 6,862 |
| | 6,225 |
| | 14,544 |
| | 13,375 |
|
| Operating Income | | 80,535 |
| | 71,549 |
| | 144,179 |
| | 151,437 |
|
| Other Income (Expense): | | | | | | | | |
| Interest income | | 137 |
| | 441 |
| | 552 |
| | 1,219 |
|
| Interest expense | | (9,542 | ) | | (7,869 | ) | | (18,245 | ) | | (11,429 | ) |
| Other – net | | 6,604 |
| | 15,106 |
| | 14,125 |
| | 23,016 |
|
| Total Other Income (Expense) | | (2,801 | ) | | 7,678 |
| | (3,568 | ) | | 12,806 |
|
| Income before Provision for Income Taxes | | 77,734 |
| | 79,227 |
| | 140,611 |
| | 164,243 |
|
| Provision for Income Taxes | | 18,734 |
| | 18,493 |
| | 32,501 |
| | 37,096 |
|
| Net Income | | $ | 59,000 |
| | $ | 60,734 |
| | $ | 108,110 |
| | $ | 127,147 |
|
| Net Income Attributable to Noncontrolling Interest | | (122 | ) | | (71 | ) | | (254 | ) | | (43 | ) |
| Net Income Attributable to BWX Technologies, Inc. | | $ | 58,878 |
| | $ | 60,663 |
| | $ | 107,856 |
| | $ | 127,104 |
|
| Earnings per Common Share: | | | | | | | | |
| Basic: | | | | | | | | |
| Net Income Attributable to BWX Technologies, Inc. | | $ | 0.62 |
| | $ | 0.61 |
| | $ | 1.13 |
| | $ | 1.28 |
|
| Diluted: | | | | | | | | |
| Net Income Attributable to BWX Technologies, Inc. | | $ | 0.62 |
| | $ | 0.60 |
| | $ | 1.13 |
| | $ | 1.26 |
|
| Shares used in the computation of earnings per share: | | | | | | | | |
| Basic | | 95,357,311 |
| | 99,681,580 |
| | 95,306,210 |
| | 99,603,884 |
|
| Diluted | | 95,677,204 |
| | 100,571,737 |
| | 95,749,280 |
| | 100,542,014 |
|
BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
| | | | | | | | |
| | | Six Months Ended June 30, |
| | | 2019 | | 2018 |
| | | (Unaudited) (In thousands) |
| CASH FLOWS FROM OPERATING ACTIVITIES: | | | | |
| Net Income | | $ | 108,110 |
| | $ | 127,147 |
|
| Adjustments to reconcile net income to net cash provided by operating activities: | | | | |
| Depreciation and amortization | | 30,833 |
| | 28,420 |
|
| Income of investees, net of dividends | | (6,314 | ) | | (3,384 | ) |
| Gain on forward contracts | | — |
| | (5,997 | ) |
| Recognition of debt issuance costs from Former Credit Facility | | — |
| | 2,441 |
|
| Recognition of losses for pension and postretirement plans | | 1,295 |
| | 993 |
|
| Stock-based compensation expense | | 6,352 |
| | 5,755 |
|
| Changes in assets and liabilities: | | | | |
| Accounts receivable | | 6,836 |
| | 3,029 |
|
| Accounts payable | | 11,191 |
| | (3,835 | ) |
| Retainages | | (2,602 | ) | | (13,887 | ) |
| Contracts in progress and advance billings on contracts | | (69,549 | ) | | (53,902 | ) |
| Income taxes | | (6,184 | ) | | (12,302 | ) |
| Accrued and other current liabilities | | (15,192 | ) | | 973 |
|
| Pension liabilities, accrued postretirement benefit obligations and employee benefits | | (22,983 | ) | | (57,439 | ) |
| Other, net | | 5,273 |
| | (702 | ) |
| NET CASH PROVIDED BY OPERATING ACTIVITIES | | 47,066 |
| | 17,310 |
|
| CASH FLOWS FROM INVESTING ACTIVITIES: | | | | |
| Purchases of property, plant and equipment | | (75,701 | ) | | (33,960 | ) |
| Purchases of securities | | (2,038 | ) | | (1,822 | ) |
| Sales and maturities of securities | | 2,054 |
| | 2,955 |
|
| Investments, net of return of capital, in equity method investees | | — |
| | (9,800 | ) |
| Other, net | | 17 |
| | 1,246 |
|
| NET CASH USED IN INVESTING ACTIVITIES | | (75,668 | ) | | (41,381 | ) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | | | | |
| Borrowings of long-term debt | | 483,400 |
| | 700,000 |
|
| Repayments of long-term debt | | (390,714 | ) | | (509,968 | ) |
| Payment of debt issuance costs | | — |
| | (8,197 | ) |
| Repurchases of common shares | | (20,000 | ) | | — |
|
| Dividends paid to common shareholders | | (32,976 | ) | | (32,063 | ) |
| Exercises of stock options | | 1,400 |
| | 3,018 |
|
| Cash paid for shares withheld to satisfy employee taxes | | (8,654 | ) | | (4,710 | ) |
| Other, net | | 815 |
| | (352 | ) |
| NET CASH PROVIDED BY FINANCING ACTIVITIES | | 33,271 |
| | 147,728 |
|
| EFFECTS OF EXCHANGE RATE CHANGES ON CASH | | 447 |
| | (10,660 | ) |
| TOTAL INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS | | 5,116 |
| | 112,997 |
|
| 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 | | $ | 41,524 |
| | $ | 326,141 |
|
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | | | | |
| Cash paid during the period for: | | | | |
| Interest | | $ | 19,827 |
| | $ | 7,625 |
|
| Income taxes (net of refunds) | | $ | 38,103 |
| | $ | 49,848 |
|
| SCHEDULE OF NON-CASH INVESTING ACTIVITY: | | | | |
| Accrued capital expenditures included in accounts payable | | $ | 11,204 |
| | $ | 8,775 |
|
BWX TECHNOLOGIES, INC.
BUSINESS SEGMENT INFORMATION
|
| | | | | | | | | | | | | | | | |
| | | Three Months Ended June 30, | | Six Months Ended June 30, |
| | | 2019 | | 2018 | | 2019 | | 2018 |
| | | (Unaudited) (In thousands) |
| REVENUES: | | | | | | | | |
| Nuclear Operations Group | | $ | 358,352 |
| | $ | 332,140 |
| | $ | 663,153 |
| | $ | 648,771 |
|
| Nuclear Power Group | | 86,639 |
| | 75,697 |
| | 171,038 |
| | 188,513 |
|
| Nuclear Services Group | | 29,829 |
| | 32,596 |
| | 58,923 |
| | 62,629 |
|
| Adjustments and Eliminations | | (3,589 | ) | | (1,512 | ) | | (5,429 | ) | | (3,529 | ) |
| TOTAL | | $ | 471,231 |
| | $ | 438,921 |
| | $ | 887,685 |
| | $ | 896,384 |
|
| | | | | | | | | |
| SEGMENT INCOME: | | | | | | | | |
| Nuclear Operations Group | | $ | 75,226 |
| | $ | 67,046 |
| | $ | 132,851 |
| | $ | 134,703 |
|
| Nuclear Power Group | | 14,883 |
| | 7,810 |
| | 27,466 |
| | 29,574 |
|
| Nuclear Services Group | | 1,490 |
| | 3,511 |
| | 3,061 |
| | 4,688 |
|
| Other | | (6,744 | ) | | (4,357 | ) | | (12,840 | ) | | (8,400 | ) |
| SUBTOTAL | | 84,855 |
| | 74,010 |
| | 150,538 |
| | 160,565 |
|
| Unallocated Corporate | | (4,320 | ) | | (2,461 | ) | | (6,359 | ) | | (9,128 | ) |
| TOTAL | | $ | 80,535 |
| | $ | 71,549 |
| | $ | 144,179 |
| | $ | 151,437 |
|
| | | | | | | | | |
| DEPRECIATION AND AMORTIZATION: | | | | | | | | |
| Nuclear Operations Group | | $ | 8,192 |
| | $ | 8,124 |
| | $ | 16,201 |
| | $ | 15,902 |
|
| Nuclear Power Group | | 4,549 |
| | 3,484 |
| | 9,065 |
| | 7,079 |
|
| Nuclear Services Group | | 787 |
| | 895 |
| | 1,548 |
| | 1,808 |
|
| Other | | 236 |
| | — |
| | 299 |
| | — |
|
| Corporate | | 1,947 |
| | 1,856 |
| | 3,720 |
| | 3,631 |
|
| TOTAL | | $ | 15,711 |
| | $ | 14,359 |
| | $ | 30,833 |
| | $ | 28,420 |
|
| | | | | | | | | |
| CAPITAL EXPENDITURES: | | | | | | | | |
| Nuclear Operations Group | | $ | 19,851 |
| | $ | 14,615 |
| | $ | 55,211 |
| | $ | 28,424 |
|
| Nuclear Power Group | | 7,958 |
| | 763 |
| | 13,380 |
| | 1,722 |
|
| Nuclear Services Group | | 138 |
| | — |
| | 385 |
| | 235 |
|
| Other | | 331 |
| | 542 |
| | 2,252 |
| | 1,054 |
|
| Corporate | | 2,904 |
| | 406 |
| | 4,473 |
| | 2,525 |
|
| TOTAL | | $ | 31,182 |
| | $ | 16,326 |
| | $ | 75,701 |
| | $ | 33,960 |
|
BWX TECHNOLOGIES, INC.
BUSINESS SEGMENT INFORMATION
|
| | | | | | | | | | | | | | | | |
| | | Three Months Ended June 30, | | Six Months Ended June 30, |
| | | 2019 | | 2018 | | 2019 | | 2018 |
| | | (Unaudited) (In thousands) |
| BACKLOG: | | | | | | | | |
| Nuclear Operations Group | | $ | 3,706,286 |
| | $ | 2,686,050 |
| | $ | 3,706,286 |
| | $ | 2,686,050 |
|
| Nuclear Power Group | | 750,417 |
| | 883,049 |
| | 750,417 |
| | 883,049 |
|
| Nuclear Services Group | | 48,260 |
| | 43,518 |
| | 48,260 |
| | 43,518 |
|
| TOTAL | | $ | 4,504,963 |
| | $ | 3,612,617 |
| | $ | 4,504,963 |
| | $ | 3,612,617 |
|
| | | | | | | | | |
| BOOKINGS: | | | | | | | | |
| Nuclear Operations Group | | $ | 53,974 |
| | $ | 14,860 |
| | $ | 1,730,711 |
| | $ | 74,936 |
|
| Nuclear Power Group | | 67,673 |
| | 408,377 |
| | 117,749 |
| | 445,285 |
|
| Nuclear Services Group | | 30,582 |
| | 47,572 |
| | 65,588 |
| | 75,323 |
|
| TOTAL | | $ | 152,229 |
| | $ | 470,809 |
| | $ | 1,914,048 |
| | $ | 595,544 |
|
