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| 8-K - 8-K - BWX Technologies, Inc. | bwxt_93018xerdocument.htm |
BWX Technologies Reports Third Quarter 2018 Results;
Reiterates Long-Term Guidance
• | 3Q18 revenue growth of 1.5%; 3Q18 orders up significantly; backlog at $3.8 billion |
• | 3Q18 GAAP EPS of $0.78 and non-GAAP EPS of $0.40, each inclusive of a $0.21 negative impact for missile tube reserves |
• | Returned $79 million to shareholders in 3Q18; approved a new $250 million share repurchase authorization |
• | Updated 2018 guidance: non-GAAP EPS in a range of $2.23 to $2.27, revenue of approximately $1.8 billion |
• | Reiterated long-term guidance of low double-digit EPS growth |
Lynchburg, VA - November 6, 2018 - BWX Technologies, Inc. (NYSE: BWXT) ("BWXT", "we", "us" or the "Company") reported third quarter 2018 revenue of $426 million, a 1.5% increase compared to $419 million in the third quarter of 2017. GAAP net income for the third quarter 2018 was $77.9 million, or $0.78 per diluted share, compared to net income of $46.6 million, or $0.46 per diluted share, in the prior-year quarter. Non-GAAP net income for the third quarter 2018 was $40.1 million, or $0.40 per diluted share. A reconciliation of non-GAAP results is detailed in Exhibit 1.
"We continue to exhibit top-line strength while building backlog," said Rex D. Geveden, president and chief executive officer. "Third quarter results were negatively impacted by a reserve on missile tubes and increased interest expense; however, our long-term outlook remains unchanged. We have updated our 2018 guidance and continue to reiterate our low double-digit EPS CAGR based on our superior competitive positioning, robust organic growth opportunities, and balance sheet capacity.”
"We made substantial progress during the quarter on the missile tube welding issue. The problem is fully characterized, and the required remediations are understood. Accordingly, we have taken a charge in the third quarter to account for those items. Excluding this charge, third quarter NOG margins would have been 21.7%, or about 120 basis points higher than the third quarter of 2017."
Third Quarter 2018 Segment Results
Nuclear Operations Group (NOG) segment revenue was $319 million for the third quarter of 2018, a 1.6% decrease from the prior-year period driven primarily by lower missile tube revenue partially offset by an increase in naval nuclear fuel and downblending services. NOG operating income was $45.6 million in the third quarter of 2018, down 31% compared with the prior-year period primarily driven by a $26.7 million charge for re-work related to missile tubes. Third quarter 2018 segment operating margin was 14.3%.
Nuclear Power Group (NPG) segment revenue was $79.2 million for the third quarter of 2018, a 15.4% increase from the prior-year period driven by an increase in field services, fuel manufacturing and the medical radioisotope acquisition. NPG operating income was $9.1 million in the third quarter of 2018, a 7.6% increase from the prior-year period. Third quarter 2018 segment operating margin was 11.4%.
Nuclear Services Group (NSG) segment operating income was $6.5 million for the third quarter of 2018 compared with $0.8 million for third quarter of 2017, primarily driven by an increase in operational performance, lower costs and new contract starts.
Liquidity and Debt
The Company utilized cash in operating activities of $25.8 million in the third quarter of 2018, inclusive of $118.1 million of voluntary pension contributions, compared with cash generated from operating activities of $80.7 million in the prior-year period. At the end of the third quarter 2018, the Company’s cash and short-term investments position, net of restricted cash, was $68.9 million.
As of September 30, 2018, the Company had gross debt of $781.2 million and $67.7 million in letters of credit issued under the Company's revolving credit facility. Gross debt included $400.0 million in senior notes, $291.2 million in term loans and $90.0 million in borrowings under the Company’s revolving credit facility. As a result, the Company had $342.3 million in remaining availability under its revolving credit facility.
Capital Deployment
The Company returned $79 million to shareholders during the third quarter 2018, including $63 million in share repurchases and $16 million in dividends. On November 6, 2018, our Board of Directors declared a quarterly cash dividend of $0.16 per common share. The dividend will be payable on December 13, 2018, to shareholders of record on November 20, 2018. The Board of Directors also approved a $250 million share repurchase authorization, resulting in a total available share repurchase authorization of $337 million.
2018 Guidance
BWXT revised its guidance for 2018:
• | Total Company revenue is now expected to be approximately $1.8 billion |
• | Non-GAAP EPS is now expected to be in a range of $2.23 to $2.27 (excluding mark-to-market of pension and post-retirement benefits) |
• | NOG revenue is now expected to be approximately $1.3 billion with operating margin in the high teens inclusive of CAS pension reimbursements and missile tube reserves |
• | NPG revenue is now expected to be approximately $370 million with operating margin of approximately 14% |
• | Non-GAAP effective tax rate is now expected in a range of 22% to 23% |
BWXT reiterated the following guidance for 2018:
• | 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 benefits of $30 to $35 million |
• | Capital expenditures of approximately $150 million, primarily to support growth in Navy business |
• | Depreciation and amortization of approximately $60 million |
Long-term Guidance
BWXT reiterated long-term guidance that, beyond 2017, and excluding the benefit of tax reform, the Company anticipates 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 Third Quarter 2018 Results
Date: Wednesday, November 7, 2018, at 8:30 a.m. EDT
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; the anticipated benefits of our acquisition of Nordion’s medical isotope business; timing of future revenues from the acquisition of Nordion’s medical isotope business and new medical radioisotope business; the timing and impact of the missile tube welding issue; our plans and expectations for the NOG, NPG and NSG segments; and our 2018 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, 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 6,250 employees, BWXT has eleven 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.
Investor Contact: | Media Contact: | |||
Alan Nethery | Jud Simmons | |||
Vice President and Chief Investor Relations Officer | 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)
(In millions, except per share amounts)
Three Months Ended September 30, 2018 | |||||||||||||||||||||||||||
GAAP | Pension & OPEB MTM (Gain) / Loss | Acquisition Related Costs | Loss on Forward Contracts | One-time Tax Benefit | Missile tube reserve | Non-GAAP | |||||||||||||||||||||
Operating Income | $ | 50.4 | $ | — | $ | 0.9 | $ | — | $ | — | $ | 51.3 | |||||||||||||||
Other Income (Expense) | 34.2 | (35.1 | ) | — | 1.3 | — | 0.3 | ||||||||||||||||||||
Provision for Income Taxes | (6.5 | ) | 8.1 | (0.2 | ) | (0.3 | ) | (12.5 | ) | (11.3 | ) | ||||||||||||||||
Net Income | 78.1 | (27.0 | ) | 0.7 | 1.0 | (12.5 | ) | 40.3 | |||||||||||||||||||
Net Income Attributable to Noncontrolling Interest | (0.2 | ) | — | — | — | — | (0.2 | ) | |||||||||||||||||||
Net Income Attributable to BWXT | $ | 77.9 | $ | (27.0 | ) | $ | 0.7 | $ | 1.0 | $ | (12.5 | ) | $ | 40.1 | |||||||||||||
Diluted Shares Outstanding | 100.4 | 100.4 | |||||||||||||||||||||||||
Diluted Earnings per Common Share | $ | 0.78 | $ | (0.27 | ) | $ | 0.01 | $ | 0.01 | $ | (0.12 | ) | $ | 0.40 | |||||||||||||
Effective Tax Rate | 7.7% | 22.0% | |||||||||||||||||||||||||
NOG segment margins(4) | 14.3% | 7.4% | 21.7% | ||||||||||||||||||||||||
Three Months Ended September 30, 2017 | |||||||||||||||||||
GAAP | Non-GAAP | ||||||||||||||||||
Operating Income | $ | 66.8 | $ | 66.8 | |||||||||||||||
Other Income (Expense) | 3.8 | 3.8 | |||||||||||||||||
Provision for Income Taxes | (23.9 | ) | (23.9 | ) | |||||||||||||||
Net Income | 46.7 | 46.7 | |||||||||||||||||
Net Income Attributable to Noncontrolling Interest | (0.1 | ) | (0.1 | ) | |||||||||||||||
Net Income Attributable to BWXT | $ | 46.6 | $ | 46.6 | |||||||||||||||
Diluted Shares Outstanding | 100.3 | 100.3 | |||||||||||||||||
Diluted Earnings per Common Share | $ | 0.46 | $ | 0.46 | |||||||||||||||
Effective Tax Rate | 33.9% | 33.9% | |||||||||||||||||
(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. | ||||||||||||||||||
(4) | Additional information about the missile tube reserve impact to Revenue, Operating Income and Operating Margin for 3Q and YTD can be found in our most recent Investor Briefing on the BWXT website at www.bwxt.com/investors. | ||||||||||||||||||
EXHIBIT 1 (continued)
BWX TECHNOLOGIES, INC.
RECONCILIATION OF NON-GAAP OPERATING INCOME AND EARNINGS PER SHARE(1)(2)(3)
(In millions, except per share amounts)
Nine Months Ended September 30, 2018 | |||||||||||||||||||||||||||||
GAAP | Pension & OPEB MTM (Gain) / Loss | Acquisition Related Costs | Recognition of Debt Issuance Costs from Former Credit Facility | Gain on Forward Contracts | One-Time Tax Benefit | Non-GAAP | |||||||||||||||||||||||
Operating Income | $ | 201.8 | $ | — | $ | 2.5 | $ | — | $ | — | $ | 204.3 | |||||||||||||||||
Other Income (Expense) | 47.0 | (35.1 | ) | — | 2.4 | (4.7 | ) | 9.5 | |||||||||||||||||||||
Provision for Income Taxes | (43.6 | ) | 8.1 | (0.6 | ) | (0.6 | ) | 1.2 | (12.5 | ) | (47.9 | ) | |||||||||||||||||
Net Income | 205.2 | (27.0 | ) | 1.9 | 1.8 | (3.5 | ) | (12.5 | ) | 166.0 | |||||||||||||||||||
Net Income Attributable to Noncontrolling Interest | (0.2 | ) | — | — | — | — | (0.2 | ) | |||||||||||||||||||||
Net Income Attributable to BWXT | $ | 205.0 | $ | (27.0 | ) | $ | 1.9 | $ | 1.8 | $ | (3.5 | ) | $ | (12.5 | ) | $ | 165.8 | ||||||||||||
Diluted Shares Outstanding | 100.5 | 100.5 | |||||||||||||||||||||||||||
Diluted Earnings per Common Share | $ | 2.04 | $ | (0.27 | ) | $ | 0.02 | $ | 0.02 | $ | (0.03 | ) | $ | 0.12 | $ | 1.65 | |||||||||||||
Effective Tax Rate | 17.5% | 22.4% | |||||||||||||||||||||||||||
Nine Months Ended September 30, 2017 | |||||||||||||||||||||||
GAAP | Framework Agreement & Litigation | Impairment (Gains) / Charges | Non-GAAP | ||||||||||||||||||||
Operating Income | $ | 228.5 | $ | (7.9 | ) | $ | — | $ | 220.6 | ||||||||||||||
Other Income (Expense) | 11.0 | — | (0.4 | ) | 10.6 | ||||||||||||||||||
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% | |||||||||||||||||||||
(1) | Tables may not foot due to rounding. | ||||||||||||||||||||||
(2) | BWXT is providing non-GAAP information regarding certain of its historical results and guidance on future earnings per share to supplement the results provided in accordance with GAAP and it should not be considered superior to, or as a substitute for, the comparable GAAP measures. BWXT believes the non-GAAP measures provide meaningful insight and transparency into the Company’s operational performance and provides these measures to investors to help facilitate comparisons of operating results with prior periods and to assist them in understanding BWXT's ongoing operations. | ||||||||||||||||||||||
(3) | BWXT has not included a reconciliation of provided non-GAAP guidance to the comparable GAAP measures due to the difficulty of estimating any mark-to-market adjustments for pension and post-retirement benefits, which are determined at the end of the year. | ||||||||||||||||||||||
BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
ASSETS
September 30, 2018 | December 31, 2017 | |||||||
(Unaudited) (In thousands) | ||||||||
Current Assets: | ||||||||
Cash and cash equivalents | $ | 66,125 | $ | 203,404 | ||||
Restricted cash and cash equivalents | 4,359 | 7,105 | ||||||
Investments | 2,732 | 2,934 | ||||||
Accounts receivable – trade, net | 194,575 | 189,217 | ||||||
Accounts receivable – other | 46,183 | 19,365 | ||||||
Contracts in progress | 326,355 | 420,628 | ||||||
Other current assets | 44,528 | 30,437 | ||||||
Total Current Assets | 684,857 | 873,090 | ||||||
Property, Plant and Equipment | 1,073,893 | 1,013,141 | ||||||
Less accumulated depreciation | 684,530 | 664,512 | ||||||
Net Property, Plant and Equipment | 389,363 | 348,629 | ||||||
Investments | 8,604 | 9,301 | ||||||
Goodwill | 278,939 | 218,331 | ||||||
Deferred Income Taxes | 45,105 | 86,740 | ||||||
Investments in Unconsolidated Affiliates | 62,160 | 43,266 | ||||||
Intangible Assets | 240,081 | 110,405 | ||||||
Other Assets | 26,595 | 22,577 | ||||||
TOTAL | $ | 1,735,704 | $ | 1,712,339 | ||||
BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
LIABILITIES AND STOCKHOLDERS' EQUITY
September 30, 2018 | December 31, 2017 | |||||||
(Unaudited) (In thousands, except share and per share amounts) | ||||||||
Current Liabilities: | ||||||||
Current maturities of long-term debt | $ | 14,745 | $ | 27,870 | ||||
Accounts payable | 100,004 | 93,421 | ||||||
Accrued employee benefits | 74,398 | 82,477 | ||||||
Accrued liabilities – other | 53,508 | 64,738 | ||||||
Advance billings on contracts | 104,646 | 246,192 | ||||||
Accrued warranty expense | 12,426 | 13,428 | ||||||
Total Current Liabilities | 359,727 | 528,126 | ||||||
Long-Term Debt | 756,492 | 481,059 | ||||||
Accumulated Postretirement Benefit Obligation | 20,111 | 21,368 | ||||||
Environmental Liabilities | 89,429 | 79,786 | ||||||
Pension Liability | 102,093 | 296,444 | ||||||
Other Liabilities | 15,351 | 19,799 | ||||||
Commitments and Contingencies | ||||||||
Stockholders' Equity: | ||||||||
Common stock, par value $0.01 per share, authorized 325,000,000 shares; issued 125,796,671 and 125,381,591 shares at September 30, 2018 and December 31, 2017, respectively | 1,258 | 1,254 | ||||||
Preferred stock, par value $0.01 per share, authorized 75,000,000 shares; No shares issued | — | — | ||||||
Capital in excess of par value | 112,300 | 98,843 | ||||||
Retained earnings | 1,159,552 | 990,652 | ||||||
Treasury stock at cost, 27,070,536 and 25,964,088 shares at September 30, 2018 and December 31, 2017, respectively | (884,200 | ) | (814,809 | ) | ||||
Accumulated other comprehensive income | 3,542 | 9,454 | ||||||
Stockholders' Equity – BWX Technologies, Inc. | 392,452 | 285,394 | ||||||
Noncontrolling interest | 49 | 363 | ||||||
Total Stockholders' Equity | 392,501 | 285,757 | ||||||
TOTAL | $ | 1,735,704 | $ | 1,712,339 | ||||
BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
(Unaudited) (In thousands, except share and per share amounts) | ||||||||||||||||
Revenues | $ | 425,507 | $ | 419,360 | $ | 1,321,891 | $ | 1,257,600 | ||||||||
Costs and Expenses: | ||||||||||||||||
Cost of operations | 326,314 | 302,267 | 971,887 | 883,839 | ||||||||||||
Research and development costs | 3,959 | 2,597 | 11,673 | 5,268 | ||||||||||||
Losses (gains) on asset disposals and impairments, net | 243 | (2 | ) | (2 | ) | (33 | ) | |||||||||
Selling, general and administrative expenses | 53,919 | 51,351 | 159,199 | 150,881 | ||||||||||||
Total Costs and Expenses | 384,435 | 356,213 | 1,142,757 | 1,039,955 | ||||||||||||
Equity in Income of Investees | 9,323 | 3,630 | 22,698 | 10,832 | ||||||||||||
Operating Income | 50,395 | 66,777 | 201,832 | 228,477 | ||||||||||||
Other Income (Expense): | ||||||||||||||||
Interest income | 1,121 | 402 | 2,340 | 750 | ||||||||||||
Interest expense | (7,925 | ) | (3,837 | ) | (19,354 | ) | (11,260 | ) | ||||||||
Other – net | 40,968 | 7,252 | 63,984 | 21,487 | ||||||||||||
Total Other Income (Expense) | 34,164 | 3,817 | 46,970 | 10,977 | ||||||||||||
Income before Provision for Income Taxes | 84,559 | 70,594 | 248,802 | 239,454 | ||||||||||||
Provision for Income Taxes | 6,482 | 23,901 | 43,578 | 75,556 | ||||||||||||
Net Income | $ | 78,077 | $ | 46,693 | $ | 205,224 | $ | 163,898 | ||||||||
Net Income Attributable to Noncontrolling Interest | (158 | ) | (140 | ) | (201 | ) | (364 | ) | ||||||||
Net Income Attributable to BWX Technologies, Inc. | $ | 77,919 | $ | 46,553 | $ | 205,023 | $ | 163,534 | ||||||||
Earnings per Common Share: | ||||||||||||||||
Basic: | ||||||||||||||||
Net Income Attributable to BWX Technologies, Inc. | $ | 0.78 | $ | 0.47 | $ | 2.06 | $ | 1.65 | ||||||||
Diluted: | ||||||||||||||||
Net Income Attributable to BWX Technologies, Inc. | $ | 0.78 | $ | 0.46 | $ | 2.04 | $ | 1.63 | ||||||||
Shares used in the computation of earnings per share: | ||||||||||||||||
Basic | 99,421,031 | 99,328,677 | 99,542,933 | 99,313,264 | ||||||||||||
Diluted | 100,420,766 | 100,260,255 | 100,501,597 | 100,367,383 | ||||||||||||
BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine Months Ended September 30, | ||||||||
2018 | 2017 | |||||||
(Unaudited) (In thousands) | ||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net Income | $ | 205,224 | $ | 163,898 | ||||
Non-cash items included in net income from continuing operations: | ||||||||
Depreciation and amortization | 43,692 | 42,135 | ||||||
Income of investees, net of dividends | (8,471 | ) | 731 | |||||
Gains on asset disposals and impairments, net | (2 | ) | (33 | ) | ||||
Gain on forward contracts | (4,743 | ) | — | |||||
Recognition of debt issuance costs from Former Credit Facility | 2,441 | — | ||||||
Provision for deferred taxes | 38,685 | 17,501 | ||||||
Recognition of (gains) losses for pension and postretirement plans | (33,699 | ) | 1,320 | |||||
Stock-based compensation expense | 8,519 | 9,879 | ||||||
Changes in assets and liabilities: | ||||||||
Accounts receivable | 3,384 | (17,748 | ) | |||||
Accounts payable | 2,061 | (10,978 | ) | |||||
Contracts in progress and advance billings on contracts | (35,049 | ) | (2,963 | ) | ||||
Income taxes | (46,511 | ) | 21,587 | |||||
Accrued and other current liabilities | 3,344 | (33,736 | ) | |||||
Pension liability, accrued postretirement benefit obligation and employee benefits | (184,898 | ) | (47,109 | ) | ||||
Other, net | (2,418 | ) | 345 | |||||
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | (8,441 | ) | 144,829 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
Purchases of property, plant and equipment | (60,488 | ) | (49,361 | ) | ||||
Acquisition of business | (212,993 | ) | — | |||||
Purchases of securities | (3,111 | ) | (3,237 | ) | ||||
Sales and maturities of securities | 3,378 | 12,406 | ||||||
Investments, net of return of capital, in equity method investees | (9,037 | ) | 2,142 | |||||
Proceeds from asset disposals | 499 | 142 | ||||||
Other, net | 4,743 | (24 | ) | |||||
NET CASH USED IN INVESTING ACTIVITIES | (277,009 | ) | (37,932 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Borrowings of long-term debt | 901,300 | 73,600 | ||||||
Repayments of long-term debt | (624,987 | ) | (94,320 | ) | ||||
Payment of debt issuance costs | (9,443 | ) | — | |||||
Repurchase of common shares | (62,558 | ) | — | |||||
Dividends paid to common shareholders | (48,014 | ) | (31,072 | ) | ||||
Exercise of stock options | 3,511 | 16,019 | ||||||
Cash paid for shares withheld to satisfy employee taxes | (5,402 | ) | (7,389 | ) | ||||
Other | (515 | ) | (415 | ) | ||||
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 153,892 | (43,577 | ) | |||||
EFFECTS OF EXCHANGE RATE CHANGES ON CASH | (8,464 | ) | 15,290 | |||||
TOTAL (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS | (140,022 | ) | 78,610 | |||||
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 213,144 | 134,600 | ||||||
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 73,122 | $ | 213,210 | ||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||||||||
Cash paid during the period for: | ||||||||
Interest | $ | 13,325 | $ | 10,762 | ||||
Income taxes (net of refunds) | $ | 51,779 | $ | 36,425 | ||||
SCHEDULE OF NON-CASH INVESTING ACTIVITY: | ||||||||
Accrued capital expenditures included in accounts payable | $ | 13,457 | $ | 7,680 | ||||
BWX TECHNOLOGIES, INC.
BUSINESS SEGMENT INFORMATION
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
(Unaudited) (In thousands) | ||||||||||||||||
REVENUES: | ||||||||||||||||
Nuclear Operations Group | $ | 319,325 | $ | 324,545 | $ | 968,096 | $ | 962,492 | ||||||||
Nuclear Services Group | 28,366 | 27,507 | 90,995 | 100,146 | ||||||||||||
Nuclear Power Group | 79,162 | 68,621 | 267,675 | 200,864 | ||||||||||||
Adjustments and Eliminations | (1,346 | ) | (1,313 | ) | (4,875 | ) | (5,902 | ) | ||||||||
TOTAL | $ | 425,507 | $ | 419,360 | $ | 1,321,891 | $ | 1,257,600 | ||||||||
SEGMENT INCOME: | ||||||||||||||||
Nuclear Operations Group | $ | 45,580 | $ | 66,459 | $ | 180,283 | $ | 203,503 | ||||||||
Nuclear Services Group | 6,494 | 776 | 11,182 | 16,577 | ||||||||||||
Nuclear Power Group | 9,063 | 8,426 | 38,637 | 27,094 | ||||||||||||
Other | (5,142 | ) | (2,255 | ) | (13,542 | ) | (4,937 | ) | ||||||||
SUBTOTAL | 55,995 | 73,406 | 216,560 | 242,237 | ||||||||||||
Unallocated Corporate | (5,600 | ) | (6,629 | ) | (14,728 | ) | (13,760 | ) | ||||||||
TOTAL | $ | 50,395 | $ | 66,777 | $ | 201,832 | $ | 228,477 | ||||||||
DEPRECIATION AND AMORTIZATION: | ||||||||||||||||
Nuclear Operations Group | $ | 8,102 | $ | 7,706 | $ | 24,004 | $ | 23,261 | ||||||||
Nuclear Services Group | 792 | 914 | 2,600 | 2,788 | ||||||||||||
Nuclear Power Group | 4,615 | 3,436 | 11,694 | 10,243 | ||||||||||||
Other | — | — | — | — | ||||||||||||
Corporate | 1,763 | 1,880 | 5,394 | 5,843 | ||||||||||||
TOTAL | $ | 15,272 | $ | 13,936 | $ | 43,692 | $ | 42,135 | ||||||||
CAPITAL EXPENDITURES: | ||||||||||||||||
Nuclear Operations Group | $ | 22,047 | $ | 18,851 | $ | 50,471 | $ | 43,090 | ||||||||
Nuclear Services Group | 71 | 178 | 306 | 489 | ||||||||||||
Nuclear Power Group | 595 | 1,047 | 2,317 | 3,235 | ||||||||||||
Other | 286 | — | 1,340 | — | ||||||||||||
Corporate | 3,529 | 538 | 6,054 | 2,547 | ||||||||||||
TOTAL | $ | 26,528 | $ | 20,614 | $ | 60,488 | $ | 49,361 | ||||||||
BWX TECHNOLOGIES, INC.
BUSINESS SEGMENT INFORMATION
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
(Unaudited) (In thousands) | ||||||||||||||||
BACKLOG: | ||||||||||||||||
Nuclear Operations Group | $ | 2,939,464 | $ | 2,970,088 | $ | 2,939,464 | $ | 2,970,088 | ||||||||
Nuclear Services Group | 26,211 | 37,520 | 26,211 | 37,520 | ||||||||||||
Nuclear Power Group | 868,258 | 527,708 | 868,258 | 527,708 | ||||||||||||
TOTAL | $ | 3,833,933 | $ | 3,535,316 | $ | 3,833,933 | $ | 3,535,316 | ||||||||
BOOKINGS: | ||||||||||||||||
Nuclear Operations Group | $ | 571,762 | $ | 32,272 | $ | 646,698 | $ | 446,771 | ||||||||
Nuclear Services Group | 10,786 | 43,004 | 86,109 | 108,295 | ||||||||||||
Nuclear Power Group | 56,800 | 115,718 | 502,085 | 255,070 | ||||||||||||
TOTAL | $ | 639,348 | $ | 190,994 | $ | 1,234,892 | $ | 810,136 | ||||||||