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| 8-K - 8-K - BWX Technologies, Inc. | bwxt_33117xerdocument.htm |
BWX Technologies Announces First Quarter 2017 Results
- EPS Growth of 17% and 22% Over Prior Year Period GAAP and Adjusted EPS, Respectively
- Consolidated Revenue Growth of 17% Over Prior Year Period
- Increases Quarterly Dividend by 22% to $0.11 per Share
-Reaffirms 2017 EPS Guidance of $1.85 to $1.95
Lynchburg, VA - May 1, 2017 - BWX Technologies, Inc. (NYSE: BWXT) ("BWXT" or the "Company") today reported first quarter 2017 revenues of $428.2 million, 17% growth compared to $364.8 million in the first quarter of 2016. Earnings per share (EPS) for the first quarter of 2017 were $0.55 compared to GAAP EPS of $0.47 and adjusted (non-GAAP) EPS of $0.45 in the first quarter of 2016. A reconciliation of non-GAAP results is detailed in Exhibit 1.
"BWXT began the new year with a strong quarter, successfully executing on our strategy while continuing to deliver on our commitments to both customers and shareholders," said Mr. John A. Fees, Executive Chairman. “Our Nuclear Operations business continues to produce excellent results, generating record first quarter operating income of $73 million. In addition, we are already seeing a positive effect from the BWXT Nuclear Energy Canada Inc. acquisition in serving the Canadian commercial nuclear market. The newly combined Nuclear Power business produced nearly $78 million in revenues in the first quarter while achieving an 18% operating profit margin. As we continue into 2017, we remain committed to our overall strategy of maintaining operational excellence and continuing to position ourselves to further grow the business.”
First Quarter 2017 Results of Operations
The Company’s consolidated GAAP operating income for the first quarter of 2017 increased to $83.2 million compared to GAAP operating income of $42.6 million in the first quarter of 2016. Adjusted (non-GAAP) operating income for the first quarter of 2017 was also $83.2 million, an increase of more than 14% compared to adjusted (non-GAAP) operating income of $72.6 million in the first quarter of 2016. The increase in GAAP operating income compared to the prior year period was largely due to a $30.0 million charge related to the mPower framework agreement, which was recorded in the first quarter of 2016. Operating income also increased due to results from our Nuclear Operations Group (NOG) and Nuclear Power Group (NPG) segments.
The NOG segment represents our former Nuclear Operations segment. NOG revenues increased approximately 10% to a first quarter record $325.1 million compared to $295.3 million in the same quarter of 2016 due to increased activity in component manufacturing as well as our naval nuclear fuel and downblending operations. NOG operating income was $73.2 million in the first quarter of 2017, almost 13% higher than the $64.9 million in the prior year period.
The NPG segment reporting comprises our legacy Canadian nuclear operations and the recently acquired BWXT Nuclear Energy Canada Inc. (BWXT NEC) business. Revenues from NPG more than doubled to $77.7 million in the first quarter of 2017 compared to $36.2 million in the prior year period, primarily due to the acquisition of BWXT NEC. NPG’s operating income was $13.8 million in the first quarter of 2017,
ahead of the prior year’s period operating income of $7.0 million, also due to the net impact of the BWXT NEC acquisition and increased activity of BWXT Canada.
The Nuclear Services Group (NSG) segment reporting comprises our previous Technical Services segment and our U.S. nuclear service business. The latter includes our portfolio of work in advanced reactors for space and terrestrial power applications. NSG segment revenues were $27.9 million in the first quarter of 2017 compared to $34.0 million in the same quarter of 2016 primarily due to the quarterly timing of maintenance outages in the commercial U.S. nuclear utility market. NSG segment revenues were also slightly impacted by decline in specialty engineering work related to new nuclear plant designs, both of which were partially offset by higher activity at our Naval Reactor decommissioning/decontamination and NASA support services projects. NSG’s operating income decreased to $0.7 million in the first quarter of 2017 from $5.8 million in the prior year period due to the aforementioned quarterly outage timing in 2017, as well as our transition off of a joint venture project in Idaho in the second quarter of 2016.
"BWXT accomplished several key strategic initiatives in 2016 and entered 2017 in a position of strength," said Mr. Rex D. Geveden, President and Chief Executive Officer. "Our Nuclear Operations business continues to maintain a strong backlog, and BWXT remains a trusted provider for the Navy as it considers expanding its submarine and aircraft carrier fleet. Our newly formed Nuclear Power segment is positioned for long-term growth as it supports ongoing outage work and refurbishment activities in our traditional Canadian nuclear market and grows into the CANDU fuel, equipment and services market via the acquisition of BWXT NEC. We continue to invest in a robust pipeline of opportunities in the Nuclear Services segment, and we believe we will be able to increase profitability in that business over the next few years. Lastly, we remain committed to our balanced capital allocation approach and continue to evaluate opportunities for acquired growth and strategic investments."
Liquidity and Debt
The Company utilized cash from operating activities of $54.8 million in the first quarter of 2017, inclusive of a $30 million settlement payment to Bechtel pursuant to the Generation mPower LLC Framework Agreement, compared with net cash utilized from operating activities of $12.8 million in the first quarter of 2016. At the end of the first quarter, the Company’s cash and short-term investments position, net of restricted cash, was $108.3 million.
As of March 31, 2017, outstanding balances under our credit facility included $525.9 million in term loans, $50 million in borrowings under the revolving line of credit, and letters of credit issued under the facility totaling $125.1 million. As a result, the Company has $224.9 million of remaining availability under our credit facility, excluding an additional $250 million accordion provision.
Share Repurchases
We received an additional 846,568 shares in the first quarter of 2017 in connection with the completion of our previously authorized $200 million Accelerated Share Repurchase (ASR). We have an additional $193 million of share repurchase authorization remaining as of March 31, 2017.
Quarterly Dividend
On April 28, 2017, our Board of Directors declared a quarterly cash dividend of $0.11 per common share. The dividend will be payable on June 6, 2017, to shareholders of record on May 16, 2017.
Outlook
The Company reaffirms its guidance that adjusted earnings per share for the full year 2017 are expected to be between $1.85 and $1.95. Adjusted earnings per share exclude any mark-to-market adjustments for pension
and post-retirement benefits recognized during 2017. Beyond 2017, we continue to anticipate an EPS CAGR in the low double digits over the next 3-5 years based upon our robust organic growth strategy and remaining balance sheet capacity. Segment guidance provided for 2017 remains unchanged.
Conference Call to Discuss First Quarter 2017 Results
Date: Tuesday, May 2, 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, anticipated benefits of the acquisition of GE-Hitachi Nuclear Energy Canada Inc., management’s plans and expectations for our business segments, including potential growth opportunities, as well as our outlook and guidance for 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 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 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, Investor Relations | Communications Director | |||
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 March 31, 2017 | |||||||||||||||||||||||||
GAAP | Performance Guarantees Release | mPower Deconsolidation | Framework Agreement | Impairment (Gains) / Charges | Non-GAAP | ||||||||||||||||||||
Operating Income | $ | 83.2 | $ | — | $ | — | $ | — | $ | — | $ | 83.2 | |||||||||||||
Other Income (Expense) | (2.8 | ) | — | — | — | (0.4 | ) | (3.2 | ) | ||||||||||||||||
Provision for Income Taxes | (24.6 | ) | — | — | — | 0.0 | (24.6 | ) | |||||||||||||||||
Net Income | 55.8 | — | — | — | (0.4 | ) | 55.4 | ||||||||||||||||||
Net Income Attributable to Noncontrolling Interest | (0.1 | ) | — | — | — | — | (0.1 | ) | |||||||||||||||||
Net Income Attributable to BWXT | $ | 55.7 | $ | — | $ | — | $ | — | $ | (0.4 | ) | $ | 55.3 | ||||||||||||
Diluted Shares Outstanding | 100.7 | 100.7 | |||||||||||||||||||||||
Diluted Earnings per Common Share | $ | 0.55 | $ | — | $ | — | $ | — | $ | 0.00 | $ | 0.55 | |||||||||||||
Effective Tax Rate | 30.6% | 30.7% | |||||||||||||||||||||||
Three Months Ended March 31, 2016 | |||||||||||||||||||||||||
GAAP | Performance Guarantees Release | mPower Deconsolidation | Framework Agreement | Impairment (Gains) / Charges | Non-GAAP | ||||||||||||||||||||
Operating Income | $ | 42.6 | $ | — | $ | — | $ | 30.0 | $ | — | $ | 72.6 | |||||||||||||
Other Income (Expense) | 22.5 | (9.3 | ) | (13.6 | ) | — | (0.5 | ) | (0.8 | ) | |||||||||||||||
Provision for Income Taxes | (15.4 | ) | 3.4 | — | (11.1 | ) | (0.8 | ) | (23.9 | ) | |||||||||||||||
Net Income | 49.7 | (5.9 | ) | (13.6 | ) | 18.9 | (1.3 | ) | 47.9 | ||||||||||||||||
Net Income Attributable to Noncontrolling Interest | (0.1 | ) | — | — | — | — | (0.1 | ) | |||||||||||||||||
Net Income Attributable to BWXT | $ | 49.6 | $ | (5.9 | ) | $ | (13.6 | ) | $ | 18.9 | $ | (1.3 | ) | $ | 47.8 | ||||||||||
Diluted Shares Outstanding | 105.9 | 105.9 | |||||||||||||||||||||||
Diluted Earnings per Common Share | $ | 0.47 | $ | (0.06 | ) | $ | (0.13 | ) | $ | 0.18 | $ | (0.01 | ) | $ | 0.45 | ||||||||||
Effective Tax Rate | 23.6% | 33.3% | |||||||||||||||||||||||
(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 and transparency into the Company’s operational performance and provides these measures to investors to help facilitate comparisons of operating results with prior periods and to assist them in understanding BWXT's ongoing operations. | ||||||||||||||||||||||||
(3) | BWXT has not included a reconciliation of provided non-GAAP guidance to the comparable GAAP measures due to the difficulty and unreliability of estimating any mark-to-market adjustments for pension and post-retirement benefits, which are determined at the end of the year. | ||||||||||||||||||||||||
BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
ASSETS
March 31, 2017 | December 31, 2016 | |||||||
(Unaudited) (In thousands) | ||||||||
Current Assets: | ||||||||
Cash and cash equivalents | $ | 95,924 | $ | 125,641 | ||||
Restricted cash and cash equivalents | 5,881 | 6,130 | ||||||
Investments | 12,411 | 14,517 | ||||||
Accounts receivable – trade, net | 187,980 | 135,950 | ||||||
Accounts receivable – other | 29,019 | 25,221 | ||||||
Contracts in progress | 382,243 | 356,793 | ||||||
Other current assets | 30,051 | 29,319 | ||||||
Total Current Assets | 743,509 | 693,571 | ||||||
Property, Plant and Equipment | 931,953 | 922,641 | ||||||
Less accumulated depreciation | 635,405 | 622,955 | ||||||
Net Property, Plant and Equipment | 296,548 | 299,686 | ||||||
Investments | 10,436 | 9,013 | ||||||
Goodwill | 211,405 | 210,788 | ||||||
Deferred Income Taxes | 182,551 | 194,464 | ||||||
Investments in Unconsolidated Affiliates | 42,503 | 42,854 | ||||||
Intangible Assets | 113,311 | 114,748 | ||||||
Other Assets | 17,663 | 14,691 | ||||||
TOTAL | $ | 1,617,926 | $ | 1,579,815 | ||||
BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
LIABILITIES AND STOCKHOLDERS' EQUITY
March 31, 2017 | December 31, 2016 | |||||||
(Unaudited) (In thousands, except share and per share amounts) | ||||||||
Current Liabilities: | ||||||||
Current maturities of long-term debt | $ | 27,458 | $ | 27,370 | ||||
Accounts payable | 80,390 | 99,983 | ||||||
Accrued employee benefits | 52,697 | 81,793 | ||||||
Accrued liabilities – other | 42,612 | 72,105 | ||||||
Advance billings on contracts | 167,372 | 147,148 | ||||||
Accrued warranty expense | 11,908 | 11,477 | ||||||
Total Current Liabilities | 382,437 | 439,876 | ||||||
Long-Term Debt | 542,997 | 497,724 | ||||||
Accumulated Postretirement Benefit Obligation | 18,953 | 19,059 | ||||||
Environmental Liabilities | 83,232 | 81,711 | ||||||
Pension Liability | 350,270 | 357,049 | ||||||
Other Liabilities | 33,818 | 33,986 | ||||||
Commitments and Contingencies | ||||||||
Stockholders' Equity: | ||||||||
Common stock, par value $0.01 per share, authorized 325,000,000 shares; issued 124,834,741 and 124,149,609 shares at March 31, 2017 and December 31, 2016, respectively | 1,248 | 1,241 | ||||||
Preferred stock, par value $0.01 per share, authorized 75,000,000 shares; No shares issued | — | — | ||||||
Capital in excess of par value | 75,123 | 22,018 | ||||||
Retained earnings | 931,778 | 885,117 | ||||||
Treasury stock at cost, 25,814,767 and 24,858,809 shares at March 31, 2017 and December 31, 2016, respectively | (807,269 | ) | (762,169 | ) | ||||
Accumulated other comprehensive income | 5,026 | 3,811 | ||||||
Stockholders' Equity – BWX Technologies, Inc. | 205,906 | 150,018 | ||||||
Noncontrolling interest | 313 | 392 | ||||||
Total Stockholders' Equity | 206,219 | 150,410 | ||||||
TOTAL | $ | 1,617,926 | $ | 1,579,815 | ||||
BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended March 31, | ||||||||
2017 | 2016 | |||||||
(Unaudited) (In thousands, except share and per share amounts) | ||||||||
Revenues | $ | 428,229 | $ | 364,826 | ||||
Costs and Expenses: | ||||||||
Cost of operations | 296,230 | 248,810 | ||||||
Research and development costs | 1,519 | 1,731 | ||||||
Selling, general and administrative expenses | 51,150 | 45,209 | ||||||
mPower framework agreement | — | 30,000 | ||||||
Total Costs and Expenses | 348,899 | 325,750 | ||||||
Equity in Income of Investees | 3,875 | 3,533 | ||||||
Operating Income | 83,205 | 42,609 | ||||||
Other Income (Expense): | ||||||||
Interest income | 137 | 138 | ||||||
Interest expense | (3,517 | ) | (1,694 | ) | ||||
Other – net | 553 | 24,071 | ||||||
Total Other Income (Expense) | (2,827 | ) | 22,515 | |||||
Income before Provision for Income Taxes | 80,378 | 65,124 | ||||||
Provision for Income Taxes | 24,592 | 15,390 | ||||||
Net Income | $ | 55,786 | $ | 49,734 | ||||
Net Income Attributable to Noncontrolling Interest | (67 | ) | (103 | ) | ||||
Net Income Attributable to BWX Technologies, Inc. | $ | 55,719 | $ | 49,631 | ||||
Earnings per Common Share: | ||||||||
Basic: | ||||||||
Net Income Attributable to BWX Technologies, Inc. | $ | 0.56 | $ | 0.48 | ||||
Diluted: | ||||||||
Net Income Attributable to BWX Technologies, Inc. | $ | 0.55 | $ | 0.47 | ||||
Shares used in the computation of earnings per share: | ||||||||
Basic | 99,444,910 | 104,364,141 | ||||||
Diluted | 100,690,968 | 105,867,948 | ||||||
BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended March 31, | ||||||||
2017 | 2016 | |||||||
(Unaudited) (In thousands) | ||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net Income | $ | 55,786 | $ | 49,734 | ||||
Non-cash items included in net income from continuing operations: | ||||||||
Depreciation and amortization | 13,976 | 11,905 | ||||||
Income of investees, net of dividends | 1,779 | (413 | ) | |||||
Gain on deconsolidation of Generation mPower LLC | — | (13,571 | ) | |||||
Recognition of losses for pension and postretirement plans | 446 | 406 | ||||||
Stock-based compensation expense | 3,412 | 2,469 | ||||||
Changes in assets and liabilities: | ||||||||
Accounts receivable | (41,153 | ) | (3,263 | ) | ||||
Accounts payable | (14,003 | ) | 1,120 | |||||
Contracts in progress and advance billings on contracts | (4,890 | ) | (48,390 | ) | ||||
Income taxes | (2,607 | ) | (4,613 | ) | ||||
Accrued and other current liabilities | (29,810 | ) | 30,481 | |||||
Pension liability, accrued postretirement benefit obligation and employee benefits | (38,891 | ) | (27,255 | ) | ||||
Other, net | 1,200 | (11,413 | ) | |||||
NET CASH USED IN OPERATING ACTIVITIES | (54,755 | ) | (12,803 | ) | ||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
Decrease in restricted cash and cash equivalents | 249 | 107 | ||||||
Purchases of property, plant and equipment | (13,713 | ) | (10,082 | ) | ||||
Purchases of securities | (3,503 | ) | (3,743 | ) | ||||
Sales and maturities of securities | 3,317 | 3,535 | ||||||
Investments, net of return of capital, in equity method investees | (1,701 | ) | (3,825 | ) | ||||
Other | 691 | — | ||||||
NET CASH USED IN INVESTING ACTIVITIES | (14,660 | ) | (14,008 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Borrowings under the Credit Agreement | 73,600 | — | ||||||
Repayments under Credit Agreement | (30,476 | ) | (3,750 | ) | ||||
Repurchase of common shares | — | (50,033 | ) | |||||
Dividends paid to common shareholders | (8,985 | ) | (9,514 | ) | ||||
Exercise of stock options | 9,665 | 6,988 | ||||||
Cash paid for shares withheld to satisfy employee taxes | (4,973 | ) | (4,622 | ) | ||||
Other | (146 | ) | (143 | ) | ||||
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 38,685 | (61,074 | ) | |||||
EFFECTS OF EXCHANGE RATE CHANGES ON CASH | 1,013 | 847 | ||||||
TOTAL DECREASE IN CASH AND CASH EQUIVALENTS | (29,717 | ) | (87,038 | ) | ||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 125,641 | 154,729 | ||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 95,924 | $ | 67,691 | ||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||||||||
Cash paid during the period for: | ||||||||
Interest | $ | 3,330 | $ | 1,404 | ||||
Income taxes (net of refunds) | $ | 27,082 | $ | 21,406 | ||||
SCHEDULE OF NON-CASH INVESTING ACTIVITY: | ||||||||
Accrued capital expenditures included in accounts payable | $ | 3,016 | $ | 2,762 | ||||
BWX TECHNOLOGIES, INC.
BUSINESS SEGMENT INFORMATION
Three Months Ended March 31, | ||||||||
2017 | 2016 | |||||||
(Unaudited) (In thousands) | ||||||||
REVENUES: | ||||||||
Nuclear Operations Group | $ | 325,081 | $ | 295,255 | ||||
Nuclear Services Group | 27,854 | 33,994 | ||||||
Nuclear Power Group | 77,674 | 36,199 | ||||||
Adjustments and Eliminations | (2,380 | ) | (622 | ) | ||||
TOTAL | $ | 428,229 | $ | 364,826 | ||||
SEGMENT INCOME: | ||||||||
Nuclear Operations Group | $ | 73,248 | $ | 64,942 | ||||
Nuclear Services Group | 662 | 5,803 | ||||||
Nuclear Power Group | 13,798 | 6,954 | ||||||
Other | (1,612 | ) | (1,890 | ) | ||||
SUBTOTAL | 86,096 | 75,809 | ||||||
Unallocated Corporate | (2,891 | ) | (3,200 | ) | ||||
mPower Framework Agreement | — | (30,000 | ) | |||||
TOTAL | $ | 83,205 | $ | 42,609 | ||||
DEPRECIATION AND AMORTIZATION: | ||||||||
Nuclear Operations Group | $ | 7,631 | $ | 8,336 | ||||
Nuclear Services Group | 938 | 935 | ||||||
Nuclear Power Group | 3,388 | 648 | ||||||
Other | — | — | ||||||
Corporate | 2,019 | 1,986 | ||||||
TOTAL | $ | 13,976 | $ | 11,905 | ||||
CAPITAL EXPENDITURES: | ||||||||
Nuclear Operations Group | $ | 11,751 | $ | 7,641 | ||||
Nuclear Services Group | 207 | 6 | ||||||
Nuclear Power Group | 1,040 | 1,448 | ||||||
Other | — | — | ||||||
Corporate | 715 | 987 | ||||||
TOTAL | $ | 13,713 | $ | 10,082 | ||||
BWX TECHNOLOGIES, INC.
BUSINESS SEGMENT INFORMATION
Three Months Ended March 31, | ||||||||
2017 | 2016 | |||||||
(Unaudited) (In thousands) | ||||||||
BACKLOG: | ||||||||
Nuclear Operations Group | $ | 3,405,096 | $ | 2,097,883 | ||||
Nuclear Services Group | 35,612 | 46,372 | ||||||
Nuclear Power Group | 478,357 | 318,604 | ||||||
TOTAL | $ | 3,919,065 | $ | 2,462,859 | ||||
BOOKINGS: | ||||||||
Nuclear Operations Group | $ | 244,765 | $ | 80,948 | ||||
Nuclear Services Group | 37,050 | 49,617 | ||||||
Nuclear Power Group | 82,698 | 46,831 | ||||||
TOTAL | $ | 364,513 | $ | 177,396 | ||||
BWX TECHNOLOGIES, INC.
BUSINESS SEGMENT INFORMATION
Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||
3/31/2016 | 6/30/2016 | 9/30/2016 | 12/31/2016 | 12/31/2016 | 12/31/2015 | |||||||||||||||||||
(Unaudited) (In thousands) | ||||||||||||||||||||||||
REVENUES: | ||||||||||||||||||||||||
Nuclear Operations Group | $ | 295,255 | $ | 325,660 | $ | 316,899 | $ | 331,458 | $ | 1,269,272 | $ | 1,179,896 | ||||||||||||
Nuclear Services Group | 33,994 | 32,224 | 28,759 | 33,044 | 128,021 | 121,247 | ||||||||||||||||||
Nuclear Power Group | 36,199 | 47,946 | 36,123 | 41,304 | 161,572 | 121,061 | ||||||||||||||||||
Adjustments and Eliminations | (622 | ) | (3,448 | ) | (2,276 | ) | (1,946 | ) | (8,292 | ) | (6,675 | ) | ||||||||||||
TOTAL | $ | 364,826 | $ | 402,382 | $ | 379,505 | $ | 403,860 | $ | 1,550,573 | $ | 1,415,529 | ||||||||||||
SEGMENT INCOME: | ||||||||||||||||||||||||
Nuclear Operations Group | $ | 64,942 | $ | 64,407 | $ | 62,537 | $ | 76,617 | $ | 268,503 | $ | 257,400 | ||||||||||||
Nuclear Services Group | 5,803 | 4,405 | 652 | 1,311 | 12,171 | 7,955 | ||||||||||||||||||
Nuclear Power Group | 6,954 | 26,674 | 5,031 | 4,149 | 42,808 | 11,803 | ||||||||||||||||||
Other | (1,890 | ) | (1,271 | ) | (1,907 | ) | (1,330 | ) | (6,398 | ) | (13,949 | ) | ||||||||||||
SUBTOTAL | 75,809 | 94,215 | 66,313 | 80,747 | 317,084 | 263,209 | ||||||||||||||||||
Unallocated Corporate | (3,200 | ) | (5,757 | ) | (3,940 | ) | (13,456 | ) | (26,353 | ) | (25,747 | ) | ||||||||||||
mPower Framework Agreement | (30,000 | ) | — | — | — | (30,000 | ) | — | ||||||||||||||||
Income Related to Litigation Proceeds | — | — | — | — | — | 65,728 | ||||||||||||||||||
Special Charges for Restructuring Activities | — | — | — | — | — | (16,608 | ) | |||||||||||||||||
Cost to Spin-off Power Generation Business | — | — | — | — | — | (25,987 | ) | |||||||||||||||||
Mark to Market Adjustment | — | — | — | (21,468 | ) | (21,468 | ) | (54,654 | ) | |||||||||||||||
TOTAL | $ | 42,609 | $ | 88,458 | $ | 62,373 | $ | 45,823 | $ | 239,263 | $ | 205,941 | ||||||||||||
DEPRECIATION AND AMORTIZATION: | ||||||||||||||||||||||||
Nuclear Operations Group | $ | 8,336 | $ | 9,122 | $ | 8,610 | $ | 8,296 | $ | 34,364 | $ | 38,836 | ||||||||||||
Nuclear Services Group | 935 | 939 | 940 | 940 | 3,754 | 3,485 | ||||||||||||||||||
Nuclear Power Group | 648 | 704 | 791 | 1,316 | 3,459 | 3,081 | ||||||||||||||||||
Other | — | — | — | — | — | 550 | ||||||||||||||||||
Corporate | 1,986 | 1,999 | 2,080 | 2,912 | 8,977 | 11,211 | ||||||||||||||||||
TOTAL | $ | 11,905 | $ | 12,764 | $ | 12,421 | $ | 13,464 | $ | 50,554 | $ | 57,163 | ||||||||||||
CAPITAL EXPENDITURES: | ||||||||||||||||||||||||
Nuclear Operations Group | $ | 7,641 | $ | 5,720 | $ | 10,459 | $ | 19,726 | $ | 43,546 | $ | 35,658 | ||||||||||||
Nuclear Services Group | 6 | 19 | 181 | 322 | 528 | 3,853 | ||||||||||||||||||
Nuclear Power Group | 1,448 | 1,617 | — | 37 | 3,102 | 2,629 | ||||||||||||||||||
Other | — | — | — | — | — | — | ||||||||||||||||||
Corporate | 987 | 1,041 | 1,746 | 1,684 | 5,458 | 14,701 | ||||||||||||||||||
TOTAL | $ | 10,082 | $ | 8,397 | $ | 12,386 | $ | 21,769 | $ | 52,634 | $ | 56,841 | ||||||||||||
BWX TECHNOLOGIES, INC.
BUSINESS SEGMENT INFORMATION
Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||
3/31/2016 | 6/30/2016 | 9/30/2016 | 12/31/2016 | 12/31/2016 | 12/31/2015 | |||||||||||||||||||
(Unaudited) (In thousands) | ||||||||||||||||||||||||
BACKLOG: | ||||||||||||||||||||||||
Nuclear Operations Group | $ | 2,097,883 | $ | 3,247,817 | $ | 2,982,735 | $ | 3,485,216 | $ | 3,485,216 | $ | 2,311,113 | ||||||||||||
Nuclear Services Group | 46,372 | 39,723 | 33,722 | 24,258 | 24,258 | 31,440 | ||||||||||||||||||
Nuclear Power Group | 318,604 | 385,186 | 371,376 | 473,306 | 473,306 | 307,735 | ||||||||||||||||||
TOTAL | $ | 2,462,859 | $ | 3,672,726 | $ | 3,387,833 | $ | 3,982,780 | $ | 3,982,780 | $ | 2,650,288 | ||||||||||||
BOOKINGS: | ||||||||||||||||||||||||
Nuclear Operations Group | $ | 80,948 | $ | 1,475,546 | $ | 51,794 | $ | 833,879 | $ | 2,442,167 | $ | 710,878 | ||||||||||||
Nuclear Services Group | 49,617 | 22,568 | 20,779 | 21,859 | 114,823 | 116,838 | ||||||||||||||||||
Nuclear Power Group | 46,831 | 114,137 | 22,039 | 10,655 | 193,662 | 197,080 | ||||||||||||||||||
TOTAL | $ | 177,396 | $ | 1,612,251 | $ | 94,612 | $ | 866,393 | $ | 2,750,652 | $ | 1,024,796 | ||||||||||||