Press Release

BWX Technologies Announces Fourth Quarter and Full Year 2017 Results as It Looks to Another Year of Growth in 2018

Company Release - 2/27/2018 4:30 PM ET
  • 2017 GAAP EPS of $1.47; non-GAAP EPS of $2.05
  • 2017 consolidated revenue growth of 9%
  • Robust consolidated backlog of $4.0 billion
  • Announces 45% quarterly dividend increase to $0.16 per share
  • GAAP results include a one-time $55 million impact related to tax reform
  • Initiates 2018 guidance: EPS of $2.45 to $2.55; revenue of $1.75 to 1.85 billion

LYNCHBURG, Va.--(BUSINESS WIRE)-- 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.

 
 
 
 
 

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 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.

(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.
 
 
 
 
 
 

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)

 
  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.
 
 
 
 
 
 

BWX TECHNOLOGIES, INC.
CONSOLIDATED BALANCE SHEETS
ASSETS

 
      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  
 
 
 
 
 
 

BWX TECHNOLOGIES, INC.
CONSOLIDATED BALANCE SHEETS
LIABILITIES AND STOCKHOLDERS’ EQUITY

 
      December 31,
2017     2016

(In thousands, except share

and per share amounts)

 

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  
 
 
 
 
 
 

BWX TECHNOLOGIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS

 
      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  
 
 
 
 
 
 

BWX TECHNOLOGIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS

 
      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.
BUSINESS SEGMENT INFORMATION

 
      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.
BUSINESS SEGMENT INFORMATION

 
      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
 
 
 
 

BWX Technologies, Inc.
Investor Contact:
Alan Nethery, 980-365-4300
Vice President and Chief Investor Relations Officer
Investors@bwxt.com
or
Media Contact:
Jud Simmons, 434-522-6462
Director, Media and Public Relations
hjsimmons@bwxt.com

Source: BWX Technologies, Inc.

Contacts

INVESTOR RELATIONS CONTACT

Mark Kratz
Director of Investor Relations
1.980.365.4300
investors@bwxt.com

TRANSFER AGENT CONTACT

Computershare Trust Company, N.A.
P.O. Box 43078
Providence, RI 02940-3078
1.800.446.2617