Warning: Javascript must be enabled within your browser's settings for this site to function properly.

Your browser appears to be out of date, and is not supported by this site. For the best experience, we recommend that you upgrade to a more modern browser. You can find a list of modern browsers from www.browsehappy.com.

We use technical and analytics cookies data to ensure that we give you the best experience on our website. For more information visit our Privacy Page.

News Releases

BWX Technologies Announces Second Quarter 2015 Results

05 August 2015

News Release

BWX Technologies Announces Second Quarter 2015 Results
  • Successfully Completed Spin-off of Power Generation Business
  • Nuclear Operations Produces Strong Operating Performance
  • EPS $0.32 When Adjusted for Spin Cost and Restructuring Charges
  • Backlog in Nuclear Energy Nearly Double from Prior Year Period

LYNCHBURG, Va.--(BUSINESS WIRE)--Aug. 5, 2015-- BWX Technologies, Inc. (NYSE: BWXT) (“BWXT” or the “Company”) today reported second quarter 2015 revenues of $357.1 million, a decrease of $5.4 million, or 1.5%, from the second quarter of 2014. GAAP earnings per share from continuing operations for the second quarter of 2015 were $0.00 compared to $0.20 in the second quarter of 2014. Adjusted (Non-GAAP) earnings per share from continuing operations, which excludes a $0.27 per share impact of spin-related and restructuring costs for the quarter, were $0.32 compared to $0.35 in the second quarter of 2014. Unless stated otherwise, the results of operations discussion included in this release are on a continuing operations basis and exclude the results of operations from our former Power Generation business, which are included as part of discontinued operations in the attached financial statements.

“In the first half of 2015, we completed the spin-off of our former Power Generation business, as anticipated, while continuing to deliver solid operating results. BWXT is now better positioned to attract an investor base specifically suited to our Company’s unique operational and financial characteristics,” said Mr. John A. Fees, Executive Chairman. “Our Nuclear Operations segment continued to deliver strong and stable operating performance in the second quarter. In addition, the Nuclear Energy segment produced significantly improved bookings and backlog this quarter. Looking forward, we have a solid backlog in our Nuclear Operations segment, nearly two times the backlog in Nuclear Energy compared to the prior year period, and we see good prospects in all of our business segments to deliver EPS growth in the second half of the year.”

Results of Operations

The Company’s consolidated revenues for the second quarter of 2015 were $357.1 million, a decrease of 1.5%, compared to $362.5 million for the second quarter of 2014. The Nuclear Operations segment revenues were relatively unchanged at $291.8 million in the second quarter of 2015 compared to $293.4 million in the same quarter in 2014. Similarly, revenues from the Nuclear Energy segment were $45.5 million compared to $44.9 million in the prior year period. The Technical Services segment revenues were $21.6 million in the second quarter of 2015 compared to $26.0 million in the same quarter in 2014, a decrease of$4.4 million, primarily attributable to the termination of our work scope for the American Centrifuge Program last year.

GAAP operating income for the second quarter was $11.6 million, a decrease of $15.9 million compared to $27.5 million in the same period of 2014. The decline in consolidated GAAP operating income is primarily attributable to spin-related and restructuring costs for the second quarter. Operating income in the Nuclear Operations segment increased $2.5 million compared to last year’s second quarter profit to $61.1 million primarily due to improved productivity in our equipment manufacturing operations. Our Nuclear Energy segment reported operating income of $2.4 million in the period compared to $1.5 million of operating income in the prior year period as the segment continues to restructure the business in order to reduce costs and improve operating profit margins. Our Technical Services segment operating income decreased $9.6 million in the quarter to $5.5 million, primarily attributable to the loss of the Y-12 National Security Complex and Pantex Plant contracts. Our results include a significant improvement in the mPower operating loss by $27.4 million to a loss of $(4.5) million in the three months ended June 30, 2015 compared to a loss of $(31.9) million in the same period of 2014 due to the restructuring of our mPower program to focus on technology development.

GAAP operating income from continuing operations for the second quarter of 2015 includes $16.5 million of special charges for restructuring activities and $24.5 million of spin-related costs. Excluding these charges and mark-to-market adjustments for pension and post-retirement benefits, adjusted operating income for the second quarter of 2015 was $54.7 million, or an increase of 4.0% compared to adjusted operating income of $52.6 million in the second quarter of 2014.

“We are pleased with the progress we’ve made across our different businesses during this period,” said Mr. Fees. “In addition to the solid results in the Nuclear Operations business, the Nuclear Energy segment reported bookings near $190 million, the highest bookings quarter for the segment in almost five years. We expect the Nuclear Energy segment to take full advantage of these bookings as it continues its restructuring efforts focused on improving margins and driving organic growth. While the Technical Services segment remains focused on improving performance across its operations, we continue to be optimistic about the segment’s growth opportunities. Now that the spin-off is complete, we will accelerate our strategies for driving the Company’s growth and continuing to return value to our shareholders.”

Liquidity and Debt

The Company generated consolidated cash flows from operations of $78.2 million, inclusive of cash flows of our former Power Generation business, compared with $5.8 million in the second quarter of 2014, driven primarily by improvements in project cash flows. At the end of the second quarter, the Company’s post-spin cash and investments position, net of restricted cash, was $58.7 million.

As of June 30, 2015, outstanding balances under our credit facility included a $300 million term loan, $30 million in revolving loans, and letters of credit issued under the facility totaling $71.7 million, resulting in $498.3 million of availability under our credit facility as of the end of the second quarter 2015.

Quarterly Dividend

On July 31, 2015, the Company declared a quarterly cash dividend of $0.06 per common share. The dividend will be payable on September 10, 2015 to shareholders of record on August 20, 2015.

Outlook

Segment guidance provided for 2015 remains unchanged at the business unit level. The Company reaffirms its guidance that revenue from Nuclear Operations will be consistent with levels achieved in the last two years and expected operating margin in the high teens for the second half of the year. Additionally, adjusted earnings per share for the full year 2015 are still expected to be between $1.30 and $1.40. Adjusted earnings per share exclude mark-to-market adjustments for pension and post-retirement benefits, restructuring costs and spin costs.

Conference Call to Discuss Second Quarter 2015 Results

Date: Thursday, August 6, 2015, at 8:30 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 and bookings, to the extent they may be viewed as an indicator of future revenues; growth prospects and strategies in our segments and our 2015 outlook. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties, including, among other things, adverse changes in Federal appropriations to government programs in which we participate; our ability to successfully bid for new projects; the ability of BWXT to successfully operate independently; the inability to retain key personnel; 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, 2014 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

BWX Technologies, Inc. is a leading supplier of nuclear components and fuel to the U.S. government; provides technical, management and site services to support governments in the operation of complex facilities and environmental remediation activities; and supplies precision manufactured components and services for the commercial nuclear power industry. BWXT has approximately 5,200 employees and significant operations in Lynchburg, Va.; Erwin, Tenn.; Mount Vernon, Ind.; Euclid, Ohio; Barberton, Ohio; and Cambridge, Ontario, as well as more than a dozen U.S. Department of Energy sites around the country. For additional information please visit our website at www.bwxt.com.

EXHIBIT 1

 

BWX TECHNOLOGIES, INC.

RECONCILIATION OF NON-GAAP OPERATING INCOME AND EARNINGS PER SHARE(1)(2)

     
    Three Months Ended June 30, 2015
    GAAP  

Pension &

OPEB MTM

(Gain) / Loss

 

Spin / Other

Restructuring

 

One Time

Tax

(Benefit) /

Charges

  Non-GAAP
                     
Operating Income   $ 11.6     $ 2.2     $ 40.9     $ -   $ 54.7  
Other Income / (Expense)     (3.0 )     -       -       -     (3.0 )
Income Tax (Expense) / Benefit     (9.0 )     (0.7 )     (11.6 )     3.5     (17.8 )
Net Income (Loss)     (0.4 )     1.4       29.3       3.5     33.8  
Net Loss Attributable to Non-Controlling Interest     0.2       -       -       -     0.2  
Net Income (Loss) Attributable to BWXT   $ (0.2 )   $ 1.4     $ 29.3     $ 3.5   $ 34.1  
                     
Diluted Shares Outstanding (3)     107.1                   107.6  
Diluted Earnings per Common Share   $ 0.00     $ 0.01     $ 0.27     $ 0.03   $ 0.32  
                     
Tax Rate     104.7 %                 34.5 %
    Three Months Ended June 30, 2014
    GAAP  

Pension

& OPEB MTM

(Gain) / Loss

 

Spin / Other

Restructuring

 

One Time

Tax

(Benefit) /

Charges

  Non-GAAP
                     
Operating Income   $ 27.5     $ -   $ 25.2     $ -   $ 52.6  
Other Income / (Expense)     (0.4 )     -     -       -     (0.4 )
Income Tax (Expense) / Benefit     (7.9 )     -     (8.6 )     -     (16.5 )
Net Income (Loss)     19.2       -     16.6       -     35.8  
Net Loss Attributable to Non-Controlling Interest     3.0       -     -       -     3.0  
Net Income (Loss) Attributable to BWXT   $ 22.2     $ -   $ 16.6     $ -   $ 38.8  
                     
Diluted Shares Outstanding     110.1                   110.1  
Diluted Earnings per Common Share   $ 0.20     $ -   $ 0.15     $ -   $ 0.35  
                     
Tax Rate     29.2 %                 31.5 %

(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) For the three months ended June 30, 2015, basic shares outstanding were used to calculate the GAAP EPS since BWXT had a net loss for the quarter. Diluted shares outstanding were used to calculate the non-GAAP EPS.

EXHIBIT 1 (continued)

 

BWX TECHNOLOGIES, INC.

RECONCILIATION OF NON-GAAP OPERATING INCOME AND EARNINGS PER SHARE(1)(2)

     
    Six Months Ended June 30, 2015
    GAAP  

Pension &

OPEB MTM

(Gain) / Loss

 

Spin / Other

Restructuring

 

One Time

Tax

(Benefit) /

Charges

  Non-GAAP
                     
Operating Income   $ 65.4   $ 2.2   $ 42.6   $ -   $ 110.1
Other Income / (Expense)   (6.6)   -   -   -   (6.6)
Income Tax (Expense) / Benefit   (25.2)   (0.7)   (12.2)   3.5   (34.6)
Net Income (Loss)   33.6   1.4   30.4   3.5   68.9
Net Loss Attributable to Non-Controlling Interest   0.5   -   -   -   0.5
Net Income (Loss) Attributable to BWXT   $ 34.1   $ 1.4   $ 30.4   $ 3.5   $ 69.4
                     
Diluted Shares Outstanding   107.4               107.4
Diluted Earnings per Common Share   $ 0.32   $ 0.01   $ 0.28   $ 0.03   $ 0.65
                     
Tax Rate   42.9%               33.4%
    Six Months Ended June 30, 2014  
    GAAP  

Pension &

OPEB MTM

(Gain) / Loss

 

Spin / Other

Restructuring

 

One Time

Tax

(Benefit) /

Charges

  Non-GAAP  
                       
Operating Income   $ 72.1     $ -   $ 26.4     $ -   $ 98.4    
Other Income / (Expense)     (1.2 )    

-

    -       -     (1.2 )  
Income Tax (Expense) / Benefit     (16.5 )     -     (9.0 )     -     (25.5 )  
Net Income (Loss)     54.3       -     17.4       -     71.7    
Net Loss Attributable to Non-Controlling Interest     7.0       -     -       -     7.0    
Net Income (Loss) Attributable to BWXT   $ 61.4     $ -   $ 17.4     $ -   $ 78.7    
                       
Diluted Shares Outstanding     110.5                   110.5    
Diluted Earnings per Common Share   $ 0.56     $ -   $ 0.16     $ -   $ 0.71    
                       
Tax Rate     23.3 %                 26.3 %  

 

 

 

BWX TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

ASSETS

         
    June 30,   December 31,
      2015     2014
    (Unaudited)
    (In thousands)
         
         
Current Assets:        
Cash and cash equivalents   $ 46,910   $ 123,624
Restricted cash and cash equivalents     15,459     50,835
Investments     4,505     4,837
Accounts receivable – trade, net     146,847     165,144
Accounts receivable – other     11,938     6,094
Contracts in progress     314,982     290,622
Inventories     11,384     9,926
Deferred income taxes     33,560     38,320
Other current assets     42,141     32,127
Assets of discontinued operations – current     -     752,273
         
Total Current Assets     627,726     1,473,802
         
Property, Plant and Equipment     827,620     880,848
Less accumulated depreciation     562,198     573,048
         
Net Property, Plant and Equipment     265,422     307,800
         
Investments     7,307     7,606
         
Goodwill     169,000     169,914
         
Deferred Income Taxes     126,833     132,778
         
Investments in Unconsolidated Affiliates     31,852     31,256
         
Intangible Assets     59,343     60,227
         
Other Assets     49,742     50,133
         
Assets of Discontinued Operations – Non-Current     -     623,420
         
TOTAL   $ 1,337,225   $ 2,856,936

 

 

 

BWX TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

       
  June 30,   December 31,
    2015       2014  
  (Unaudited)
  (In thousands, except share and per share amounts)
       
       
Current Liabilities:      
Notes payable and current maturities of long-term debt $ 15,000     $ 15,000  
Accounts payable   77,438       88,985  
Accrued employee benefits   53,158       85,433  
Accrued liabilities – other   59,496       60,010  
Advance billings on contracts   123,261       107,437  
Accrued warranty expense   16,097       15,889  
Liabilities of discontinued operations – current   -       446,881  
       
Total Current Liabilities   344,450       819,635  
       
Long-Term Debt   315,000       285,000  
       
Accumulated Postretirement Benefit Obligation   27,699       29,956  
       
Environmental Liabilities   58,293       56,259  
       
Pension Liability   305,810       308,927  
       
Other Liabilities   29,440       43,126  
       
Liabilities of Discontinued Operations – Non-Current   -       299,832  
       
Commitments and Contingencies      
       
Stockholders’ Equity:      

Common stock, par value $0.01 per share, authorized 325,000,000 shares;

   issued 122,411,659 and 121,604,332 shares at June 30, 2015 and

   December 31, 2014, respectively

  1,224       1,216  

Preferred stock, par value $0.01 per share, authorized 75,000,000 shares;

  No shares issued

  -       -  

Capital in excess of par value

  13,229       775,393  
Retained earnings   648,923       642,489  

Treasury stock at cost 14,971,299 and 14,915,776 shares at June 30, 2015 and

     December 31, 2014, respectively

  (425,702 )     (423,990 )
Accumulated other comprehensive income   5,077       3,596  
Stockholders’ Equity – BWX Technologies, Inc.   242,751       998,704  
Noncontrolling interest   13,782       15,497  
Total Stockholders’ Equity   256,533       1,014,201  
       
TOTAL $ 1,337,225     $ 2,856,936  

 

BWX TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

     
  Three Months Ended Six Months Ended
  June 30, June 30,
    2015     2014     2015     2014  
  (Unaudited)
  (In thousands, except share and per share amounts)
         
Revenues $ 357,135   $ 362,488   $ 692,622   $ 717,904  
         
Costs and Expenses:        
Cost of operations   249,489     257,819     477,124     510,373  
Research and development costs   3,653     26,636     7,481     46,621  
Selling, general and administrative expenses   54,760     53,368     105,186     103,339  
Special charges for restructuring activities   16,460     9,957     16,608     11,137  
Costs to spin-off the Power Generation business   24,470     -     25,987     -  
Total Costs and Expenses   348,832     347,780     632,386     671,470  
         
Equity in Income of Investees   3,282     12,749     5,134     25,652  
         
Operating Income   11,585     27,457     65,370     72,086  
         
Other Income (Expense):        
Interest income   170     27     234     231  
Interest expense   (3,300 )   (636 )   (5,561 )   (1,805 )
Other – net   120     258     (1,284 )   363  
Total Other Income (Expense)   (3,010 )   (351 )   (6,611 )   (1,211 )
         

Income from continuing operations before provision for income taxes

 and noncontrolling interest

  8,575     27,106     58,759     70,875  
         
Provision for Income Taxes   8,982     7,917     25,200     16,542  
         

Income (loss) from continuing operations before noncontrolling

 interest

  (407 )   19,189     33,559     54,333  
         
Income (loss) from discontinued operations, net of tax   (16,912 )   4,303     (5,837 )   10,313  
         
Net Income (Loss) $ (17,319 ) $ 23,492   $ 27,722   $ 64,646  
         
Net Loss Attributable to Noncontrolling Interest   172     2,945     388     6,835  
         
Net Income (Loss) Attributable to BWX Technologies, Inc. $ (17,147 ) $ 26,437   $ 28,110   $ 71,481  
         
Amounts Attributable to BWX Technologies, Inc.’s Common Shareholders:        
Income (loss) from continuing operations, net of tax $ (181 ) $ 22,211   $ 34,053   $ 61,361  
Income (loss) from discontinued operations, net of tax   (16,966 )   4,226     (5,943 )   10,120  
Net Income (Loss) Attributable to BWX Technologies, Inc. $ (17,147 ) $ 26,437   $ 28,110   $ 71,481  
         
Earnings per Common Share:        
Basic:        
Income (loss) from continuing operations $ 0.00   $ 0.20   $ 0.32   $ 0.56  
Income (loss) from discontinued operations   (0.16 )   0.04     (0.06 )   0.09  
Net Income (Loss) Attributable to BWX Technologies, Inc. $ (0.16 ) $ 0.24   $ 0.26   $ 0.65  
         
Diluted:        
Income (loss) from continuing operations $ 0.00   $ 0.20   $ 0.32   $ 0.56  
Income (loss) from discontinued operations   (0.16 )   0.04     (0.06 )   0.09  
Net Income (Loss) Attributable to BWX Technologies, Inc. $ (0.16 ) $ 0.24   $ 0.26   $ 0.65  
         
Shares used in the computation of earnings per share:        
Basic   107,120,149     109,766,237     106,948,033     110,102,826  
Diluted   107,120,149     110,116,630     107,359,947     110,501,337  

 

BWX TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

   
  Six Months Ended
  June 30,
  2015     2014  

CASH FLOWS FROM OPERATING ACTIVITIES:

(Unaudited)

(In thousands)

Net Income $ 27,722     $ 64,646  
Non-cash items included in net income from continuing operations:      
Depreciation and amortization 51,715     35,053  
Income of investees, net of dividends 1,306     (8,517 )
Losses on asset disposals and impairments, net 26,441     1,457  
In-kind research and development costs -     5,830  
Recognition of losses for pension and postretirement plans 3,179     1,189  
Stock-based compensation and thrift plan expense 22,444     7,411  
Excess tax benefits from stock-based compensation 22     (552 )
Changes in assets and liabilities:      
Accounts receivable 46,890     (6,635 )
Accounts payable (17,710 )   (129,471 )
Contracts in progress and advance billings on contracts (4,110 )   (52,142 )
Inventories (859 )   5,666  
Income taxes (35,953 )   (7,890 )
Accrued and other current liabilities 8,664     2,674  
Pension liability, accrued postretirement benefit obligation and employee benefits (45,692 )   (35,671 )
Other, net (786 )   9,250  
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 83,273     (107,702 )
CASH FLOWS FROM INVESTING ACTIVITIES:      
Decrease in restricted cash and cash equivalents 3,500     6,285  
Purchases of property, plant and equipment (40,601 )   (37,822 )
Acquisition of business, net of cash acquired -     (127,098 )
Purchase of intangible assets -     (722 )
Purchases of securities (8,197 )   (21,225 )
Sales and maturities of securities 2,016     27,802  
Proceeds from asset disposals 60     10  
Investment in equity method investees -     (4,900 )
NET CASH USED IN INVESTING ACTIVITIES (43,222 )   (157,670 )
CASH FLOWS FROM FINANCING ACTIVITIES:      
Payment of short-term borrowing and long-term debt -     (1,815 )
Increase in short-term borrowing -     733  
Borrowings under the Credit Agreement 33,750     562,300  
Repayments under Credit Agreement (3,750 )   (298,500 )
Payment of debt issuance costs (5,023 )   (4,929 )
Repurchase of common shares -     (99,742 )
Dividends paid to common shareholders (21,549 )   (22,103 )
Exercise of stock options 3,229     3,463  
Excess tax benefits from stock-based compensation (22 )   552  
Cash divested in connection with spin-off of Power Generation business (307,562 )   -  
Other (232 )   (409 )
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (301,159 )   139,550  
EFFECTS OF EXCHANGE RATE CHANGES ON CASH (4,951 )   (4,376 )
TOTAL DECREASE IN CASH AND CASH EQUIVALENTS (266,059 )   (130,198 )
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 312,969     346,116  
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 46,910     $ 215,918  
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:      
Cash paid during the period for:      
Interest $ 4,322     $ 1,296  
Income taxes (net of refunds) $ 58,397     $ 28,099  
SCHEDULE OF NON-CASH INVESTING ACTIVITY:      
Accrued capital expenditures included in accounts payable $ 3,182     $ 3,938  
           
           

BWX TECHNOLOGIES, INC.

BUSINESS SEGMENT INFORMATION

 

  Three Months Ended Six Months Ended
  June 30, June 30,
   

2015

 

2014

 

2015

   

2014

 
 

(Unaudited)

 

(In thousands)

REVENUES:

       
Nuclear Operations $ 291,751   $ 293,438   $ 576,189   $ 579,652  
Technical Services   21,589   26,015   40,173     50,470  
Nuclear Energy   45,466   44,927   78,423     92,707  
Other   -   -   -     278  
Adjustments and Eliminations   (1,671 ) (1,892 ) (2,163 )   (5,203 )
         
TOTAL $ 357,135   $ 362,488   $ 692,622   $ 717,904  
         

SEGMENT INCOME:

       
Nuclear Operations $ 61,145   $ 58,682   $ 129,157   $ 118,210  
Technical Services   5,490   15,078   7,135     29,867  
Nuclear Energy   2,364   1,548   (1,304 )   2,071  
Other   (4,490 ) (31,933 ) (9,658 )   (58,642 )
SUBTOTAL   64,509   43,375   125,330     91,506  
Corporate   (9,833 ) (5,961 ) (15,204 )   (8,283 )
Special Charges for Restructuring Activities   (16,460 ) (9,957 ) (16,608 )   (11,137 )
Cost to Spin-Off Power Generation Business   (24,470 ) -   (25,987 )   -  
Mark to Market Adjustment   (2,161 ) -   (2,161 )   -  
TOTAL $ 11,585   $ 27,457   $ 65,370   $ 72,086  
         

DEPRECIATION AND AMORTIZATION:

       
Nuclear Operations $ 9,426   $ 7,299   $ 19,228   $ 13,657  
Technical Services   -   -   1     1  
Nuclear Energy   1,760   1,560   3,394     3,354  
Other   275   262   550     449  
Corporate   3,686   3,179   7,084     6,285  
         
TOTAL $ 15,147   $ 12,300   $ 30,257   $ 23,746  
         

CAPITAL EXPENDITURES:

       
Nuclear Operations $ 6,343   $ 8,819   $ 15,952   $ 17,109  
Technical Services   -   -   -     -  
Nuclear Energy   686   2,095   2,654     8,237  
Other   -   392   -     1,884  
Corporate   6,535   2,389   10,761     4,494  
         
TOTAL $ 13,564   $ 13,695   $ 29,367   $ 31,724  
         
         

BACKLOG:

       
Nuclear Operations $ 2,598,842   $ 2,578,591   $ 2,598,842   $ 2,578,591  
Technical Services   12,701   12,246   12,701     12,246  
Nuclear Energy   380,549   192,452   380,549     192,452  
Other   -   1,392   -     1,392  
         
TOTAL $ 2,992,092   $ 2,784,681   $ 2,992,092   $ 2,784,681  
         

BOOKINGS:

       
Nuclear Operations $ 42,998   $ 20,564   $ 394,790   $ 784,008  
Technical Services   12,839   36,897   50,170     57,632  
Nuclear Energy   189,898   61,989   193,951     138,026  
         
TOTAL $ 245,735   $ 119,450   $ 638,911   $ 979,666  

 

Source: BWX Technologies, Inc.

BWX Technologies, Inc.
Investor Contact:
Alan Nethery, 980-365-4300
Vice President, Investor Relations
Investors@bwxt.com
or
Media Contact:
Aimee Mills, 980-365-4145
Public Relations Manager
aemills@bwxt.com