Short answer
BWX Technologies Inc (BWXT) filed its fiscal 2016 10-K annual report with the SEC on Feb 27, 2017. It reported revenue of $1.6B and net income of $183M.
- Top risk flagged: U.S. Government contracts: 87% of 2016 revenue exposed to Congressional appropriations, continuing resolutions, and termination rights
FY2016 key financial metrics · XBRL
- Revenue
- $1.6B
- Net income
- $183M
- Operating margin
- 15.4%
- EPS (diluted)
- $1.76
- ROE
- 122.0%
- Operating cash flow
- $240M
Source: XBRL data from the BWX Technologies Inc (BWXT) FY2016 10-K on SEC EDGAR. USD.
BWX Technologies Inc FY2016 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core model: Specialty nuclear manufacturer and government-services provider focused on naval nuclear components, reactors, fuel and site operations
- New growth platform: BWXT Nuclear Energy Canada acquired for $117.8 million, adding approximately 350 employees and CANDU reactor products
- Strategic shift: mPower program potentially restructured and restarted under a March 2016 framework agreement, with GmP deconsolidated
- Backlog expanded to $3,983 million from $2,650 million, including approximately $2.1 billion of 2016 government awards
- U.S. Government concentration remained distinctive: 87% of total consolidated revenues and 99% of Nuclear Operations revenue
Management Discussion & Analysis
- Revenue $1,550.6M, up 9.5% YoY from $1,415.5M, driven by Nuclear Operations, Technical Services and Nuclear Energy
- Operating margin 15.4% vs 14.6%, with operating income $239.3M vs $205.9M
- Best segment: Nuclear Operations, revenue $1,269.3M and operating income $268.5M; Nuclear Energy margin 20.3% vs 1.1%
- Operating cash flow $239.9M; $293.0M share repurchases, $179.7M investing outflow including NEC acquisition
- 2017 outlook: Nuclear Operations revenue approximately $1,246M and Nuclear Energy revenue approximately $197M; risks include federal spending reductions and nuclear project cyclicality
Risk Factors
- U.S. Government contracts: 87% of 2016 revenue exposed to Congressional appropriations, continuing resolutions, and termination rights
- Nuclear regulatory liability: NRC or DOE safety violations could trigger fines, heightened oversight, or shutdowns
- Supplier concentration: Nuclear Operations relies on several single-source suppliers for product materials
- mPower disruption: NRC certification remains required after DOE funding suspension in 2014, with competitors potentially advancing sooner
- Pension underfunding: Defined benefit and postretirement plans underfunded by approximately $374.0 million at December 31, 2016
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