Short answer
BWX Technologies Inc (BWXT) filed its fiscal 2017 10-K annual report with the SEC on Feb 27, 2018. It reported revenue of $1.7B (+8.8% year over year) and net income of $148M.
- Top risk flagged: U.S. Government contracts, 81% of 2017 revenue, exposed to Congressional appropriations, continuing resolutions and contract termination
FY2017 key financial metrics · XBRL
- Revenue
- $1.7B
- +8.8% YoY
- Net income
- $148M
- −19.2% YoY
- Operating margin
- 18.3%
- +2.9 pp YoY
- EPS (diluted)
- $1.47
- −16.5% YoY
- ROE
- 51.8%
- −70.2 pp YoY
- Operating cash flow
- $222M
- −7.4% YoY
Source: XBRL data from the BWX Technologies Inc (BWXT) FY2017 10-K on SEC EDGAR. USD.
BWX Technologies Inc FY2017 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Nuclear technology manufacturer and services provider, centered on U.S. Government naval nuclear components, reactors and fuel
- 2017 segment realignment: Nuclear Services Group combined commercial nuclear services with Technical Services, while Canadian operations formed Nuclear Power Group
- NEC acquisition expanded CANDU fuel, fuel-handling and plant-life-extension offerings, adding approximately 350 employees in Canada
- R&D reached $50.4 million, focused primarily on medical and industrial radioisotope technologies versus mPower reactor development previously
- Backlog $3.971 billion, including $3.305 billion in Nuclear Operations Group and $285.6 million Canadian revenue veloped
Management Discussion & Analysis
- Revenue $1,687.7M, up 8.8% YoY from $1,550.6M
- Operating margin 18.3% vs 15.4%, operating income $308.9M vs $239.3M
- Best segment Nuclear Power: revenue $285.8M, up 76.9%; worst margin Nuclear Power: 14.0% vs 26.5%
- Operating cash flow $222.2M; investing cash use $90.7M; 2016 buybacks $293.0M
- 2018 outlook: Nuclear Operations revenue $1,190M and Nuclear Power revenue $230M; risks include federal spending cuts and outage timing
Risk Factors
- U.S. Government contracts, 81% of 2017 revenue, exposed to Congressional appropriations, continuing resolutions and contract termination
- DOE funding reductions and Budget Control Act sequestration threatening Nuclear Operations and Nuclear Services programs
- Nuclear Operations Group dependence on single-source suppliers, risking production delays and higher input costs
- Medical isotope commercialization requiring FDA, Health Canada and CNSC authorizations amid competing technologies
- Defined benefit plans underfunded by approximately $308.3 million as of December 31, 2017
Generated from the filing text; verify against the original. How to read a 10-K
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