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10-K annual report · filed Feb 25, 2019

BWX Technologies Inc (BWXT) FY2018 10-K Annual Report

BWXT overviewOriginal on SEC EDGAR
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BWX Technologies Inc (BWXT) filed its fiscal 2018 10-K annual report with the SEC on Feb 25, 2019. It reported revenue of $1.8B (+6.6% year over year) and net income of $227M.

  • Top risk flagged: U.S. Government contracts: 79% of 2018 revenue exposed to Congressional appropriations, continuing resolutions, termination, and rebidding

FY2018 key financial metrics · XBRL

Revenue
$1.8B
+6.6% YoY
Net income
$227M
+53.5% YoY
Operating margin
16.9%
−1.4 pp YoY
EPS (diluted)
$2.27
+54.4% YoY
ROE
96.3%
+44.5 pp YoY
Operating cash flow
$169M
−23.8% YoY

Source: XBRL data from the BWX Technologies Inc (BWXT) FY2018 10-K on SEC EDGAR. USD.

BWX Technologies Inc FY2018 10-K analysis

AI summary of each section, grounded in the filing text

Business Overview

  • Core model: Nuclear engineering, component manufacturing and government services, anchored by naval propulsion and nuclear infrastructure contracts
  • New acquisition: Nordion medical isotope business, adding 150 personnel and positioning BWXT for Molybdenum-99 and future radiopharmaceutical products
  • Strategic shift: Expansion toward medical radioisotopes and advanced nuclear technologies through acquisitions and strategic investments
  • Customer concentration: U.S. Government represented 79% of consolidated revenue, down from 81% in 2017 and 87% in 2016
  • Backlog: $3.479 billion at December 31, 2018, down from $3.971 billion, with $2.125 billion tied to U.S. Government contracts
  • Workforce: Approximately 6,250 employees worldwide, including 1,500 union members

Management Discussion & Analysis

  • Revenue $1,799.9M, up 6.6% YoY from $1,687.7M
  • Operating margin 17.0% vs 17.3%, based on operating income $305.0M vs $292.2M
  • Best segment Nuclear Power: revenue $365.9M, up 28.0%; margin 14.3% vs 12.8%
  • Worst segment Nuclear Services: revenue $122.4M, down 10.8%; margin 16.6% vs 16.1%
  • Operating cash flow $169.3M; MI acquisition $213.0M, capex increase $12.5M, buybacks $214.8M, dividends increase $21.8M
  • Outlook: 2019 backlog revenue expectations $980M Nuclear Operations and $240M Nuclear Power; risks from government spending, outages and cost inflation

Risk Factors

  • U.S. Government contracts: 79% of 2018 revenue exposed to Congressional appropriations, continuing resolutions, termination, and rebidding
  • Nuclear regulatory risk: NRC or DOE safety violations could trigger fines, heightened oversight, or operational shutdowns
  • International exposure: 20% of revenue from foreign operations, including Canada’s nuclear refurbishment market and currency risks
  • Supply-chain vulnerability: Single-source Nuclear Operations Group suppliers could halt production or increase component pricing
  • Debt burden: $777.4 million outstanding, including variable-rate borrowings exposed to LIBOR or CDOR replacement risk

Generated from the filing text; verify against the original. How to read a 10-K

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