BWX Technologies (BWXT) FY2012 results: revenue $3.3 billion, up 11.5% on the year
BWX Technologies, Inc. (BWXT) reported revenue of $3.3 billion for fiscal 2012, the year ended 31 December 2012, up 11.5% on the year before. Net income was $228 million, up 190.7%, and diluted earnings per share $1.91. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2013.
Revenue
$3.3 billion
+11.5% on the year
FY2009FY2012
Operating margin
10.5%
3.2% a year earlier
FY2009FY2012
Net income
$228 million
+190.7% on the year
FY2009FY2012
Diluted EPS
$1.91
+189.4% on the year
FY2009FY2012
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Revenue
3,291
2,952
2,689
+11.5%
Cost of revenue
2,461
2,384
2,032
+3.2%
Gross profit
830
568
656
+46.2%
Gross margin
25.2%
19.2%
24.4%
Research and development
121
106
69.2
+13.3%
Selling, general and administrative
428
448
412
-4.3%
Operating income
347
95.7
249
+262.3%
Operating margin
10.5%
3.2%
9.3%
Interest expense
3.7
4.5
12.9
-17.8%
Pre-tax income
319
94.5
220
+238.0%
Income tax
102
23.9
80.0
+326.6%
Effective tax rate
31.9%
25.3%
36.3%
Net income
228
78.3
140
+190.7%
Net margin
6.9%
2.7%
5.2%
Diluted EPS
$1.91
$0.66
$1.19
+189.4%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Operating cash flow
185
174
192
+6.5%
Capital expenditure
86.6
63.9
63.6
+35.6%
Free cash flow
98.3
110
129
-10.4%
Free cash flow margin
3.0%
3.7%
4.8%
Cash from investing
-111
-154
-90.3
Cash from financing
-108
7.5
-184
Depreciation and amortisation
69.7
73.0
71.6
-4.5%
Share-based compensation
31.8
17.9
16.3
+77.4%
Buybacks
96.8
n/a
n/a
Dividends paid
9.5
n/a
n/a
Dividend per share
$0.08
n/a
n/a
Diluted shares, weighted
119m
118m
118m
+0.5%
Balance sheet
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Shareholders' equity
986
826
713
+19.5%
Non-controlling interest
16.5
9.2
0.7
+79.6%
Short-term borrowings
n/a
n/a
3.0
Debt
4.5
5.3
2.6
-15.0%
Other liabilities
1,833
1,949
1,781
-5.9%
Total liabilities and equity
2,840
2,789
2,501
+1.8%
Fixed assets
447
422
418
+5.9%
Goodwill
281
276
269
+1.7%
Intangible assets
65.1
103
106
-36.8%
Investments
92.9
72.6
75.1
+27.9%
Cash and equivalents
384
415
391
-7.6%
Receivables
365
306
289
+19.3%
Inventory
124
107
101
+15.8%
Other assets
1,082
1,087
851
-0.4%
Total assets
2,840
2,789
2,501
+1.8%
10-K for the year ended 31 December 2012, filed 28 February 2013: the filing.