BWX Technologies (BWXT) FY2013 results: revenue $1.5 billion, down 53.0% on the year
BWX Technologies, Inc. (BWXT) reported revenue of $1.5 billion for fiscal 2013, the year ended 31 December 2013, down 53.0% on the year before. Net income was $346 million, up 52.0%, and diluted earnings per share $3.07. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2014.
Revenue
$1.5 billion
-53.0% on the year
FY2009FY2013
Operating margin
19.8%
10.5% a year earlier
FY2009FY2013
Net income
$346 million
+52.0% on the year
FY2009FY2013
Diluted EPS
$3.07
+60.7% on the year
FY2009FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
1,547
3,291
2,952
-53.0%
Cost of revenue
1,012
2,461
2,384
-58.9%
Gross profit
534
830
568
-35.6%
Gross margin
34.5%
25.2%
19.2%
Research and development
58.2
121
106
-51.7%
Selling, general and administrative
198
428
448
-53.8%
Operating income
307
347
95.7
-11.4%
Operating margin
19.8%
10.5%
3.2%
Interest expense
2.7
3.7
4.5
-29.0%
Pre-tax income
286
319
94.5
-10.6%
Income tax
101
102
23.9
-1.0%
Effective tax rate
35.3%
31.9%
25.3%
Net income
346
228
78.3
+52.0%
Net margin
22.4%
6.9%
2.7%
Diluted EPS
$3.07
$1.91
$0.66
+60.7%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
138
185
174
-25.4%
Capital expenditure
65.0
86.6
63.9
-25.0%
Free cash flow
72.9
98.3
110
-25.8%
Free cash flow margin
4.7%
3.0%
3.7%
Cash from investing
20.1
-111
-154
Cash from financing
-191
-108
7.5
Depreciation and amortisation
70.5
69.7
73.0
+1.2%
Share-based compensation
29.0
31.8
17.9
-8.8%
Buybacks
157
96.8
n/a
+62.3%
Dividends paid
38.0
9.5
n/a
+300.7%
Dividend per share
$0.34
$0.08
n/a
+325.0%
Diluted shares, weighted
113m
119m
118m
-5.3%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
1,165
986
826
+18.1%
Non-controlling interest
18.3
16.5
9.2
+10.8%
Debt
4.9
4.5
5.3
+9.0%
Other liabilities
1,421
1,833
1,949
-22.5%
Total liabilities and equity
2,609
2,840
2,789
-8.1%
Fixed assets
322
447
422
-28.0%
Goodwill
177
281
276
-36.9%
Intangible assets
63.3
65.1
103
-2.8%
Investments
15.2
92.9
72.6
-83.7%
Cash and equivalents
346
384
415
-9.8%
Receivables
360
365
306
-1.3%
Inventory
113
124
107
-9.0%
Other assets
1,212
1,082
1,087
+12.1%
Total assets
2,609
2,840
2,789
-8.1%
10-K for the year ended 31 December 2013, filed 26 February 2014: the filing.