BWX Technologies (BWXT) FY2014 results: revenue $1.5 billion, down 6.2% on the year
BWX Technologies, Inc. (BWXT) reported revenue of $1.5 billion for fiscal 2014, the year ended 31 December 2014, down 6.2% on the year before. Net income was $29 million, down 91.5%, and diluted earnings per share $0.27. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2015.
Revenue
$1.5 billion
-6.2% on the year
FY2009FY2014
Operating margin
1.7%
19.8% a year earlier
FY2009FY2014
Net income
$29 million
-91.5% on the year
FY2009FY2014
Diluted EPS
$0.27
-91.2% on the year
FY2009FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
1,451
1,547
3,291
-6.2%
Cost of revenue
1,153
1,012
2,461
+13.9%
Gross profit
298
534
830
-44.3%
Gross margin
20.5%
34.5%
25.2%
Research and development
54.8
58.2
121
-5.9%
Selling, general and administrative
230
198
428
+16.5%
Operating income
25.1
307
347
-91.8%
Operating margin
1.7%
19.8%
10.5%
Interest expense
7.1
2.7
3.7
+167.1%
Pre-tax income
32.1
286
319
-88.7%
Income tax
1.7
101
102
-98.3%
Effective tax rate
5.3%
35.3%
31.9%
Net income
29.4
346
228
-91.5%
Net margin
2.0%
22.4%
6.9%
Diluted EPS
$0.27
$3.07
$1.91
-91.2%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
74.9
138
185
-45.7%
Capital expenditure
76.0
65.0
86.6
+17.1%
Free cash flow
-1.1
72.9
98.3
Free cash flow margin
-0.1%
4.7%
3.0%
Cash from investing
n/a
20.1
-111
Cash from financing
105
-191
-108
Depreciation and amortisation
106
70.5
69.7
+50.0%
Share-based compensation
23.5
29.0
31.8
-19.1%
Buybacks
150
157
96.8
-4.7%
Dividends paid
43.5
38.0
9.5
+14.4%
Dividend per share
$0.40
$0.34
$0.08
+17.6%
Diluted shares, weighted
109m
113m
119m
-3.5%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
999
1,165
986
-14.3%
Non-controlling interest
15.5
18.3
16.5
-15.1%
Short-term borrowings
3.2
n/a
n/a
Debt
300
4.9
4.5
+6,027.5%
Other liabilities
1,540
1,421
1,833
+8.3%
Total liabilities and equity
2,857
2,609
2,840
+9.5%
Fixed assets
308
322
447
-4.4%
Goodwill
170
177
281
-4.0%
Intangible assets
60.2
63.3
65.1
-4.8%
Investments
12.4
15.2
92.9
-18.0%
Cash and equivalents
124
346
384
-64.3%
Receivables
165
360
365
-54.2%
Inventory
9.9
113
124
-91.2%
Other assets
2,008
1,212
1,082
+65.6%
Total assets
2,857
2,609
2,840
+9.5%
10-K for the year ended 31 December 2014, filed 25 February 2015: the filing.