BWX Technologies (BWXT) FY2019 results: revenue $1.9 billion, up 5.3% on the year
BWX Technologies, Inc. (BWXT) reported revenue of $1.9 billion for fiscal 2019, the year ended 31 December 2019, up 5.3% on the year before. Net income was $244 million, up 7.6%, and diluted earnings per share $2.55. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2020.
Revenue
$1.9 billion
+5.3% on the year
FY2012FY2019
Operating margin
17.2%
16.9% a year earlier
FY2012FY2019
Net income
$244 million
+7.6% on the year
FY2012FY2019
Diluted EPS
$2.55
+12.3% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
1,895
1,800
1,688
+5.3%
Cost of revenue
1,361
1,296
1,192
+5.0%
Gross profit
534
504
496
+5.9%
Gross margin
28.2%
28.0%
29.4%
Research and development
17.7
15.2
7.2
+16.1%
Selling, general and administrative
217
214
210
+1.3%
Operating income
326
305
292
+6.7%
Operating margin
17.2%
16.9%
17.3%
Interest expense
35.3
27.8
14.9
+26.9%
Pre-tax income
314
280
296
+12.0%
Income tax
69.1
52.8
147
+30.7%
Effective tax rate
22.0%
18.9%
49.8%
Net income
244
227
148
+7.6%
Net margin
12.9%
12.6%
8.8%
Diluted EPS
$2.55
$2.27
$1.47
+12.3%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
279
169
222
+65.0%
Capital expenditure
182
109
96.9
+66.6%
Free cash flow
97.2
60.0
125
+62.2%
Free cash flow margin
5.1%
3.3%
7.4%
Cash from investing
-180
-327
-89.7
Cash from financing
-43.7
-9.3
-61.2
Depreciation and amortisation
61.7
60.1
56.6
+2.7%
Share-based compensation
12.7
11.9
15.2
+7.1%
Buybacks
20.0
215
0.0
-90.7%
Dividends paid
65.4
63.8
42.0
+2.4%
Dividend per share
$0.68
$0.64
$0.42
+6.3%
Diluted shares, weighted
96m
100m
100m
-4.2%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
404
236
285
+71.5%
Non-controlling interest
0.0
0.0
0.4
-84.6%
Debt
824
768
509
+7.3%
Other liabilities
681
652
918
+4.5%
Total liabilities and equity
1,909
1,655
1,712
+15.3%
Fixed assets
580
439
349
+32.1%
Goodwill
276
274
218
+0.5%
Intangible assets
191
229
110
-16.3%
Investments
5.8
3.6
2.9
+62.4%
Cash and equivalents
86.5
29.9
203
+189.7%
Receivables
56.7
71.6
189
-20.8%
Inventory
17.1
16.0
8.6
+6.9%
Other assets
696
592
631
+17.5%
Total assets
1,909
1,655
1,712
+15.3%
10-K for the year ended 31 December 2019, filed 24 February 2020: the filing.