BWX Technologies (BWXT) FY2020 results: revenue $2.1 billion, up 12.1% on the year
BWX Technologies, Inc. (BWXT) reported revenue of $2.1 billion for fiscal 2020, the year ended 31 December 2020, up 12.1% on the year before. Net income was $279 million, up 14.2%, and diluted earnings per share $2.91. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2021.
Revenue
$2.1 billion
+12.1% on the year
FY2013FY2020
Operating margin
16.9%
17.2% a year earlier
FY2013FY2020
Net income
$279 million
+14.2% on the year
FY2013FY2020
Diluted EPS
$2.91
+14.1% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
2,124
1,895
1,800
+12.1%
Cost of revenue
1,548
1,361
1,296
+13.7%
Gross profit
575
534
504
+7.8%
Gross margin
27.1%
28.2%
28.0%
Research and development
14.2
17.7
15.2
-19.7%
Selling, general and administrative
231
217
214
+6.6%
Operating income
359
326
305
+10.1%
Operating margin
16.9%
17.2%
16.9%
Interest expense
31.0
35.3
27.8
-12.2%
Pre-tax income
362
314
280
+15.4%
Income tax
83.0
69.1
52.8
+20.1%
Effective tax rate
22.9%
22.0%
18.9%
Net income
279
244
227
+14.2%
Net margin
13.1%
12.9%
12.6%
Diluted EPS
$2.91
$2.55
$2.27
+14.1%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
196
279
169
-29.7%
Capital expenditure
255
182
109
+40.0%
Free cash flow
-58.6
97.2
60.0
Free cash flow margin
-2.8%
5.1%
3.3%
Cash from investing
-265
-180
-327
Cash from financing
25.0
-43.7
-9.3
Depreciation and amortisation
60.7
61.7
60.1
-1.7%
Share-based compensation
16.8
12.7
11.9
+32.4%
Buybacks
22.0
20.0
215
+9.8%
Dividends paid
72.9
65.4
63.8
+11.6%
Dividend per share
$0.76
$0.68
$0.64
+11.8%
Diluted shares, weighted
96m
96m
100m
-0.1%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
618
404
236
+52.9%
Non-controlling interest
0.0
0.0
0.0
-66.7%
Debt
863
824
768
+4.7%
Other liabilities
813
681
652
+19.4%
Total liabilities and equity
2,294
1,909
1,655
+20.1%
Fixed assets
816
580
439
+40.7%
Goodwill
284
276
274
+3.0%
Intangible assets
193
191
229
+0.7%
Investments
3.7
5.8
3.6
-36.6%
Cash and equivalents
42.6
86.5
29.9
-50.8%
Receivables
153
56.7
71.6
+170.4%
Inventory
15.0
17.1
16.0
-12.3%
Other assets
786
696
592
+13.0%
Total assets
2,294
1,909
1,655
+20.1%
10-K for the year ended 31 December 2020, filed 22 February 2021: the filing.