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BWX Technologies (BWXT) FY2022 results: revenue $2.2 billion, up 5.1% on the year

BWX Technologies, Inc. (BWXT) reported revenue of $2.2 billion for fiscal 2022, the year ended 31 December 2022, up 5.1% on the year before. Net income was $238 million, down 22.1%, and diluted earnings per share $2.60. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2023.

Revenue
$2.2 billion
+5.1% on the year
FY2015FY2022
Operating margin
15.6%
16.3% a year earlier
FY2015FY2022
Net income
$238 million
-22.1% on the year
FY2015FY2022
Diluted EPS
$2.60
-19.8% on the year
FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ millionFY2022FY2021FY2020On the yearLast 8 years
Revenue2,2332,1242,124+5.1%
Cost of revenue1,6811,5741,548+6.8%
Gross profit552550575+0.3%
Gross margin24.7%25.9%27.1%
Research and development9.511.114.2-13.8%
Selling, general and administrative234230231+1.7%
Operating income349346359+0.8%
Operating margin15.6%16.3%16.9%
Interest expense36.435.831.0+1.8%
Pre-tax income314396362-20.6%
Income tax75.889.483.0-15.3%
Effective tax rate24.1%22.6%22.9%
Net income238306279-22.1%
Net margin10.7%14.4%13.1%
Diluted EPS$2.60$3.24$2.91-19.8%
$ 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

$ millionFY2022FY2021FY2020On the yearLast 8 years
Operating cash flow245386196-36.6%
Capital expenditure198311255-36.2%
Free cash flow46.475.0-58.6-38.1%
Free cash flow margin2.1%3.5%-2.8%
Cash from investing-256-305-265
Cash from financing14.0-90.125.0
Depreciation and amortisation73.869.160.7+6.9%
Share-based compensation14.118.616.8-24.1%
Buybacks20.022622.0-91.1%
Dividends paid81.179.772.9+1.8%
Dividend per share$0.88$0.84$0.76+4.8%
Diluted shares, weighted92m95m96m-3.0%

Balance sheet

$ millionFY2022FY2021FY2020On the yearLast 8 years
Shareholders' equity748637618+17.4%
Non-controlling interest0.00.10.0-25.0%
Debt1,2891,189863+8.4%
Other liabilities582675813-13.8%
Total liabilities and equity2,6192,5012,294+4.7%
Fixed assets1,1351,046816+8.5%
Goodwill293286284+2.7%
Intangible assets194186193+4.3%
Investments3.83.83.7-0.2%
Cash and equivalents35.233.942.6+4.0%
Receivables60.870.7153-14.0%
Inventory22.916.315.0+40.5%
Other assets875860786+1.7%
Total assets2,6192,5012,294+4.7%

10-K for the year ended 31 December 2022, filed 23 February 2023: the filing.