BWX Technologies (BWXT) Q3 FY2023 earnings: revenue $590 million, up 12.7% on the year

BWX Technologies, Inc. (BWXT) reported revenue of $590 million for Q3 FY2023, the quarter ended 30 September 2023, up 12.7% on the same quarter a year earlier. Net income was $60 million, down 2.2% on the year, and diluted earnings per share $0.66. The figures are the company's own, from the 10-Q it filed with the SEC on 1 November 2023.

Revenue$590 millionup 12.7%

Net income$60 milliondown 2.2%

Diluted EPS$0.66

QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	590	n/a	n/a	n/a
Cost of revenue	436	n/a	n/a	n/a
Gross profit	154	n/a	n/a	n/a
Gross margin	26.1%	n/a	n/a
Research and development	1.2	n/a	n/a	n/a
Selling, general and administrative	79.8	n/a	n/a	n/a
Operating income	85.4	n/a	n/a	n/a
Operating margin	14.5%	n/a	n/a
Interest expense	12.2	n/a	n/a	n/a
Pre-tax income	78.2	n/a	n/a	n/a
Income tax	17.8	n/a	n/a	n/a
Effective tax rate	22.8%	n/a	n/a
Net income	60.3	n/a	n/a	n/a
Net margin	10.2%	n/a	n/a
Diluted EPS	$0.66	n/a	n/a	n/a

$ million except per share.

Free 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 and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	74.3	n/a	n/a	n/a
Capital expenditure	30.9	n/a	n/a	n/a
Free cash flow	43.4	n/a	n/a	n/a
Free cash flow margin	7.4%	n/a	n/a
Cash from investing	-39.1	n/a	n/a	n/a
Cash from financing	-18.9	n/a	n/a	n/a
Depreciation and amortisation	19.8	n/a	n/a	n/a
Share-based compensation	3.7	n/a	n/a	n/a
Buybacks	0.0	n/a	n/a	n/a
Dividends paid	21.1	n/a	n/a	n/a
Dividend per share	$0.23	n/a	n/a	n/a
Diluted shares, weighted	92m	n/a	n/a	n/a
Shares outstanding at period end	92m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Shareholders' equity	872	n/a	n/a	n/a
Non-controlling interest	-0.1	n/a	n/a	n/a
Debt	1,334	n/a	n/a	n/a
Other liabilities	570	n/a	n/a	n/a
Total liabilities and equity	2,777	n/a	n/a	n/a
Fixed assets	1,186	n/a	n/a	n/a
Goodwill	294	n/a	n/a	n/a
Intangible assets	185	n/a	n/a	n/a
Investments	0.0	n/a	n/a	n/a
Cash and equivalents	50.2	n/a	n/a	n/a
Receivables	101	n/a	n/a	n/a
Inventory	31.6	n/a	n/a	n/a
Other assets	930	n/a	n/a	n/a
Total assets	2,777	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025	Q1 FY2026	Q2 FY2026
Revenue	590	726	604	681	672	746	682	764	866	886	860	902
Cost of revenue	436	537	455	513	508	572	517	573	677	699	663	699
Gross profit	154	189	149	168	164	174	165	191	189	187	197	202
Gross margin	26%	26%	25%	25%	24%	23%	24%	25%	22%	21%	23%	22%
R&D	1.2	1.7	1.5	1.3	2.1	2.6	2.0	4.6	3.5	3.8	4.1	4.2
SG&A	79.8	74.6	67.4	79.8	80.8	90.7	87.6	103	93.4	111	108	108
Operating income	85.4	123	93.0	98.8	96.6	92.3	96.6	102	113	92.1	107	114
Operating margin	14%	17%	15%	14%	14%	12%	14%	13%	13%	10%	12%	13%
Interest expense	12.2	11.8	9.6	10.7	9.9	9.3	8.0	11.7	14.0	10.5	4.7	5.3
Pre-tax income	78.2	85.6	88.4	91.6	90.6	78.1	91.8	97.8	108	101	107	114
Tax rate	23%	23%	22%	20%	23%	9%	18%	20%	24%	7%	15%	22%
Net income	60.3	65.9	68.5	73.0	69.5	71.0	75.5	78.4	82.1	93.0	91.1	89.0
Net margin	10%	9%	11%	11%	10%	10%	11%	10%	9%	10%	11%	10%
Diluted EPS	$0.66	$0.72	$0.75	$0.79	$0.76	$0.77	$0.82	$0.85	$0.89	$1.01	$0.99	$0.97
Operating cash flow	74.3	222	33.0	65.9	32.6	277	50.6	159	143	127	92.6	156
Capital expenditure	30.9	50.8	30.4	30.4	40.3	52.5	33.4	32.7	48.3	70.2	42.5	41.4
Free cash flow	43.4	171	2.6	35.5	-7.7	224	17.3	126	94.9	56.8	50.1	115
Buybacks	0.0	0.0	20.0	0.0	0.0	0.0	30.0	0.0	0.0	0.0	0.0	0.0
Dividends paid	21.1	21.1	22.4	22.0	22.0	22.0	23.7	23.1	22.9	22.8	25.8	24.7
Shares outstanding	92m	91m	91m	91m	91m	91m	91m	91m	91m	91m	92m	92m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q/A

Each quarter as filed, linked to its filing.

Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 1 November 2023, accession 0001486957-23-000042: the filing on EDGAR. All of BWX Technologies, Inc.'s filings: EDGAR company page.

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