I have been an independent financial adviser for over 11 years in the city and in recent years turned my experience in finance and passion for journalism into a full time role. I perform analysis of Companies and publicize valuable information for shareholder community.
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LYNCHBURG, Va., September 1, 2019 – Shares of BWX Technologies Inc. (NYSE: BWXT) inclined 0.94% to $59.20. The stock grabbed the investor’s attention and traded 374.588K shares as compared to its average daily volume of 441.92K shares.
BWX Technologies, Inc. (BWXT) reported first quarter 2019 revenue of $416.0M, a 9.0% decrease contrast with $457.0M in the first quarter of 2018. Net income for the first quarter 2019 was $49.00M, or $0.51 per diluted share, contrast with GAAP net income of $66.40M, or $0.66 per diluted share, and non-GAAP net income of $67.60M, or $0.67 per diluted share, in the first quarter 2018.
Nuclear Operations Group (NOG) segment revenue was $305.0M for the first quarter of 2019, a 3.7% decrease from the prior-year period, driven mainly by timing of long-lead material purchases and lower missile tube volume, partially offset by higher fuel volume. NOG operating income was $57.60M in the first quarter of 2019, a 15% decrease contrast with the prior-year period mainly driven by lower volume and higher expenses associated with on-boarding employees to meet expected increased volume demands. First quarter segment operating margins were 18.9%.
Nuclear Power Group (NPG) segment revenue was $84.40M for the first quarter of 2019, a 25% decrease from the prior-year period mainly because of decreases in the China steam generator project and lower field service and fuel activity, partially offset by increased revenue from the medical radioisotope acquisition. NPG operating income was $12.60M in the first quarter of 2019, a 42% decrease from the prior-year period driven mainly from lower volume in the China steam generator project, field services and fuel activity, partially offset by the medical radioisotope acquisition. First quarter segment operating margins were 14.9%.
Nuclear Services Group (NSG) segment operating income was $1.60M for the first quarter of 2019 contrast with $1.20M for the first quarter of 2018.
Liquidity and Debt:
The Company utilized $17.70M of net cash in operating activities in the first quarter of 2019 contrast with $18.60M of net cash utilized in operating activities in the prior-year period. At the end of the first quarter 2019, the Company’s cash and short-term investments position, net of restricted cash, was $26.60M.
As of March 31, 2019, the Company had gross debt of $879.60M and $64.30M in letters of credit issued under the Company’s revolving credit facility. Gross debt included $400.00M in senior notes, $276.90M in term loans and $202.70M in borrowings under the Company’s revolving credit facility. As a result, the Company had $233.00M in remaining availability under its revolving credit facility.
The Company returned $36.80M to shareholders during the first quarter 2019, counting $20.00M in share repurchases and $16.80M in dividends. As of March 31, 2019, the total remaining share repurchases authorization stands at $165.30M.
BWXT has a market value of $5.78B while its EPS was booked as $1.98 in the last 12 months. The stock has 94.99M shares outstanding. In the profitability analysis, the company has gross profit margin of 27.70% while net profit margin was 11.90%. Beta value of the company was 1.05; beta is used to measure riskiness of the security. Analyst recommendation for this stock stands at 2.60.