BWX Technologies, Inc 8-K, filed Nov 1, 2021

BWX Technologies, Inc. (BWXT)

8-K 2021-11-01 For: 2021-11-01

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Added on April 07, 2026

About this 8-K

BWX Technologies, Inc filed this 8-K on November 1, 2021.

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Securities registered pursuant to Section 12(b) of the Act:
Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	BWXT	New York Stock Exchange


99.1						Earnings Release dated November 1, 2021.

101.INS						XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

101.SCH						XBRL Taxonomy Extension Schema Document

101.LAB						XBRL Taxonomy Extension Label Linkbase Document

101.PRE						XBRL Taxonomy Extension Presentation Linkbase Document

104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)


			BWX TECHNOLOGIES, INC.

			By:						/s/ Jason S. Kerr
									Jason S. Kerr
									Vice President and Chief Accounting Officer


Three Months Ended September 30, 2021
	GAAP		Restructuring Costs		Costs associated with early bond redemption		Non-GAAP

Operating Income	$	87.5	$	0.8	$	—	$	88.2
Other Income (Expense)	(9.7)		—		15.0		5.3
Provision for Income Taxes	(17.6)		(0.2)		(3.5)		(21.3)
Net Income	60.2		0.6		11.5		72.2
Net Income Attributable to Noncontrolling Interest	(0.2)		—		—		(0.2)
Net Income Attributable to BWXT	$	59.9	$	0.6	$	11.5	$	72.0

Diluted Shares Outstanding	94.5						94.5
Diluted Earnings per Common Share	$	0.63	$	0.01	$	0.12	$	0.76

Effective Tax Rate	22.6%						22.8%

NOG Operating Income	$	79.4	$	0.2			$	79.5

NPG Operating Income	$	9.0	$	0.3			$	9.3

Unallocated Corporate Operating Income	$	(5.0)	$	0.3			$	(4.7)


Three Months Ended September 30, 2020
	GAAP		Restructuring Costs		One-time franchise tax audit expense		Non-GAAP

Operating Income	$	88.8	$	0.5	$	2.6	$	91.9
Other Income (Expense)	3.1		—		—		3.1
Provision for Income Taxes	(18.7)		(0.1)		(0.6)		(19.4)
Net Income	73.2		0.4		2.0		75.6
Net Income Attributable to Noncontrolling Interest	(0.0)		—		—		(0.0)
Net Income Attributable to BWXT	$	73.2	$	0.4	$	2.0	$	75.6

Diluted Shares Outstanding	95.7						95.7
Diluted Earnings per Common Share	$	0.76	$	0.00	$	0.02	$	0.79

Effective Tax Rate	20.3%						20.4%

NPG Operating Income	$	29.2	$	0.5	$	—	$	29.7



(1)			Tables may not foot due to rounding.
(2)			BWXT is providing non-GAAP information regarding certain of its historical results and guidance on future earnings per share to supplement the results provided in accordance with GAAP and it should not be considered superior to, or as a substitute for, the comparable GAAP measures. BWXT believes the non-GAAP measures provide meaningful insight and transparency into the Company’s operational performance and provides these measures to investors to help facilitate comparisons of operating results with prior periods and to assist them in understanding BWXT's ongoing operations.
(3)			BWXT has not included a reconciliation of provided non-GAAP guidance to the comparable GAAP measures due to the difficulty of estimating any mark-to-market adjustments for pension and post-retirement benefits, which are determined at the end of the year.


	September 30, 2021		December 31, 2020
	(Unaudited) (In thousands)
Current Assets:
Cash and cash equivalents	$	69,381	$	42,610
Restricted cash and cash equivalents	3,071		3,070
Investments	3,820		3,707
Accounts receivable – trade, net	57,136		153,368
Accounts receivable – other	24,471		22,239
Retainages	70,176		55,172
Contracts in progress	540,504		449,176
Other current assets	45,264		44,256
Total Current Assets	813,823		773,598
Property, Plant and Equipment, Net	983,974		816,471
Investments	10,031		9,356
Goodwill	285,066		283,708
Deferred Income Taxes	25,431		49,415
Investments in Unconsolidated Affiliates	84,636		71,806
Intangible Assets	187,384		192,751
Other Assets	99,368		96,398
TOTAL	$	2,489,713	$	2,293,503


	September 30, 2021		December 31, 2020
	(Unaudited) (In thousands, except share and per share amounts)
Current Liabilities:

Bank overdraft	$	—	$	88,694
Accounts payable	137,936		184,392
Accrued employee benefits	74,102		89,740
Accrued liabilities – other	77,872		78,028
Advance billings on contracts	102,370		83,581
Accrued warranty expense	5,513		5,292

Total Current Liabilities	397,793		529,727
Long-Term Debt	1,253,832		862,731
Accumulated Postretirement Benefit Obligation	24,389		25,689
Environmental Liabilities	93,051		84,153
Pension Liability	109,829		144,859
Other Liabilities	32,245		28,576
Commitments and Contingencies
Stockholders' Equity:
Common stock, par value $0.01 per share, authorized 325,000,000 shares; issued 127,303,992 and 127,009,536 shares at September 30, 2021 and December 31, 2020, respectively	1,273		1,270
Preferred stock, par value $0.01 per share, authorized 75,000,000 shares; No shares issued	—		—
Capital in excess of par value	170,514		153,800
Retained earnings	1,678,478		1,549,950
Treasury stock at cost, 35,102,009 and 31,698,747 shares at September 30, 2021 and December 31, 2020, respectively	(1,286,261)		(1,095,452)
Accumulated other comprehensive income (loss)	14,311		8,198
Stockholders' Equity – BWX Technologies, Inc.	578,315		617,766
Noncontrolling interest	259		2
Total Stockholders' Equity	578,574		617,768
TOTAL	$	2,489,713	$	2,293,503


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
	(Unaudited) (In thousands, except share and per share amounts)
Revenues	$	498,727	$	519,878	$	1,532,099	$	1,566,606
Costs and Expenses:
Cost of operations	361,530		373,783		1,130,153		1,133,760
Research and development costs	2,870		2,933		9,491		11,565
Losses (gains) on asset disposals and impairments, net	(981)		25		(1,018)		324
Selling, general and administrative expenses	58,458		62,638		176,037		170,733
Total Costs and Expenses	421,877		439,379		1,314,663		1,316,382
Equity in Income of Investees	10,618		8,271		26,197		19,247
Operating Income	87,468		88,770		243,633		269,471
Other Income (Expense):
Interest income	160		161		369		453
Interest expense	(11,483)		(7,701)		(28,725)		(23,533)
Other – net	1,624		10,652		33,316		28,019
Total Other Income (Expense)	(9,699)		3,112		4,960		4,939
Income before Provision for Income Taxes	77,769		91,882		248,593		274,410
Provision for Income Taxes	17,611		18,687		59,211		61,199
Net Income	$	60,158	$	73,195	$	189,382	$	213,211
Net Income Attributable to Noncontrolling Interest	(244)		(24)		(372)		(283)
Net Income Attributable to BWX Technologies, Inc.	$	59,914	$	73,171	$	189,010	$	212,928
Earnings per Common Share:
Basic:
Net Income Attributable to BWX Technologies, Inc.	$	0.64	$	0.77	$	1.99	$	2.23
Diluted:
Net Income Attributable to BWX Technologies, Inc.	$	0.63	$	0.76	$	1.99	$	2.22
Shares used in the computation of earnings per share:
Basic	94,277,253		95,483,003		94,978,638		95,450,994
Diluted	94,483,975		95,730,696		95,190,676		95,706,880


Emerging growth company			☐


	Nine Months Ended September 30,
	2021		2020
	(Unaudited) (In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$	189,382	$	213,211
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	50,476		45,458
Income of investees, net of dividends	(12,375)		(4,183)

Recognition of losses for pension and postretirement plans	2,189		2,382
Stock-based compensation expense	14,861		12,139
Premium for early redemption of senior notes	10,752		—
Recognition of debt issuance costs from former debt instruments	4,212		665
Other, net	1,039		325
Changes in assets and liabilities, net of effects from acquisitions:
Accounts receivable	99,604		(43,081)
Accounts payable	(20,787)		9,614
Retainages	(14,780)		(25,495)
Contracts in progress and advance billings on contracts	(71,020)		(65,077)
Income taxes	15,723		5,090
Accrued and other current liabilities	1,922		23,350
Pension liabilities, accrued postretirement benefit obligations and employee benefits	(53,430)		(29,741)
Other, net	7,810		3,437
NET CASH PROVIDED BY OPERATING ACTIVITIES	225,578		148,094
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment	(236,656)		(179,972)
Acquisition of business	—		(15,905)
Purchases of securities	(3,560)		(2,563)
Sales and maturities of securities	3,417		4,709

Other, net	2,718		91
NET CASH USED IN INVESTING ACTIVITIES	(234,081)		(193,640)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings of long-term debt	1,215,800		805,800
Repayments of long-term debt	(825,800)		(715,976)
Premium for early redemption of senior notes	(10,752)		—
Payment of debt issuance costs	(4,838)		(6,788)
Repayment of bank overdraft	(88,694)		—
Repurchases of common stock	(185,778)		(20,027)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
	(Unaudited) (In thousands)
REVENUES:
Nuclear Operations Group	$	386,618	$	386,502	$	1,170,028	$	1,220,529
Nuclear Power Group	83,382		108,104		292,622		264,004
Nuclear Services Group	35,739		33,707		91,356		103,800
Eliminations	(7,012)		(8,435)		(21,907)		(21,727)
TOTAL	$	498,727	$	519,878	$	1,532,099	$	1,566,606

SEGMENT INCOME:
Nuclear Operations Group	$	79,372	$	68,460	$	222,889	$	244,791
Nuclear Power Group	8,977		29,199		30,135		38,771
Nuclear Services Group	10,304		7,557		21,811		18,079
Other	(6,186)		(5,714)		(19,318)		(16,673)
SUBTOTAL	92,467		99,502		255,517		284,968
Unallocated Corporate	(4,999)		(10,732)		(11,884)		(15,497)
TOTAL	$	87,468	$	88,770	$	243,633	$	269,471

DEPRECIATION AND AMORTIZATION:
Nuclear Operations Group	$	10,441	$	8,041	$	28,979	$	24,916
Nuclear Power Group	4,957		4,734		14,856		13,589
Nuclear Services Group	246		180		731		1,473
Other	269		297		806		350
Corporate	1,571		1,641		5,104		5,130
TOTAL	$	17,484	$	14,893	$	50,476	$	45,458

CAPITAL EXPENDITURES:
Nuclear Operations Group	$	32,384	$	27,756	$	107,512	$	93,683
Nuclear Power Group	30,546		32,650		118,441		76,397
Nuclear Services Group	1,605		411		2,495		1,075
Other	166		—		166		235
Corporate	1,785		3,678		8,042		8,582
TOTAL	$	66,486	$	64,495	$	236,656	$	179,972


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
	(Unaudited) (In thousands)
BACKLOG:
Nuclear Operations Group	$	3,783,270	$	3,610,174	$	3,783,270	$	3,610,174
Nuclear Power Group	687,806		726,081		687,806		726,081
Nuclear Services Group	30,019		28,759		30,019		28,759
TOTAL	$	4,501,095	$	4,365,014	$	4,501,095	$	4,365,014

BOOKINGS:
Nuclear Operations Group	$	36,060	$	81,845	$	1,290,423	$	313,426
Nuclear Power Group	96,780		62,724		254,081		132,442
Nuclear Services Group	17,929		11,940		82,863		85,356
TOTAL	$	150,769	$	156,509	$	1,627,367	$	531,224