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Dec 31, 2019
BWX Technologies Q4 2019 Earnings Report
BWX Technologies reported strong Q4 2019 results, setting new year-end highs for revenue, earnings, and backlog.
Key Takeaways
BWX Technologies reported a 5% increase in revenue to $501 million for Q4 2019 compared to Q4 2018. GAAP net income was $61.4 million, or $0.64 per diluted share, while non-GAAP net income was $67.9 million, or $0.71 per diluted share.
Q4 2019 GAAP EPS was $0.64, and non-GAAP EPS was $0.71, with revenue up 5% compared to Q4 2018.
2019 GAAP EPS was $2.55, and non-GAAP EPS was $2.62, with revenue up 5% compared to 2018.
The company reported a record consolidated backlog of $5.3 billion.
A 12% quarterly dividend increase to $0.19 per share was announced.
Forward Guidance
BWXT issued 2020 guidance with non-GAAP EPS of approximately $2.80 and consolidated revenue growth of approximately 8%.
Positive Outlook
- Non-GAAP EPS of ~$2.80 (excludes pension and post-retirement benefits mark-to-market)
- Consolidated revenue growth of ~8%
- NOG revenue growth of ~9%
- NPG revenue growth of ~5%
- Other income primarily related to pension and other post-employment benefits of ~$37 million
Challenges Ahead
- NOG operating margin in the “high teens” with upside potential from CAS pension reimbursement
- NPG operating margin of ~13%
- NSG operating income of ~$25 million
- Unallocated corporate expenses of ~$20 million
- Non-GAAP effective tax rate of ~23%
Historical Earnings Impact
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Avg. Return Before/After Earnings
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