BWX Technologies Inc (NYSE: BWXT) stock over 3.4% on 26th Feb, 2019 (as of 10:57 am GMT-5; Source: Google finance)
The company in the fourth quarter of FY 18 has reported the Non-GAAP net income of $73.0 million, compared with $47.5 million in the prior-year quarter. The company has posted $177.7 million of net cash from operating activities in the fourth quarter of 2018 compared with $77.1 million in the prior-year period. At the end of the fourth quarter 2018, the company’s cash and short-term investments position, net of restricted cash, stood at $33.5 million. As of December 31, 2018, the company had gross debt of $777.4 million and $63.5 million in letters of credit issued under the Company’s revolving credit facility. The company had $336.5 million in remaining availability under its revolving credit facility.
Moreover, Nuclear Operations Group (NOG) segment revenue was $351 million for the fourth quarter of 2018, a 13% increase from the prior-year period, driven primarily by accelerated revenue through favorable EAC changes that included increased future volume assumptions that benefited backlog contracts and higher naval nuclear fuel and down blending services. Nuclear Power Group (NPG) segment revenue was $98.2 million for the fourth quarter of 2018, a 15.6% increase from the prior-year period due to increases in field services, fuel handling and manufacturing, and the medical radioisotope acquisition.
Additionally, BWXT has returned $168 million to shareholders during the fourth quarter 2018, including $152 million in share repurchases and $16 million in dividends. For the FY18, the company has returned $279 million of cash to shareholders, including $215 million in share repurchases and $64 million in dividends. As of December 31, 2018, the total remaining share repurchase authorization stands at $185 million. BWXT has declared a quarterly cash dividend of $0.17 per common share. The dividend will be payable on March 28, 2019, to shareholders of record on March 11, 2019. Overall, full year 2018 revenue grew 6.6% to $1.8 billion compared to $1.7 billion in 2017.
For FY 19, BWXT expects Non-GAAP earnings per share to be of approximately $2.50 (excluding mark-to-market for pension and post-retirement benefits), consolidated revenue growth to be of ~6%, NOG revenue growth of ~6% and NPG revenue is expected to be flat. The company further expects Non-GAAP effective tax rate in a range of 23% to 24%, capital expenditures to be of ~$225 million, unallocated corporate expenses of ~$20 million and other income primarily related to pension and other post-employment benefits to be of ~$22 million