Tech stock under pressure: BWX Technologies Inc (NYSE: BWXT)

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BWX Technologies Inc (NYSE: BWXT) stock fell 1.10% on 24th Feb, 2020 (Source: Google finance) after the company’s fourth quarter of FY 19. The company has reported Non-GAAP net income for the fourth quarter 2019 of $67.9 million, compared with non-GAAP net income of $73.0 million in the prior-year period.

The Company had generated $188 million of net cash from operating activities in the fourth quarter of 2019 compared with $178 million in the prior-year period. At the end of the fourth quarter 2019, the Company’s cash and short-term investments position, net of restricted cash, stood at $92.4 million.

At the end of December, 2019, the Company’s gross debt stood at $832 million and $67.6 million in letters of credit issued under the Company’s revolving credit facility. Gross debt comprised of $400 million in senior notes, $272 million in term loans and $160 million in borrowings under the Company’s revolving credit facility. The Company had $272 million in remaining availability under its revolving credit facility.

BWXT in the fourth quarter of FY 19 has reported the adjusted earnings per share of 71 cents, while reported the adjusted revenue growth of 5 percent to $501.24 million in the fourth quarter of FY 19.

Additionally, the Company had returned $16.2 million in dividends to shareholders during the fourth quarter 2019, which has brought the total to $85.4 million of cash returned year-to-date including $20.0 million in share repurchases and $65.4 million in dividends. At the end of December, 2019, the total remaining share repurchase authorization was $165 million. The company has also declared a quarterly cash dividend of $0.19 per common share, which will be payable on March 26, 2020, to shareholders of record on March 9, 2020.

For fiscal 2020, the company expects Non-GAAP EPS to be of approximately $2.80, consolidated revenue growth is expected to be of ~8%, NOG revenue growth is expected to be of ~9%, NPG revenue growth is expected to be of ~5%, NOG operating margin is expected to be in the “high teens” with upside potential from CAS pension reimbursement, NPG operating margin is expected to be of ~13%, NSG operating income to be of ~$25 million and Capital expenditures to be of ~$270 million.

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