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BWX Technologies Concludes 2018 with Record Fourth Quarter Results; Positioned for Continued Growth in 2019

LYNCHBURG, Va.--(BUSINESS WIRE)--

  • 4Q18 GAAP EPS of $0.22; non-GAAP EPS of $0.74; revenue up 11% vs. 4Q17
  • 2018 GAAP EPS of $2.27; non-GAAP EPS of $2.39; revenue up 7% vs. 2017
  • Returned $279 million of cash to shareholders in 2018
  • Announces 6% quarterly dividend increase to $0.17 per share
  • Issues 2019 guidance: non-GAAP EPS of ~$2.50; revenue growth of ~6%
  • Reiterates 3-5 year, low-double-digit non-GAAP EPS CAGR from 2017 results

BWX Technologies, Inc. (BWXT) (“BWXT,” “we,” “us” or the “Company”) reported record fourth quarter 2018 revenue of $478 million, an 11% increase compared with $430 million in the fourth quarter of 2017. GAAP net income for the fourth quarter 2018 was $21.9 million, or $0.22 per diluted share, compared with a net loss of $15.7 million, or a loss of $0.16 per share, in the prior-year quarter. Non-GAAP net income for the fourth quarter 2018 was $73.0 million, or $0.74 per diluted share, compared with $47.5 million, or $0.47 per diluted share, in the prior-year quarter. A reconciliation of non-GAAP results is detailed in Exhibit 1.

Full year 2018 revenue was $1.8 billion, a 6.6% increase compared to $1.7 billion in 2017. GAAP net income for the full year 2018 was $227.0 million, or $2.27 per diluted share, which includes a $0.25 unfavorable impact of non-cash, mark-to-market loss for pension and other post-retirement benefits, compared with $147.8 million, or $1.47 per diluted share, in 2017. Non-GAAP net income for the full year 2018 was $238.8 million, or $2.39 per diluted share, up 17% compared with $205.6 million, or $2.05 per diluted share, in the prior year.

“We had an impressive finish to 2018 with record fourth quarter financial results,” said Rex D. Geveden, president and chief executive officer. “Despite some operational challenges and pension and interest headwinds especially in the second half, 2018 was yet another stride forward in our aggressive growth plans. We enter 2019 well positioned for continued revenue and earnings growth as we progress toward the achievement of our long-term guidance.”

“Strategic focus areas for 2019 are to ramp up production of the Columbia-class submarine, complete the pricing agreement for a second Ford-Class carrier, industrialize our radioisotope technology, and capitalize future organic growth opportunities.”

Fourth Quarter and Full Year 2018 Segment Results
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 downblending services. Full-year segment revenue was $1.3 billion, a 3.7% increase compared with 2017 as a result of increases in volume from naval nuclear components as well as nuclear fuel and downblending operations.

NOG operating income was $91.1 million in the fourth quarter of 2018, a 41% increase compared with the prior-year period primarily driven by lower costs and favorable EAC changes that included increased future volume assumptions that benefited backlog contracts. Full-year segment operating income was $271 million, inclusive of a $29.2 million reserve for missile tube rework, a 1.3% increase compared with the prior year driven by higher volume and reduced costs. Fourth quarter and full year 2018 segment operating margins were 26.0% and 20.6%, respectively.

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. Full-year segment revenue was $366 million, a 28% increase compared with the prior year primarily from an increase in field services, fuel manufacturing, China steam generator production and the medical radioisotope acquisition.

NPG operating income was $13.6 million in the fourth quarter of 2018, a 44% increase from the prior-year period driven primarily from higher volume and the medical radioisotope acquisition. Full-year segment operating income was $52.3 million, a 43% increase compared with the prior year driven by higher volume and the medical radioisotope acquisition. Fourth quarter and full-year 2018 segment operating margins were 13.9% and 14.3%, respectively.

Nuclear Services Group (NSG) segment operating income was $9.2 million for the fourth quarter of 2018 compared with $5.5 million for the fourth quarter of 2017 primarily as a result of an improvement in operational performance and lower costs. Full-year segment operating income was down $1.7 million to $20.4 million primarily driven by a $7.9 million favorable legal settlement in 2017.

Liquidity and Debt
The Company generated $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, was $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. Gross debt included $400.0 million in senior notes, $277.4 million in term loans and $100.0 million in borrowings under the Company’s revolving credit facility. As a result, the Company had $336.5 million in remaining availability under its revolving credit facility.

Capital Deployment
The Company returned $168 million to shareholders during the fourth quarter 2018, including $152 million in share repurchases and $16 million in dividends. For the fiscal year 2018, the Company 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.

On February 22, 2019, our Board of Directors 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.

2019 Guidance

  • Non-GAAP EPS of ~$2.50 (excluding mark-to-market for pension and post-retirement benefits)
  • Consolidated revenue growth of ~6%
    • NOG revenue growth of ~6%
    • NPG revenue ~flat
  • Operating income and margin
    • 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
    • Other segment operating expense primarily R&D of ~1% of revenue
  • Unallocated corporate expenses of ~$20 million
  • Other income primarily related to pension and other post-employment benefits of ~$22 million
  • Non-GAAP effective tax rate in a range of 23% to 24%
  • Capital expenditures of ~$225 million

Long-term Guidance
BWXT reiterated long-term guidance that excluding the benefit of tax reform, the Company anticipates a non-GAAP EPS compound annual growth rate (CAGR) in the low-double digits over a three to five year period from 2017 based on a robust organic growth strategy and balance sheet capacity.

The Company does not provide GAAP guidance because it is unable to reliably forecast most of the items that are excluded from GAAP to calculate non-GAAP results. These items could cause GAAP results to differ materially from non-GAAP results. See reconciliation of non-GAAP results in Exhibit 1 for additional information.

Conference Call to Discuss Fourth Quarter and Full Year 2018 Results

Date:

          Tuesday, February 26, 2019, at 8:30 a.m. EDT

Live Webcast:

Investor Relations section of website at www.bwxt.com

 

Forward-Looking Statements
BWXT cautions that this release contains forward-looking statements, including, without limitation, statements relating to backlog, to the extent they may be viewed as an indicator of future revenues; completion of our multi-year pricing agreement; the integration and anticipated benefits of our acquisition of Nordion’s medical isotope business; timing of future revenues from the acquisition of Nordion’s medical isotope business and new medical radioisotope business; the timing and impact of the missile tube welding issue; our plans and expectations for the NOG, NPG and NSG segments; and our 2019 guidance and long-term guidance. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties, including, among other things, our ability to execute contracts in backlog; the lack of, or adverse changes in, Federal appropriations to government programs in which we participate; the demand for and competitiveness of nuclear power; capital priorities of power generating utilities; adverse changes in the industries in which we operate and delays, changes or termination of contracts in backlog. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. For a more complete discussion of these and other risk factors, see BWXT’s filings with the Securities and Exchange Commission, including our annual report on Form 10-K for the year ended December 31, 2018 and subsequent quarterly reports on Form 10-Q. BWXT cautions not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.

About BWXT
Headquartered in Lynchburg, Va., BWX Technologies, Inc. (BWXT) is a leading supplier of nuclear components and fuel to the U.S. government; provides technical and management services to support the U.S. government in the operation of complex facilities and environmental remediation activities; and supplies precision manufactured components, services and fuel for the commercial nuclear power industry. With approximately 6,250 employees, BWXT has 11 major operating sites in the U.S. and Canada. In addition, BWXT joint ventures provide management and operations at more than a dozen U.S. Department of Energy and two NASA facilities. Follow us on Twitter @BWXTech and learn more at www.bwxt.com.

EXHIBIT 1

 

BWX TECHNOLOGIES, INC.

RECONCILIATION OF NON-GAAP OPERATING INCOME AND EARNINGS PER SHARE(1)(2)(3)

(In millions, except per share amounts)

 
Three Months Ended December 31, 2018
                     
GAAP

Pension & OPEB
MTM (Gain) / Loss

 

One Time Tax
(Benefit) / Losses

Non-GAAP
 
Operating Income $ 103.1 $ $ $ $ 103.1
Other Income (Expense) (71.8 ) 67.8 (4.0 )
Provision for Income Taxes   (9.3 )   (15.7 )       (1.0 )   (25.9 )
Net Income   22.1     52.1         (1.0 )   73.2  
Net Income Attributable to Noncontrolling Interest   (0.1 )               (0.1 )
Net Income Attributable to BWXT $ 21.9   $ 52.1   $   $ (1.0 )   73.0  
 
Diluted Shares Outstanding 98.6 98.6
Diluted Earnings per Common Share $ 0.22 $ 0.52 $ $ (0.01 ) $ 0.74
 
Effective Tax Rate 29.6 %   26.2 %
 
 
Three Months Ended December 31, 2017
 
GAAP

Pension & OPEB
MTM (Gain) / Loss

Executive
Restructuring

One Time Tax
(Benefit) / Losses

Non-GAAP
 
Operating Income $ 63.7 $ $ 2.6 $ $ 66.4
Other Income (Expense) (7.4 ) 11.1 3.6
Provision for Income Taxes   (71.9 )   (4.2 )   (1.0 )   54.6     (22.4 )
Net Income (Loss)   (15.5 )   6.9     1.7     54.6     47.7  
Net Income Attributable to Noncontrolling Interest   (0.2 )               (0.2 )
Net Income (Loss) Attributable to BWXT $ (15.7 ) $ 6.9   $ 1.7   $ 54.6     47.5  
 
Diluted Shares Outstanding 99.4 100.4
Diluted Earnings per Common Share $ (0.16 ) $ 0.07 $ 0.02 $ 0.54 $ 0.47
 
Effective Tax Rate 127.6 %   31.9 %
     

(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.

 
 

EXHIBIT 1 (continued)

 

BWX TECHNOLOGIES, INC.

RECONCILIATION OF NON-GAAP OPERATING INCOME AND EARNINGS PER SHARE(1)(2)(3)

(In millions, except per share amounts)

 
Twelve Months Ended December 31, 2018
                                 
GAAP

Pension &
OPEB
MTM
(Gain) /
Loss

Acquisition
Related
Costs

Recognition of
Debt Issuance
Costs from
Former Credit
Facility

Gain on
Forward
Contracts

One Time
Tax
(Benefit) /
Losses

 

Missile Tube
Reserves

Non-GAAP
 
Operating Income $ 305.0 $ $ 2.5 $ $ $ $ 307.5
Other Income (Expense) (24.8 ) 32.6 2.4 (4.7 ) 5.5
Provision for Income Taxes   (52.8 )   (7.5 )   (0.6 )   (0.6 )   1.2     (13.5 )     (73.8 )
Net Income   227.3     25.1     1.9     1.8     (3.5 )   (13.5 )     239.1  
Net Income Attributable to Noncontrolling Interest   (0.3 )                         (0.3 )
Net Income Attributable to BWXT $ 227.0   $ 25.1   $ 1.9   $ 1.8   $ (3.5 ) $ (13.5 )     238.8  
 
Diluted Shares Outstanding 100.0 100.0
Diluted Earnings per Common Share $ 2.27 $ 0.25 $ 0.02 $ 0.02 $ (0.03 ) $ (0.13 ) $ 2.39
 
Effective Tax Rate 18.9 %   23.6 %
 
NOG segment margins(4) 20.6 % 1.9 % 22.5 %
 
 
Twelve Months Ended December 31, 2017
 
GAAP

Pension &
OPEB
MTM
(Gain) /
Loss

Litigation

Executive
Restructuring

Impairment
(Gains) /
Losses

One Time
Tax
(Benefit) /
Losses

  Non-GAAP
 
Operating Income $ 292.2 $ $ (7.9 ) $ 2.6 $ $ $ 287.0
Other Income (Expense) 3.6 11.1 (0.4 ) 14.2
Provision for Income Taxes   (147.4 )   (4.2 )   2.8     (1.0 )   0.0     54.6       (95.1 )
Net Income   148.4     6.9     (5.1 )   1.7     (0.4 )   54.6       206.1  
Net Income Attributable to Noncontrolling Interest   (0.5 )                         (0.5 )
Net Income Attributable to BWXT $ 147.8   $ 6.9   $ (5.1 ) $ 1.7   $ (0.4 ) $ 54.6       205.6  
 
Diluted Shares Outstanding 100.4 100.4
Diluted Earnings per Common Share $ 1.47 $ 0.07 $ (0.05 ) $ 0.02 $ (0.00 ) $ 0.54 $ 2.05
 
Effective Tax Rate 49.8 %   31.6 %
     

(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.

(4)

 

Additional information about the missile tube reserve impact to Revenue, Operating Income and Operating Margin for 2Q, 3Q and 2018 can be found in our most recent Investor Briefing on the BWXT website at www.bwxt.com/investors.

 
 

BWX TECHNOLOGIES, INC.

CONSOLIDATED BALANCE SHEETS

 

ASSETS

 
    December 31,
2018     2017
(In thousands)
Current Assets:
Cash and cash equivalents $ 29,871 $ 203,404
Restricted cash and cash equivalents 3,834 7,105
Investments 3,597 2,934
Accounts receivable – trade, net 129,459 189,217
Accounts receivable – other 13,374 19,365
Contracts in progress 318,454 420,628
Other current assets   43,859   30,437
Total Current Assets   542,448   873,090
Property, Plant and Equipment 1,132,392 1,013,141
Less accumulated depreciation   693,153   664,512
Net Property, Plant and Equipment   439,239   348,629
Investments   7,382   9,301
Goodwill   274,082   218,331
Deferred Income Taxes   63,908   86,740
Investments in Unconsolidated Affiliates   63,746   43,266
Intangible Assets   228,676   110,405
Other Assets   35,615   22,577
TOTAL $ 1,655,096 $ 1,712,339
 
 

BWX TECHNOLOGIES, INC.

CONSOLIDATED BALANCE SHEETS

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 
    December 31,
2018     2017

(In thousands, except share
and per share amounts)

Current Liabilities:
Current maturities of long-term debt $ 14,227 $ 27,870
Accounts payable 114,751 93,421
Accrued employee benefits 77,386 82,477
Accrued liabilities – other 62,163 64,738
Advance billings on contracts 98,477 246,192
Accrued warranty expense   10,344     13,428  
Total Current Liabilities   377,348     528,126  
Long-Term Debt   753,617     481,059  
Accumulated Postretirement Benefit Obligation   19,236     21,368  
Environmental Liabilities   86,372     79,786  
Pension Liability   173,469     296,444  
Other Liabilities   9,353     19,799  
Commitments and Contingencies

Stockholders’ Equity:

Common stock, par value $0.01 per share, authorized 325,000,000 shares; issued 125,871,866 and 125,381,591 shares at December 31, 2018 and December 31, 2017, respectively 1,259 1,254
Preferred stock, par value $0.01 per share, authorized 75,000,000 shares; no shares issued
Capital in excess of par value 115,725 98,843
Retained earnings 1,166,762 990,652
Treasury stock at cost, 30,625,074 and 25,964,088 shares at December 31, 2018 and December 31, 2017, respectively (1,037,795 ) (814,809 )
Accumulated other comprehensive income   (10,289 )   9,454  

Stockholders’ Equity – BWX Technologies, Inc.

235,662 285,394
Noncontrolling interest   39     363  

Total Stockholders’ Equity

  235,701     285,757  
TOTAL $ 1,655,096   $ 1,712,339  
 
 

BWX TECHNOLOGIES, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

 
    Three Months Ended December 31,     Twelve Months Ended December 31,
2018     2017 2018     2017

(Unaudited)
(In thousands, except share and per share amounts)

Revenues $ 477,998 $ 430,138 $ 1,799,889 $ 1,687,738
Costs and Expenses:
Cost of operations 323,989 308,144 1,295,876 1,191,983
Research and development costs 3,550 1,922 15,223 7,190
Losses (gains) on asset disposals and impairments, net 66 (161 ) 64 (194 )
Selling, general and administrative expenses   54,893     59,267     214,092     210,148  
Total Costs and Expenses   382,498     369,172     1,525,255     1,409,127  
Equity in Income of Investees   7,645     2,780     30,343     13,612  
Operating Income   103,145     63,746     304,977     292,223  
Other Income (Expense):
Interest income 139 655 2,479 1,405
Interest expense (8,469 ) (3,619 ) (27,823 ) (14,879 )
Other – net   (63,472 )   (4,456 )   512     17,031  
Total Other Income (Expense)   (71,802 )   (7,420 )   (24,832 )   3,557  
Income before Provision for Income Taxes 31,343 56,326 280,145 295,780
Provision for Income Taxes   9,262     71,860     52,840     147,415  
Net Income (Loss) $ 22,081   $ (15,534 ) $ 227,305   $ 148,365  
Net Income Attributable to Noncontrolling Interest   (146 )   (157 )   (347 )   (521 )
Net Income Attributable to BWX Technologies, Inc. $ 21,935   $ (15,691 ) $ 226,958   $ 147,844  
Earnings per Common Share:
Basic:
Net Income Attributable to BWX Technologies, Inc. $ 0.22   $ (0.16 ) $ 2.29   $ 1.49  
Diluted:
Net Income Attributable to BWX Technologies, Inc. $ 0.22   $ (0.16 ) $ 2.27   $ 1.47  
Shares used in the computation of earnings per share:
Basic   97,619,549     99,398,096     99,062,087     99,334,472  
Diluted   98,571,419     99,398,096     100,019,053     100,369,190  
 
 

BWX TECHNOLOGIES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

 
    Year Ended December 31,
2018     2017
(In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income $ 227,305 $ 148,365
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 60,097 56,557
Income of investees, net of dividends (8,106 ) 2,520
Gain on forward contracts (4,743 )
Recognition of debt issuance costs from Former Credit Facility 2,441
Provision for (benefit from) deferred taxes 17,446 93,461
Recognition of losses for pension and postretirement plans 34,554 12,823
Stock-based compensation expense 11,883 15,222
Changes in assets and liabilities, net of effects from acquisitions:
Accounts receivable 62,193 (42,803 )
Accounts payable 1,888 (7,476 )
Contracts in progress and advance billings on contracts (34,012 ) 35,272
Income taxes (23,257 ) 15,124
Accrued and other current liabilities 11,596 (26,610 )
Pension liability, accrued postretirement benefit obligation and employee benefits (187,425 ) (79,311 )
Other, net   (2,570 )   (1,184 )
NET CASH PROVIDED BY OPERATING ACTIVITIES   169,290     221,960  
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment (109,338 ) (96,880 )
Acquisition of businesses (212,993 ) (715 )
Purchases of securities (4,520 ) (3,237 )
Sales and maturities of securities 3,933 12,852
Investments, net of return of capital, in equity method investees (9,059 ) (2,789 )
Other, net   5,253     1,088  
NET CASH USED IN INVESTING ACTIVITIES   (326,724 )   (89,681 )
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings of long-term debt 1,158,800 109,400
Repayments of long-term debt (876,206 ) (137,053 )
Payment of debt issuance costs (9,443 )
Repurchase of common shares (214,759 )
Dividends paid to common shareholders (63,821 ) (42,043 )
Exercise of stock options 3,573 17,117
Cash paid for shares withheld to satisfy employee taxes (6,796 ) (8,049 )
Other   (671 )   (550 )
NET CASH USED IN FINANCING ACTIVITIES   (9,323 )   (61,178 )
EFFECTS OF EXCHANGE RATE CHANGES ON CASH   (9,979 )   7,443  
TOTAL (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS   (176,736 )   78,544  
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD   213,144     134,600  
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 36,408   $ 213,144  
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest $ 16,993 $ 14,252
Income taxes (net of refunds) $ 58,715 $ 38,425
SCHEDULE OF NON-CASH INVESTING ACTIVITY:
Accrued capital expenditures included in accounts payable $ 29,470 $ 8,454
 
 

BWX TECHNOLOGIES, INC.

BUSINESS SEGMENT INFORMATION

 
    Three Months Ended December 31,     Twelve Months Ended December 31,
2018     2017 2018     2017

(Unaudited)
(In thousands)

REVENUES:

Nuclear Operations Group $ 351,074 $ 309,369 $ 1,319,170 $ 1,271,861
Nuclear Services Group 31,443 37,103 122,438 137,249
Nuclear Power Group 98,236 84,967 365,911 285,831
Adjustments and Eliminations   (2,755 )   (1,301 )   (7,630 )   (7,203 )
TOTAL $ 477,998   $ 430,138   $ 1,799,889   $ 1,687,738  
 

SEGMENT INCOME:

Nuclear Operations Group $ 91,122 $ 64,427 $ 271,405 $ 267,930
Nuclear Services Group 9,192 5,506 20,374 22,083
Nuclear Power Group 13,633 9,454 52,270 36,548
Other   (4,532 )   (5,751 )   (18,074 )   (10,688 )
SUBTOTAL   109,415     73,636     325,975     315,873  
Unallocated Corporate   (6,270 )   (9,890 )   (20,998 )   (23,650 )
TOTAL $ 103,145   $ 63,746   $ 304,977   $ 292,223  
 

DEPRECIATION AND AMORTIZATION:

Nuclear Operations Group $ 8,128 $ 8,028 $ 32,132 $ 31,289
Nuclear Services Group 801 914 3,401 3,702
Nuclear Power Group 5,460 3,508 17,154 13,751
Other
Corporate   2,016     1,972     7,410     7,815  
TOTAL $ 16,405   $ 14,422   $ 60,097   $ 56,557  
 

CAPITAL EXPENDITURES:

Nuclear Operations Group $ 42,889 $ 43,233 $ 93,360 $ 86,323
Nuclear Services Group 668 1,025 974 1,514
Nuclear Power Group 2,393 621 4,710 3,856
Other 1,440 628 2,780 628
Corporate   1,460     2,012     7,514     4,559  
TOTAL $ 48,850   $ 47,519   $ 109,338   $ 96,880  
 
 

BWX TECHNOLOGIES, INC.

BUSINESS SEGMENT INFORMATION

 
    Three Months Ended December 31,     Twelve Months Ended December 31,
2018     2017 2018     2017

(Unaudited)
(In thousands)

BACKLOG:

Nuclear Operations Group $ 2,636,824 $ 3,304,416 $ 2,636,824 $ 3,304,416
Nuclear Services Group 38,142 29,285 38,142 29,285
Nuclear Power Group   803,634   637,053   803,634   637,053
TOTAL $ 3,478,600 $ 3,970,754 $ 3,478,600 $ 3,970,754
 

BOOKINGS:

Nuclear Operations Group $ 47,387 $ 642,969 $ 694,085 $ 1,089,740
Nuclear Services Group 41,870 28,345 127,979 136,640
Nuclear Power Group   32,947   194,262   535,032   449,332
TOTAL $ 122,204 $ 865,576 $ 1,357,096 $ 1,675,712
 

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