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Earnings Review and Free Research Report: BWX Technologies’ Adjusted EPS Surged 24%; Beat Estimates

Research Desk Line-up: Elbit Systems Post Earnings Coverage

LONDON, UK / ACCESSWIRE / August 25, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on BWX Technologies, Inc. (NYSE: BWXT), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=BWXT, following the Company's announcement of its second quarter fiscal 2017 financial results on August 07, 2017. The supplier of nuclear fuel and components to the US government reported a y-o-y gain in revenue and also raised its adjusted earnings forecast for the fiscal year. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

http://protraderdaily.com/register/

Get more of our free earnings reports coverage from other constituents of the Aerospace/Defense Products & Services industry. Pro-TD has currently selected Elbit Systems Ltd (NASDAQ: ESLT) for due-diligence and potential coverage as the Company reported on August 15, 2017, its financial results for Q2 2017 which ended on June 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on Elbit Systems when we publish it.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on BWXT; also brushing on ESLT. With the links below you can directly download the report of your stock of interest free of charge at:

http://protraderdaily.com/optin/?symbol=BWXT

http://protraderdaily.com/optin/?symbol=ESLT

Earnings Reviewed

BWX Technologies reported revenues of $410 million in Q2 2017, reflecting a 1.9% growth compared to revenue of $402 million in Q2 2016. The Company's revenue number fell short of analysts' estimates of $429.38 million.

BWX Technologies' consolidated GAAP operating income increased to $92.3 million for Q2 2017 compared to GAAP operating income of $88.5 million in Q2 2016. The Company's adjusted operating income for the reported quarter was $84.4 million, an increase of more than 16% compared to adjusted operating income of $72.4 million in the prior year's same quarter.

BWX Technologies' GAAP Diluted Earnings per share (EPS) were $0.61 for Q2 2017 compared to GAAP EPS of $0.56 in Q2 2016. GAAP EPS included a $0.05 per share benefit from settlement of a contract dispute. The Company's adjusted EPS increased 24% to $0.56 in the reported quarter from $0.45 in the prior year's comparable quarter.

Results of Operations

During Q2 2017, BWX Technologies' Nuclear Operations Group (NOG) segment's revenues came in at $312.87 million compared to revenue of $325.55 million in Q2 2016. The segment's operating income was $74.8 million in the reported quarter, 16.1% higher than operating income of $64.4 million in the prior year's corresponding period.

BWX Technologies' Nuclear Power Group (NPG) segment's revenue advanced 13.8% to $54.6 million in Q2 2017 compared to $47.9 million in Q2 2016, driven by Company's acquisition of BWXT Nuclear Energy Canada Inc. (BWXT NEC). NPG's operating income was $6.5 million in the reported quarter, producing a 12% operating margin in the quarter and a year-to-date margin of 15%.

For Q2 2017, BWX Technologies' Nuclear Services Group (NSG) segment's revenues were $44.8 million compared to $32.2 million in Q2 2016, attributed to the settlement of a contract dispute and increased activity levels both for US commercial nuclear plant maintenance outages and its Naval Reactors decommissioning and decontamination project. NSG's operating income increased to $15.7 million in the reported quarter from $4.4 million in the prior year's same period due to the revenue increases as well as lower business development expenses associated with the timing of proposal activities.

Liquidity and Debt

During Q2 2017, BWX Technologies generated cash from operating activities of $118.8 million compared to net cash generated from operating activities of $85.8 million in Q2 2016. At the end of the reported quarter, the Company's cash and short-term investments position, net of restricted cash, was $152.4 million.

As of June 30, 2017, outstanding balances under BWX Technologies' credit facility included $522.0 million in term loans, $0 in borrowings under the revolving line of credit, and letters of credit issued under the facility totaling $131.3 million. As a result, the Company had $268.7 million of remaining availability under its credit facility as on the earnings announcement date, excluding an additional $250 million accordion provision. The Company had $193 million of share repurchase authorization remaining as of June 30, 2017.

Outlook

BWX Technologies increased its guidance for the full year 2017 and now expects adjusted earnings to be between $1.97 and $2.07 per share compared to the previous forecast of $1.85 to $1.95. The Company is estimating NPG segment's revenue to grow between $265 million and $275 million, and NPG's operating margins to approach 12%, inclusive of the amortization of intangibles. BWX Technologies expects R&D expenses to rise to approximately $10 million to support increased R&D efforts.

Stock Performance

At the closing bell, on Thursday, August 24, 2017, BWX Technologies' stock rose slightly by 0.53%, ending the trading session at $53.47. A total volume of 388.19 thousand shares have exchanged hands. The Company's stock price skyrocketed 10.04% in the last three months, 26.11% in the past six months, and 36.75% in the previous twelve months. Moreover, the stock soared 34.69% since the start of the year. The stock is trading at a PE ratio of 27.92 and has a dividend yield of 0.82%. The stock currently has a market cap of $5.35 billion.

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