BWX Technologies(BWXT)2025-02-24 22:13Revenue and Income - The company expects to recognize approximately 48% of the revenue associated with its backlog by the end of 2025[212]. - For the year ended December 31, 2024, the company reported revenues of $24.728 million and operating income of $24.813 million[219]. - Consolidated revenues increased by 8.3%, or $207.3 million, to $2,703.7 million in 2024 compared to $2,496.3 million in 2023, driven by increases in Government Operations and Commercial Operations segments[238]. - Government Operations revenues rose by 7.5%, or $151.7 million, to $2,183.0 million in 2024, primarily due to higher volume in nuclear components manufacturing for U.S. Government programs[241]. - Commercial Operations revenues increased by 12.4%, or $57.6 million, to $524.0 million in 2024, mainly related to higher revenues in nuclear components and medical radioisotopes[244]. - The company recognized cumulative catch-up adjustments that increased revenues by $37.9 million and operating income by $36.8 million for the year ended December 31, 2024[389]. - Total revenues for the year ended December 31, 2024, were $5,864.6 million, a 9.9% increase from $5,334.8 million in 2023[396]. Operating Expenses and Income - Total costs and expenses for 2024 were $2,378,978, up from $2,164,057 in 2023, reflecting a 9.9% increase[301]. - Total operating income decreased by $2.5 million to $380.6 million in 2024, despite increases in operating income from Government and Commercial Operations segments[239]. - Unallocated Corporate expenses increased by $14.9 million to $44.1 million in 2024, largely due to IT infrastructure transformation initiatives and increased legal and consulting costs[246]. - Research and development costs for 2024 were $7,478, a decrease from $7,613 in 2023[301]. - The company incurred total interest of $65.7 million in 2024, with $26.3 million capitalized, reflecting a decrease from $73.6 million total interest in 2023[333]. Net Income and Earnings Per Share - Net income attributable to BWX Technologies, Inc. for 2024 was $281,941, representing a 14.7% increase compared to $245,849 in 2023[301]. - The company’s basic earnings per share for 2024 was $3.08, up from $2.68 in 2023[301]. - Net income for 2024 reached $282,298,000, an increase of 14.6% compared to $246,321,000 in 2023[304]. - Net income for the year ended December 31, 2024, was $282.3 million, an increase of 14.6% from $246.3 million in 2023[316]. Taxation - Provision for income taxes decreased by $8.7 million to $66.4 million in 2024, with an effective tax rate of 19.0%, down from 23.4% in 2023[248]. - The effective tax rate decreased to 19.0% in 2024 from 23.4% in 2023[401]. Cash Flow and Liquidity - The company's liquidity position improved by approximately $148.6 million to $797.7 million at December 31, 2024, attributed to better operating cash flows[252]. - The company reported a net cash provided by operating activities increased by $44.7 million to $408.4 million for the year ended December 31, 2024, compared to $363.7 million for the previous year[273]. - The company reported a net cash used in financing activities of $252.8 million for the year ended December 31, 2024, an increase of $83.4 million from $169.4 million in the previous year[275]. - The total decrease in cash and cash equivalents for the year was $1.0 million, contrasting with an increase of $40.6 million in 2023[316]. Debt and Financing - As of December 31, 2024, borrowings under the Term Loan totaled $237.5 million, with $723.6 million available under the Revolving Credit Facility[259]. - The company issued $400 million aggregate principal amount of 4.125% senior notes due 2028, maturing on June 30, 2028, with interest payable semi-annually[262][263]. - The company also issued $400 million aggregate principal amount of 4.125% senior notes due 2029, maturing on April 15, 2029, with interest payable semi-annually[266][267]. - The company's long-term debt as of December 31, 2024, is $1,042.97 million, down from $1,203.42 million in 2023[406]. - Maturities of long-term debt include $12.5 million in 2025, $12.5 million in 2026, $237.5 million in 2027, and $400 million in both 2028 and 2029[406]. Assets and Liabilities - Total current assets increased to $929,997,000 in 2024, up from $817,801,000 in 2023, representing a growth of 13.7%[307]. - Current liabilities increased to $474,201,000 in 2024, compared to $375,046,000 in 2023, indicating a rise of 26.4%[310]. - Long-term debt decreased to $1,042,970,000 in 2024 from $1,203,422,000 in 2023, a reduction of 13.3%[310]. - The company has contractual obligations totaling $1,062.5 million in long-term debt principal, with $12.5 million due within one year[278]. Acquisitions and Investments - The company completed the acquisition of A.O.T. for approximately $105.5 million on January 3, 2025, and plans to acquire Kinectrics for approximately CAD 782.7 million, expected to close in mid-2025[282]. - The company completed the acquisition of Aerojet Ordnance Tennessee, Inc. for approximately $105.5 million on January 3, 2025[378]. - The company announced an agreement to acquire Kinectrics Holdings, Inc. for approximately CAD 782.7 million, equivalent to about $525.0 million, targeted to close in mid-2025[379]. Inventory and Assets Management - The company’s inventories rose to $40.3 million in 2024 from $27.4 million in 2023, indicating an increase in raw materials and supplies[342]. - The company's total property, plant, and equipment (net) increased to $1.28 billion in 2024 from $1.23 billion in 2023, reflecting a growth in investments[344]. - Depreciation expense for property, plant, and equipment was $72.9 million in 2024, up from $65.6 million in 2023[343]. Other Financial Metrics - The company has a remaining share repurchase authorization of $377.6 million as of December 31, 2024[281]. - The company declared dividends of $0.96 per share in 2024, compared to $0.92 per share in 2023, reflecting a 4.3% increase[313]. - The company paid $88.3 million in dividends to common stockholders during the year ended December 31, 2024[280].