BWXT
BWX Technologies, Inc.

Market cap $6.3847B
Enterprise value $6.6278B
Employees 5,900
Revenue $1.66B
EBITDA $337M
Income $198M
EPS 1.97
P/E 32.69
Forward P/E 28.42
EV/EBITDA 19.67
PEG 2.31
Earnings date 2018-02-27
Volume 279k / 430k
Relative vol. 0.65 ×
Profit margin 11.89%
Oper. margin 16.94%
Gross margin 28.65%
Sales Q/Q 3.84%
Sales Y/Y 3.56%
Est. EPS Q/Q 0.00%
Beta 0.56
Mean Recomm. 1.90
IPO year 2010
Country United States
RSI 51.98
Range $63.28 – $64.23
52 weeks $42.27 – $65.06
SMA 50 $63 -2.09%
SMA 200 $59 -7.68%
1 year target $68 +6.34%

Intraday

5 days

1 month

3 months

6 months

1 year

5 years

10 years

All time

Friday, 16 February 2018
+0.03%
finance.yahoo
Top 3 Nuclear Stocks for 2018
Monday, 5 February 2018
-3.80%
accesswire
Wired News – BWX Technologies Wins Contract to Manufacture Seamless Tubes for Romania's Nuclear Power Plant
Friday, 2 February 2018
-0.73%
businesswire
BWXT Awarded CA$18.6 Million Contract for Nuclear Power Plant Tube Fabrication
Monday, 29 January 2018
+0.02%
forbes
Trump Nuclear Plan Requires Big Fixes In Decaying Warhead Industrial Complex
Wednesday, 10 January 2018
-0.91%
benzinga
BWX Technologies' Navy Orders, 'Underappreciated' Radioisotope Market Underpin This Bull Thesis
Monday, 8 January 2018
+0.94%
businesswire
BWXT to Present at CJS Securities Investor Conference
Thursday, 4 January 2018
-0.18%
globenewswire
New Research: Key Drivers of Growth for Conn's, Molina Healthcare, Zillow Group, Boston Properties, BWX Technologies, and Penumbra — Factors of Influence, Major Initiatives and Sustained Production
Thursday, 21 December 2017
-0.80%
businesswire
BWXT Joint Venture Awarded $1.39 Billion Environmental Management Contract
Friday, 15 December 2017
+0.66%
businesswire
John A. Fees to Transition to Non-Executive Chairman of Board
Tuesday, 28 November 2017
+1.39%
businesswire
BWXT to Present at Credit Suisse Industrials Conference
investopedia
Top 3 Nuclear Stocks for 2017
Thursday, 16 November 2017
+0.07%
nasdaq
BWX Technologies, Inc. Ex-Dividend Date Scheduled for November 17, 2017
Wednesday, 15 November 2017
-1.04%
nasdaq
Ex-Dividend Reminder: Ryder System, BWX Technologies and Deluxe
Sunday, 12 November 2017
forbes
Author Of DOE Grid Reliability Study Describes Being Pressured To Fault Regulations
Thursday, 9 November 2017
-0.59%
seekingalpha
BWX Technologies' CEO Rex Geveden on Q3 2017 Results - Earnings Call ...
Monday, 6 November 2017
+0.21%
ap
BWX misses 3Q profit forecasts
reuters
BWX Technologies Q3 earnings per share $0.46
businesswire
BWX Technologies Announces Third Quarter 2017 Results
nasdaq
After-Hours Earnings Report for November 6, 2017 : PCLN, MCHP, SWKS, PAA, FMC ...
simplywall.st
How Do Analysts See BWX Technologies Inc Performing Over The Next Year?
Friday, 3 November 2017
-0.33%
zacks
Should You Buy BWX Technologies Ahead of Earnings?
zacks
Should You Buy BWX Technologies Ahead of Earnings? November 03, 2017
Thursday, 2 November 2017
+1.67%
businesswire
BWXT to Present at Baird Global Industrial Conference
Wednesday, 18 October 2017
-0.39%
businesswire
BWX Technologies, Inc. to Webcast Discussion of Its Third Quarter 2017 Results
Friday, 13 October 2017
+0.03%
reuters
BWXT-Led Team awarded $4.7 bln contract
businesswire
BWXT-Led Team Awarded $4.7 Billion Contract For DOE’s Savannah River Site Liquid Waste Services
Tuesday, 3 October 2017
-0.68%
reuters
Toshiba buying back 10 percent stake in Westinghouse unit for $522 million
Thursday, 28 September 2017
-0.07%
businesswire
BWXT Joint Venture Awarded Three-Year, $928 Million Contract Extension
reuters
BWXT joint venture awarded three-year, $928 mln contract extension
Wednesday, 27 September 2017
-0.51%
reuters
Exclusive: Blackstone, Apollo team up for Westinghouse bid - sources
Tuesday, 26 September 2017
+0.34%
reuters
BWXT joint venture awarded $140 mln site decommissioning contract
businesswire
BWXT Joint Venture Awarded $140 Million Site Decommissioning Contract
Tuesday, 5 September 2017
-0.02%
forbes
A Dozen Reasons Why Small Aircraft Carriers Don't Make Much Sense
Friday, 25 August 2017
-0.69%
accesswire
Earnings Review and Free Research Report: BWX Technologies’ Adjusted EPS Surged 24%; Beat Estimates
Wednesday, 23 August 2017
-0.04%
nasdaq
XAR, SPR, COL, BWXT: Large Inflows Detected at ETF
Monday, 21 August 2017
-0.09%
accesswire
Featured Company News - HEICO Enters into Agreement to Acquire AeroAntenna Technology
Wednesday, 16 August 2017
-0.26%
nasdaq
BWX Technologies, Inc. Ex-Dividend Date Scheduled for August 17, 2017
Tuesday, 15 August 2017
-0.15%
nasdaq
Ex-Dividend Reminder: Microchip Technology, Ryder System and BWX Technologies
bloomberg
Nuclear Power's Woes Imperil US National Security, Moniz Says
Friday, 11 August 2017
+0.41%
seekingalpha
BWX Technologies' CEO Rex Geveden on Q2 2017 Results - Earnings Call ...
Thursday, 10 August 2017
-0.07%
reuters
T. Rowe Price Associates reports 11.1 pct passive stake in BWX Technologies
reuters
BRIEF-T. Rowe Price Associates reports 11.1 pct passive stake in BWX Technologies
Tuesday, 8 August 2017
+2.22%
accesswire
Investor Network: BWX Technologies, Inc. to Host Earnings Call
Monday, 7 August 2017
-0.19%
ap
BWX posts 2Q profit
reuters
BWX Technologies Q2 earnings per share $0.61
nasdaq
After-Hours Earnings Report for August 7, 2017 : MAR, CBS, PAA, BAP, ALB, EVHC ...
Thursday, 3 August 2017
-0.23%
reuters
BWXT wins $18.8 mln nuclear thermal propulsion reactor design contract by NASA
Saturday, 22 July 2017
nasdaq
Copeland Capital Management, LLC Buys Algonquin Power & Utilities Corp, Cogent ...
Friday, 21 July 2017
+0.55%
reuters
US Reps urge DOE to jumpstart naval bomb-grade uranium program
Wednesday, 31 May 2017
+1.00%
nasdaq
Fluor JV Clinches Contract from US Department of Energy
Saturday, 27 May 2017
nasdaq
BWX Technologies JV Wins $1.5 Bln Environmental Management Contract
Friday, 26 May 2017
-0.10%
reuters
BRIEF-BWX Technologies says BWXT JV wins $1.5 bln environmental management ...
reuters
BWX Technologies says BWXT JV wins $1.5 bln environmental management contract
Tuesday, 2 May 2017
-1.94%
seekingalpha
BWX Technologies' CEO Rex Geveden on Q1 2017 Results - Earnings Call ...
Monday, 24 April 2017
+1.12%
reuters
BWX Technologies awarded $76 mln contract
Thursday, 13 April 2017
-0.69%
reuters
BWXT awarded CA$55 mln contract for feeder supply in support of OPG’S Darlington refurbishment
Tuesday, 7 March 2017
-0.70%
nasdaq
BWX Technologies, Inc. Ex-Dividend Date Scheduled for March 08, 2017
Tuesday, 28 February 2017
+4.36%
fool
Why BWX Technologies Inc. Bounced 12% Higher
Monday, 27 February 2017
+1.11%
reuters
BWX Technologies sees FY 2017 revenue $1.6 bln to $1.7 bln
Tuesday, 29 November 2016
-0.55%
reuters
BWXT announces Rex Geveden as next Chief Executive Officer
Monday, 31 October 2016
+0.98%
reuters
BWX Technologies Q3 non-gaap EPS $0.39 from continuing operations
Monday, 19 September 2016
-0.85%
reuters
Bwxt announces $200 million accelerated share repurchase
Friday, 2 September 2016
+0.20%
reuters
BWX Technologies amends credit agreement- SEC filing
Thursday, 18 August 2016
+0.92%
reuters
BWXT subsidiary enters into share purchase agreement to buy GE Hitachi Nuclear Energy Canada
Monday, 8 August 2016
+0.03%
reuters
BWX Tech Q2 non-gaap EPS $0.44 from continuing operations
Monday, 18 July 2016
-0.50%
seekingalpha
BWX Technologies: Premium Is Misleading
Tuesday, 5 July 2016
-0.77%
reuters
BWX Technologies says a court ruled in favor of BWXT parties in a case alleging that they owed royalties on commercial nuclear contracts
Monday, 2 May 2016
-0.27%
reuters
BWX Technologies Inc reaffirms FY 2016 EPS outlook
Wednesday, 27 April 2016
+2.15%
reuters
BWX Technologies Inc announces $3.1 billion in contracts for Naval Nuclear Reactor Components and Fuel
Monday, 28 September 2015
+0.20%
reuters
BWX Technologies Inc awarded $35 million in contracts for naval nuclear reactor programs
Monday, 17 August 2015
+0.95%
reuters
BWX Technologies Inc subsidiary awarded design and manufacturing contracts for HPR1000 plant in Guangxi, China
Wednesday, 5 August 2015
+1.06%
reuters
BWX Technologies Inc reaffirms FY 2015 EPS outlook
reuters
BWX Technologies declares quarterly cash dividend
Tuesday, 9 June 2015
+0.27%
reuters
The Babcock & Wilcox Co announces spin-off of company’s Power Generation business - Form 8-K
Date
#
Company
Insider Title
Trans.
Transaction
Shares Price per share Total price Shares after Source
2017-12-11 David S Black
Sr. V.P, CFO
Sr. V.P, CFO Sale 1,000 $61.88 $61,880
2017-12-11
62,979
2017-11-13 John A Fees
Executive Chairman
Executive Chairman Sale 21,453 $60.21 $1,291,685
2017-11-13
66,466
2017-11-10 David S Black
Sr. V.P, CFO
Sr. V.P, CFO Sale 1,000 $59.93 $59,930
2017-11-10
63,979
2017-11-09 Rex D Geveden
President and CEO
President and CEO Option exercise 6,716 $0.00 $0
2017-11-09
16,855
2017-10-11 David S Black
Sr. V.P, CFO
Sr. V.P, CFO Sale 1,000 $59.00 $59,000
2017-10-11
64,979
2017-09-07 Harbour Group, L.P.Blue Har...
Sale 1,992,829 $53.20 $106,018,503
2017-09-07
0
2017-08-11 Richard W Loving
SVP, Human Resources
SVP, Human Resources Option exercise 619 $0.00 $0
2017-08-11
619
2017-08-11 Jason S. Kerr
VP & Chief Accounting Officer
VP & Chief Accounting Officer Option exercise 1,365 $24.45 $33,374
2017-08-11
4,312
2017-08-11 Joseph G Henry
Senior Vice President
Senior Vice President Sale 15,000 $53.81 $807,150
2017-08-11
10,639
2017-07-01 Jason S. Kerr
VP & Chief Accounting Officer
VP & Chief Accounting Officer Option exercise 239 $0.00 $0
2017-07-01
3,025
2017-07-01 David S Black
Sr. V.P, CFO
Sr. V.P, CFO Option exercise 886 $0.00 $0
2017-07-01
66,400
2017-06-07 Harbour Group, L.P.Blue Har...
Sale 3,295,098 $47.43 $156,286,498
2017-06-07
1,992,829
2017-06-01 James D Canafax
SVP & General Counsel
SVP & General Counsel Option exercise 141,512 $23.26 $3,291,569
2017-06-01
123,701
2017-05-26 David S Black
Sr. V.P, CFO
Sr. V.P, CFO Option exercise 23,355 $24.01 $560,754
2017-05-26
69,249
2017-05-04 Joseph G Henry
Senior Vice President
Senior Vice President Option exercise 32,895 $23.94 $787,506
2017-05-04
58,534
2017-05-04 Robert W Goldman
Director
Director Option exercise 2,396 $0.00 $0
2017-05-04
36,624
2017-05-04 Barbara A Niland
Director
Director Option exercise 2,396 $0.00 $0
2017-05-04
4,731
2017-04-20 Robert W Goldman
Director
Director Option exercise 2,632 $0.00 $0
2017-04-20
35,380
2017-03-15 James D Canafax
SVP & General Counsel
SVP & General Counsel Sale 4,500 $46.49 $209,205
2017-03-15
54,600
2017-03-09 Rex D Geveden
President and CEO
President and CEO Buy 2,000 $45.74 $91,480
2017-03-09
10,139
2017-03-07 Harbour Group, L.P.Blue Har...
Sale 5,273,159 $45.67 $240,825,172
2017-03-07
5,287,927
2017-03-03 Jason S. Kerr
VP & Chief Accounting Officer
VP & Chief Accounting Officer Option exercise 2,767 $0.00 $0
2017-03-03
3,959
2017-03-03 David S Black
Sr. V.P, CFO
Sr. V.P, CFO Option exercise 4,970 $0.00 $0
2017-03-03
60,077
2017-03-03 James D Canafax
SVP & General Counsel
SVP & General Counsel Option exercise 13,693 $0.00 $0
2017-03-03
59,753
2017-03-03 Joseph G Henry
Senior Vice President
Senior Vice President Option exercise 14,396 $17.00 $244,732
2017-03-03
25,739
2017-03-02 Jason S. Kerr
VP & Chief Accounting Officer
VP & Chief Accounting Officer Sale 6,013 $48.02 $288,744
2017-03-02
1,711
2017-03-02 David S Black
Sr. V.P, CFO
Sr. V.P, CFO Option exercise 1,315 $0.00 $0
2017-03-02
55,774

Notable SEC filings of BWX Technologies, Inc.

Date Contents
Source
2017-08-24 8-K Other Events
2017-08-07 10-Q Quarterly report
2017-08-07 8-K Results of Operations and Financial Condition; Financial Statements and Exhibits
2017-05-02 8-K Submission of Matters to a Vote of Security Holders
2017-05-01 10-Q Quarterly report
2017-05-01 8-K Results of Operations and Financial Condition; Financial Statements and Exhibits
2017-02-27 10-K Yearly report
2017-02-27 8-K Results of Operations and Financial Condition; Financial Statements and Exhibits
2016-12-01 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
2016-10-31 10-Q Quarterly report
2016-10-31 8-K Results of Operations and Financial Condition; Financial Statements and Exhibits
2016-09-19 8-K Entry into a Material Definitive Agreement; Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
2016-09-12 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Financial Statements and Exhibits
2016-09-02 8-K Entry into a Material Definitive Agreement; Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant; Financial Statements and Exhibits
2016-08-08 10-Q Quarterly report
2016-08-08 8-K Results of Operations and Financial Condition; Financial Statements and Exhibits
2016-07-05 8-K Other Events
2016-05-03 8-K Submission of Matters to a Vote of Security Holders
2016-05-02 10-Q Quarterly report
2016-05-02 8-K Results of Operations and Financial Condition; Financial Statements and Exhibits
2016-03-04 8-K Regulation FD Disclosure; Financial Statements and Exhibits
2016-02-24 10-K Yearly report
2016-02-24 8-K Results of Operations and Financial Condition; Financial Statements and Exhibits
2015-11-04 10-Q Quarterly report
2015-11-04 8-K Results of Operations and Financial Condition; Financial Statements and Exhibits
2015-10-07 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Financial Statements and Exhibits
Buy Seaport Global 9 January 2018
Market Perform Wells Fargo 10 December 2017
Outperform Baird 23 October 2017
Buy Bank of America 4 October 2017
Neutral Credit Suisse 8 June 2017
Neutral → Buy
BofA/Merrill 20 March 2017

BWX Technologies executives

Insider Title Age Since Compensation
Rex Geveden (56)
President, Chief Executive Officer, Director since 2017
President, Chief Executive Officer, Director 56 2017 $2,779,660
John Fees (60)
Executive Chairman of the Board since 2015
Executive Chairman of the Board 60 2015 $2,415,230
James Canafax (46)
Senior Vice President, Chief Compliance Officer, General Counsel, Corporate Secretary since 2013
Senior Vice President, Chief Compliance Officer, General Counsel, Corporate Secretary 46 2013 $1,877,550
Joseph Henry (68)
President of BWXT Nuclear Operations Group since 2014
President of BWXT Nuclear Operations Group 68 2014 $1,739,010
David Black (55)
Chief Financial Officer, Senior Vice President since 2015
Chief Financial Officer, Senior Vice President 55 2015 $1,396,560
Robert Goldman (75)
Lead Independent Director since 2015
Lead Independent Director 75 2015 $256,834
Jan Bertsch (60)
Independent Director since 2013
Independent Director 60 2013 $241,094
Charles Pryor (72)
Independent Director since 2015
Independent Director 72 2015 $229,274
Richard Mies (72)
Independent Director since 2010
Independent Director 72 2010 $225,452
Robb LeMasters (39)
Independent Director since 2015
Independent Director 39 2015 $218,986
Robert Nardelli (68)
Independent Director since 2014
Independent Director 68 2014 $218,499
Kenneth Krieg (56)
Director since 2016
Director 56 2016 $142,037
James Jaska (66)
Independent Director since 2016
Independent Director 66 2016 $139,778
Barbara Niland (58)
Independent Director since 2016
Independent Director 58 2016 $136,926
Alan Nethery
Vice President, Investor Relations and Corporate Procurement since 2015
Vice President, Investor Relations and Corporate Procurement 2015
Jason Kerr (40)
Chief Accounting Officer, Vice President since 2015
Chief Accounting Officer, Vice President 40 2015
Richard Loving (61)
Senior Vice President, Human Resources since 2016
Senior Vice President, Human Resources 61 2016
BWX Technologies, Inc. logo

BWX Technologies, Inc. manufactures and sells nuclear components to the United States government. The company operates in three segments: Nuclear Operations, Technical Services, and Nuclear Energy. The Nuclear Operations segment offers precision naval nuclear components and reactors; close-tolerance and equipment for nuclear applications; and components for defense applications, as well as critical nuclear components, fuels, and assemblies for government and other uses. This segment also converts or downblends high-enriched uranium into low-enriched fuel for use in commercial reactors to generate electricity. The Technical Services segment provides uranium processing, environmental site restoration, and management and operating services to support governments in the operation of complex facilities and environmental remediation activities. The Nuclear Energy segment designs, licenses, manufactures, and delivers commercial nuclear steam generators, pressure vessels, reactor components, heat exchangers, and other auxiliary equipment, including containers for the storage of spent nuclear fuel and other waste. This segment also offers engineering and licensing services for new nuclear plant designs; services for steam generators and balance of plant equipment; and nondestructive examination and tooling/repair solutions for other plant systems and components. The company was formerly known as The Babcock & Wilcox Company and changed its name to BWX Technologies, Inc. in June 2015. BWX Technologies, Inc. was founded in 1867 and is headquartered in Lynchburg, Virginia.

  • BWX Technologies, Inc., 800 Main Street, Lynchburg 24504, United States
  • bwxt.com
  • 980-365-4300

Quarterly EPS estimates

Profit margin

Debt to assets

Cash flow

Balance sheet

(in millions) 2017Q3 2017Q2 2017Q1 2016Q4
Current assets
Cash $210.236 $155.019 $101.805 $131.771
Short term investments $3.234 $4.446 $12.411 $14.517
Net receivables $588.449 $556.945 $599.242 $517.964
Inventory
Other current assets $28.957 $29.134 $30.051 $29.319
Total current assets $830.876 $745.544 $743.509 $693.571
Long term investments $48.897 $50.358 $52.939 $51.867
Property, plant & equipment $312.959 $298.214 $296.548 $299.686
Goodwill $217.453 $214.933 $211.405 $210.788
Intangible assets $113.437 $113.001 $113.311 $114.748
Other assets $23.591 $19.852 $17.663 $14.691
Deferred long term asset charges $176.299 $182.836 $182.551 $194.464
Total assets $1,723.512 $1,624.738 $1,617.926 $1,579.815
Current liabilities
Accounts payable $431.913 $365.165 $354.979 $412.506
Short long term debt $27.954 $27.609 $27.458 $27.37
Other current liabilities
Total current liabilities $459.867 $392.774 $382.437 $439.876
Long term debt $489.128 $489.322 $542.997 $497.724
Other liabilities $466.276 $478.341 $486.273 $491.805
Deferred long term liabilities
Minority interest $0.341 $0.35 $0.313 $0.392
Total liabilities $1,415.612 $1,360.787 $1,412.02 $1,429.797
Stockholders' equity
Stock option warrants
Common stock $1.253 $1.252 $1.248 $1.241
Retained earnings $1,017.544 $982.024 $931.778 $885.117
Treasury stock -$814.149 -$813.25 -$807.269 -$762.169
Capital surplus $92.403 $87.657 $75.123 $22.018
Other stockholder equity $10.849 $6.268 $5.026 $3.811
Total stockholder equity $307.9 $263.951 $205.906 $150.018
Net tangible assets -$22.99 -$63.983 -$118.81 -$175.518
(in millions) 2016 2015 2014
Current assets
Cash $131.771 $170.093 $174.459
Short term investments $14.517 $3.476 $4.837
Net receivables $517.964 $441.54 $500.18
Inventory $9.926
Other current assets $29.319 $32.185 $784.4
Total current assets $693.571 $647.294 $1,473.802
Long term investments $51.867 $38.158 $38.862
Property, plant & equipment $299.686 $268.844 $307.8
Goodwill $210.788 $168.434 $169.914
Intangible assets $114.748 $58.328 $60.227
Other assets $14.691 $12.981 $673.553
Deferred long term asset charges $194.464 $181.359 $132.778
Total assets $1,579.815 $1,375.398 $2,856.936
Current liabilities
Accounts payable $412.506 $338.78 $357.754
Short long term debt $27.37 $15 $15
Other current liabilities $446.882
Total current liabilities $439.876 $353.78 $819.636
Long term debt $497.724 $278.259 $285
Other liabilities $491.805 $463.724 $738.099
Deferred long term liabilities
Minority interest $0.392 $13.919 $15.497
Total liabilities $1,429.797 $1,109.682 $1,858.232
Stockholders' equity
Stock option warrants
Common stock $1.241 $1.228 $1.216
Retained earnings $885.117 $739.35 $642.489
Treasury stock -$762.169 -$498.346 -$423.99
Capital surplus $22.018 $22.732 $775.393
Other stockholder equity $3.811 $0.752 $3.596
Total stockholder equity $150.018 $265.716 $998.704
Net tangible assets -$175.518 $38.954 $768.563

Income statement

(in millions) 2017Q3 2017Q2 2017Q1 2016Q4
Revenue
Total revenue $419.36 $410.011 $428.229 $403.86
Cost of revenue $295.316 $271.382 $296.23 $289.469
Gross profit $124.044 $138.629 $131.999 $114.391
Operating expenses
Research & development $2.597 $1.152 $1.519 $1.364
Selling, general & administrative $51.398 $48.488 $51.15 $70.012
Non-recurring
Other operating expenses
Total operating expenses
Operating income $73.681 $92.347 $83.205 $45.823
Income from continuing operations
Net other income $0.752 $0.072 $0.69 $0.734
EBIT $74.431 $92.388 $83.895 $46.569
Interest expense $3.837 $3.906 $3.517 $3.067
Income before tax $70.594 $88.482 $80.378 $43.502
Income tax expense $23.902 $27.062 $24.592 $9.328
Minority interest $0.341 $0.35 $0.313 $0.392
Net income from continuing ops $50.182 $64.59 $59.594 $36.812
Non-recurring events
Discontinued operations
Extraordinary items
Effect of accounting change
Other items
Net income
EBITDA $46.552 $61.263 $55.719 $33.992
Income (for common shares) $46.552 $61.263 $55.719 $33.992
(in millions) 2016 2015 2014
Revenue
Total revenue $1,550.573 $1,415.529 $1,450.61
Cost of revenue $1,074.529 $1,027.437 $1,153.034
Gross profit $476.044 $388.092 $297.576
Operating expenses
Research & development $6.407 $10.537 $54.751
Selling, general & administrative $246.486 $233.748 $230.538
Non-recurring -$49.12 $20.908
Other operating expenses
Total operating expenses
Operating income $239.263 $205.941 $25.125
Income from continuing operations
Net other income $26.441 $24.923 $14.768
EBIT $265.661 $231.246 $39.222
Interest expense $8.393 $10.181 $7.087
Income before tax $257.268 $221.065 $32.135
Income tax expense $73.656 $80.416 $1.691
Minority interest $0.392 $13.919 $15.497
Net income from continuing ops $199.126 $154.064 $71.45
Non-recurring events
Discontinued operations -$9.203 -$8.987
Extraordinary items
Effect of accounting change
Other items
Net income
EBITDA $183.057 $131.465 $29.388
Income (for common shares) $183.057 $131.465 $29.388

Cash flow

(in millions) 2017Q3 2017Q2 2017Q1 2016Q4
Net income $46.552 $61.263 $55.719 $33.992
Operating activities
Depreciation $13.936 $14.223 $13.976 $13.464
Net income adjustments $2.951 $3.309 $5.637 $26.563
Change in accounts receivable -$17.594 $40.999 -$41.153 $32.949
Changes in liabilities $39.714 -$5.211 -$90.201 $45.499
Changes in inventory
Changes in other operating activities -$5.038 $4.038 $1.2 -$5.273
Total cash flow from operations $80.661 $118.778 -$54.755 $147.376
Investing activities
Capital expenditures -$20.614 -$15.034 -$13.713 -$21.769
Investments $3.163 $10.035 -$1.887 $0.317
Other cash flows from investing -$0.005 -$1.783 $0.94 -$118.111
Total cash flows from investing -$17.456 -$6.782 -$14.66 -$139.563
Financing activities
Dividends paid -$10.933 -$11.154 -$8.985 -$8.949
Sale and purchase of stock $1.411 $4.943 $9.665 -$0.452
Net borrowings -$6.976 -$56.868 $43.124 $83.444
Other cash flows from financing -$0.493 -$2.192 -$5.119 -$0.341
Total cash flows from financing -$16.991 -$65.271 $38.685 $73.683
Effect of exchange rate $8.996 $5.281 $1.013 -$1.081
Change in cash and equivalents $55.21 $52.006 -$29.717 $80.415
(in millions) 2016 2015 2014
Net income $183.057 $131.465 $29.388
Operating activities
Depreciation $50.554 $78.621 $105.798
Net income adjustments $16.449 $77.839 $190.39
Change in accounts receivable $28.57 $40.094 -$50.08
Changes in liabilities -$30.223 -$12.212 -$199.249
Changes in inventory
Changes in other operating activities -$9.112 $19.369 $12.358
Total cash flow from operations $239.85 $335.157 $80.674
Investing activities
Capital expenditures -$52.634 -$68.335 -$76.029
Investments -$18.552 -$7.21 $12.203
Other cash flows from investing -$108.503 $3.658 -$135.98
Total cash flows from investing -$179.689 -$71.887 -$199.806
Financing activities
Dividends paid -$37.37 -$34.479 -$43.469
Sale and purchase of stock -$274.674 -$62.428 -$145.17
Net borrowings $233.594 $233.594 $298.428
Other cash flows from financing -$9.765 -$312.623 -$5.466
Total cash flows from financing -$88.897 -$414.423 $98.85
Effect of exchange rate -$0.352 -$7.087 -$12.865
Change in cash and equivalents -$29.088 -$158.24 -$33.147
Messenger