Revenue during the quarter grew 5.72 percent to $379.50 million from $358.97 million in the previous year period. Gross margin for the quarter contracted 166 basis points over the previous year period to 28.55 percent. Total expenses were 83.56 percent of quarterly revenues, up from 63.52 percent for the same period last year. That has resulted in a contraction of 2005 basis points in operating margin to 16.44 percent.

Operating income for the quarter was $62.37 million, compared with $130.97 million in the previous year period.

"BWXT had an exciting third quarter, successfully delivering on several areas of BWXT's strategy including operational excellence, high-quality strategic acquisitions and returning capital to shareholders," said Mr. John A. Fees, chief executive officer. "We signed a definitive agreement to acquire GE-Hitachi Nuclear Energy Canada Inc., which we expect to expand the Nuclear Energy business's product and service offerings to the Canadian nuclear market at a time when the provincial government has signaled its commitment to nuclear energy and a low-carbon energy portfolio. We believe the Canadian refurbishment activities offer significant long-term growth opportunities to BWXT. We expect the deal to close in the fourth quarter subject to regulatory approvals. Within our existing operations, our Nuclear Operations business continued to produce strong results and our Nuclear Energy business continues to be on pace for a 10% operating profit margin for the year. Lastly, we announced that we entered into an ASR agreement this quarter to repurchase $200 million worth of shares, displaying our continued commitment to return capital to our shareholders while maintaining flexibility to execute on our balanced capital allocation approach moving forward."

The company has spent $40.13 million cash to meet investing activities during the nine month period as against cash outgo of $54.82 million in the last year period.

The company has spent $151.24 million cash to carry out financing activities during the nine month period as against cash outgo of $354.99 million in the last year period.

Cash and cash equivalents stood at $45.23 million as on Sep. 30, 2016, down 66.73 percent or $90.70 million from $135.92 million on Sep. 30, 2015.

Working capital drops significantly
BWX Technologies, Inc has witnessed a decline in the working capital over the last year. It stood at $236 million as at Sep. 30, 2016, down 27.89 percent or $91.26 million from $327.26 million on Sep. 30, 2015. Current ratio was at 1.62 as on Sep. 30, 2016, down from 1.87 on Sep. 30, 2015.

Days sales outstanding went down to 41 days for the quarter compared with 47 days for the same period last year.

At the same time, days payable outstanding was almost stable at 26 days for the quarter, when compared with the previous year period.