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BWX Technologies, Inc. (BWXT) is a premier provider of nuclear components and fuel to the U.S. government. The company is renowned for its technical expertise, management, and site services, supporting government operations of complex facilities and environmental remediation activities. BWXT also plays a critical role in the commercial nuclear power industry, offering precision-manufactured components and specialized services.
Headquartered in Lynchburg, Virginia, BWXT has a significant presence with operations in Erwin, Tennessee; Mount Vernon, Indiana; Euclid, Ohio; Barberton, Ohio; Cambridge, Ontario, Canada; and over a dozen U.S. Department of Energy sites around the country. It employs more than 5,200 skilled professionals dedicated to advancing nuclear technology and safety.
BWXT operates in two main segments: Government Operations and Commercial Operations. The Government Operations segment encompasses the legacy Nuclear Operations Group and Nuclear Services Group, focusing on advanced reactor projects and innovative manufacturing techniques. The Commercial Operations segment includes the legacy Nuclear Power Group, which engages in research, development, and commercialization of medical and industrial radioisotopes and radiopharmaceuticals.
The company’s financial health is robust, with a majority of its revenue generated from its Government Operations segment. BWXT’s strategic partnerships and projects aim to enhance its market presence and technological capabilities. Geographically, while the company operates in the United States, Canada, and the United Kingdom, the bulk of its revenue comes from the United States.
Recent achievements highlight BWXT's commitment to innovation and excellence. The company continues to secure significant contracts, invest in cutting-edge technologies, and expand its services in the nuclear sector. These efforts underscore BWXT’s pivotal role in both government and commercial nuclear projects.
BWXT Canada and Westinghouse Electric Company have signed a memorandum of understanding (MOU) to support nuclear new-build projects in Canada and globally. Under the agreement, BWXT will potentially manufacture key components for AP1000® and AP300™ reactors, including steam generators, reactor vessels, pressure vessels and heat exchangers.
BWXT Canada, with over 60 years of expertise in nuclear power generation equipment, will provide Westinghouse and its customers with supply certainty for major components. The partnership aims to strengthen North America's nuclear manufacturing capabilities and support global clean energy projects while creating local jobs in Canada.
BWX Technologies (BWXT) has been awarded a Phase 1B contract through its joint venture, West Valley Cleanup Alliance (WVCA), for cleanup operations at the West Valley Demonstration Project in New York. The contract, valued at up to $3.0 billion, has a 10-year ordering period extendable to 15 years. WVCA, led by BWXT Technical Services Group and including Jacobs Technology and Geosyntec Consultants, will handle demolition, deactivation, soil remediation, waste management, security, and environmental monitoring at the 150-acre site. The project involves cleaning up the former commercial spent nuclear fuel reprocessing facility that operated from 1963 to 1972, processing 640 metric tons of spent nuclear fuel.
BWX Technologies (BWXT) reported strong Q3 2024 results with revenues of $672.0 million, up 14% year-over-year. Net income reached $69.6 million with diluted GAAP EPS of $0.76. The company raised its 2024 non-GAAP EPS guidance to approximately $3.20 and provided preliminary 2025 guidance expecting mid-to-high-single-digit growth in revenue, non-GAAP EPS, and adjusted EBITDA. Government Operations segment showed 17% revenue growth, while Commercial Operations increased by 1%. The company announced plans to acquire A.O.T., a sole source provider of depleted uranium and specialty metals for defense applications, targeting closure by year-end.
BWX Technologies (BWXT) has agreed to acquire L3Harris' Aerojet Ordnance Tennessee (A.O.T.) business for approximately $100 million. A.O.T., which generated revenue of about $40 million in the trailing twelve months, is the sole provider of depleted uranium to the U.S. government and manufactures specialized materials including tungsten, molybdenum, and various alloys. The acquisition, expected to close by year-end, will enhance BWXT's capabilities in advanced materials manufacturing for commercial, military, and space applications. The deal is anticipated to be slightly accretive to BWXT's earnings within 12-18 months, excluding purchase accounting and one-time costs.
BWX Technologies (BWXT) has signed an agreement to acquire L3Harris' Aerojet Ordnance Tennessee (A.O.T.) business for approximately $100 million. A.O.T., which generated revenue of about $40 million in the trailing twelve months, is the sole provider of depleted uranium to the U.S. government and manufactures specialized materials including tungsten, molybdenum, and various alloys. The acquisition is expected to close by year-end and become slightly accretive to BWXT's earnings within 12-18 months, excluding purchase accounting and one-time costs. The business will operate within BWXT's government operations segment.
BWX Technologies (NYSE: BWXT) has announced the opening of the John D. Haynes School of Welding Technology at Mount Vernon High School in Indiana. The company, along with the U.S. Navy and BlueForge Alliance, invested $500,000 in the facility, which can accommodate up to 60 students annually. The program offers students a dual-track opportunity to complete their high school degree while obtaining professional welding certification, leading to direct employment opportunities at BWXT's Nuclear Operations Group. The initiative aims to address critical training needs for national defense priorities and may serve as a blueprint for similar programs nationwide.
BWX Technologies, Inc. (NYSE: BWXT) announces that Hanford Tank Waste Operations & Closure, (H2C) has been approved by the U.S. Department of Energy (DOE) to begin the Hanford Integrated Tank Disposition Contract (ITDC). The DOE issued H2C a notice to proceed, effective October 21, 2024. H2C is a joint venture led by a BWXT subsidiary and includes Amentum and Fluor companies. The contract was awarded earlier in 2024, and a protest against this award was recently dismissed in the U.S. Court of Federal Claims.
The ITDC scope includes operation of Hanford tank farm facilities, eventual operation of the Waste Treatment and Immobilization Plant, and responsibility for other core functions such as project management, security and emergency services, business performance, and environment, safety, health and quality. H2C's leadership team brings 170 years of combined experience in tank waste disposition and disciplined nuclear operations.
BWX Technologies, Inc. (NYSE: BWXT) announced that its subsidiary, Nuclear Fuel Services, Inc. (NFS), has been selected by the U.S. Department of Energy (DOE) as one of the successful bidders for High-Assay Low-Enriched Uranium (HALEU) deconversion services. This selection is aimed at supporting the civil advanced reactor marketplace.
The contract is an indefinite-delivery, indefinite-quantity agreement, with future orders to be solicited by the DOE from the awarded companies, including NFS. The minimum ordering guarantee for this contract is set at $2 million. The DOE is expected to release additional information about this award on October 8 at 5:30 p.m. E.T.
BWX Technologies (NYSE: BWXT) has announced that it will release its third quarter 2024 financial results on Monday, November 4, 2024, after the market closes. The company will host a conference call at 5:00 p.m. EST on the same day to discuss the results.
Investors and analysts can participate in the call using the following dial-in numbers:
- U.S.: 1-888-596-4144
- International: 1-646-968-2525
- Conference ID: 4276735
A live webcast and supporting presentation will be available on the company's website at www.bwxt.com/investors. A replay of the call will also be accessible on the BWXT website for a time.
BWX Technologies, Inc. (NYSE: BWXT), parent company of Nuclear Fuel Services (NFS), has announced a $100,000 donation to the Unicoi County United Way to support recovery efforts in Erwin, Tennessee following Hurricane Helene. The contribution will aid emergency response teams in providing essential supplies, medical aid, shelter, and long-term recovery services.
BWXT CEO Rex Geveden expressed solidarity with the Erwin community, where NFS has been operating since 1957. The company is also facilitating employee donations and organizing volunteer efforts to assist in the recovery process. NFS, a part of BWXT's Nuclear Operations Group, processes highly enriched uranium for naval nuclear reactors and provides uranium downblending services.
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