BWX Technologies Reports Fourth Quarter and Full Year 2024 Results, Initiates 2025 Guidance
BWX Technologies (BWXT) reported strong Q4 and full-year 2024 results, with Q4 diluted GAAP EPS of $0.77 and non-GAAP EPS of $0.92 on revenue of $746.3 million. Full-year 2024 achieved diluted GAAP EPS of $3.07 and non-GAAP EPS of $3.33 on revenue of $2.7 billion.
The company generated 2024 operating cash flow of $408.4 million and free cash flow of $254.8 million. BWXT completed the acquisition of A.O.T on January 3, 2025, and announced an agreement to acquire Kinectrics, Inc. on January 7, 2025.
Looking ahead, BWXT initiated 2025 guidance with non-GAAP EPS of $3.40-$3.55 and adjusted EBITDA of $550-570 million. The company reported record bookings in Commercial Operations, driven by equipment for North America's first small modular reactor project and power plant refurbishments, alongside robust Government Operations bookings for naval propulsion components.
BWX Technologies (BWXT) ha riportato risultati solidi per il quarto trimestre e per l'intero anno 2024, con un utile per azione GAAP diluito di $0.77 e un utile per azione non GAAP di $0.92 su un fatturato di $746.3 milioni. Per l'intero anno 2024, ha raggiunto un utile per azione GAAP diluito di $3.07 e un utile per azione non GAAP di $3.33 su un fatturato di $2.7 miliardi.
L'azienda ha generato un flusso di cassa operativo nel 2024 di $408.4 milioni e un flusso di cassa libero di $254.8 milioni. BWXT ha completato l'acquisizione di A.O.T il 3 gennaio 2025 e ha annunciato un accordo per acquisire Kinectrics, Inc. il 7 gennaio 2025.
Guardando al futuro, BWXT ha avviato le previsioni per il 2025 con un utile per azione non GAAP di $3.40-$3.55 e un EBITDA rettificato di $550-570 milioni. L'azienda ha riportato prenotazioni record nelle Operazioni Commerciali, sostenute da attrezzature per il primo progetto di reattore modulare piccolo del Nord America e per le ristrutturazioni degli impianti, insieme a prenotazioni robusti nelle Operazioni Governative per componenti di propulsione navale.
BWX Technologies (BWXT) reportó resultados sólidos para el cuarto trimestre y para todo el año 2024, con un EPS GAAP diluido de $0.77 y un EPS no GAAP de $0.92 sobre ingresos de $746.3 millones. Para todo el año 2024, logró un EPS GAAP diluido de $3.07 y un EPS no GAAP de $3.33 sobre ingresos de $2.7 mil millones.
La compañía generó un flujo de efectivo operativo de $408.4 millones y un flujo de efectivo libre de $254.8 millones en 2024. BWXT completó la adquisición de A.O.T el 3 de enero de 2025 y anunció un acuerdo para adquirir Kinectrics, Inc. el 7 de enero de 2025.
De cara al futuro, BWXT inició la guía para 2025 con un EPS no GAAP de $3.40-$3.55 y un EBITDA ajustado de $550-570 millones. La compañía reportó reservas récord en Operaciones Comerciales, impulsadas por equipos para el primer proyecto de reactor modular pequeño en América del Norte y renovaciones de plantas de energía, junto con fuertes reservas en Operaciones Gubernamentales para componentes de propulsión naval.
BWX Technologies (BWXT)는 2024년 4분기 및 전체 연도에 대한 강력한 실적을 보고했으며, 4분기 희석 GAAP EPS는 $0.77, 비 GAAP EPS는 $0.92, 수익은 $746.3 백만 달러였습니다. 2024년 전체 연도에 대해 희석 GAAP EPS는 $3.07, 비 GAAP EPS는 $3.33, 수익은 $2.7 억 달러를 달성했습니다.
회사는 2024년 운영 현금 흐름으로 $408.4 백만 달러, 자유 현금 흐름으로 $254.8 백만 달러를 생성했습니다. BWXT는 2025년 1월 3일 A.O.T 인수를 완료했으며, 2025년 1월 7일 Kinectrics, Inc. 인수 계약을 발표했습니다.
앞을 내다보며, BWXT는 2025년 가이던스를 시작했으며 비 GAAP EPS는 $3.40-$3.55, 조정된 EBITDA는 $550-570 백만 달러입니다. 회사는 북미 최초의 소형 모듈 원자로 프로젝트 및 발전소 개보수를 위한 장비에 의해 상업 운영에서 기록적인 예약을 보고했으며, 해군 추진 부품을 위한 정부 운영에서도 강력한 예약을 기록했습니다.
BWX Technologies (BWXT) a rapporté de solides résultats pour le quatrième trimestre et pour l'année entière 2024, avec un BPA GAAP dilué de 0,77 $ et un BPA non GAAP de 0,92 $ sur un chiffre d'affaires de 746,3 millions de dollars. Pour l'année entière 2024, le BPA GAAP dilué a atteint 3,07 $ et le BPA non GAAP 3,33 $ sur un chiffre d'affaires de 2,7 milliards de dollars.
L'entreprise a généré un flux de trésorerie opérationnel de 408,4 millions de dollars et un flux de trésorerie libre de 254,8 millions de dollars en 2024. BWXT a finalisé l'acquisition de A.O.T le 3 janvier 2025 et a annoncé un accord pour acquérir Kinectrics, Inc. le 7 janvier 2025.
En regardant vers l'avenir, BWXT a lancé ses prévisions pour 2025 avec un BPA non GAAP de 3,40 $ à 3,55 $ et un EBITDA ajusté de 550 à 570 millions de dollars. L'entreprise a signalé des réservations record dans les opérations commerciales, soutenues par des équipements pour le premier projet de réacteur modulaire petite taille en Amérique du Nord et des rénovations d'usines, ainsi que de solides réservations dans les opérations gouvernementales pour des composants de propulsion navale.
BWX Technologies (BWXT) hat starke Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 berichtet, mit einem verwässerten GAAP EPS von $0.77 und einem non-GAAP EPS von $0.92 bei einem Umsatz von $746.3 Millionen. Für das gesamte Jahr 2024 wurde ein verwässertes GAAP EPS von $3.07 und ein non-GAAP EPS von $3.33 bei einem Umsatz von $2.7 Milliarden erreicht.
Das Unternehmen generierte im Jahr 2024 einen operativen Cashflow von $408.4 Millionen und einen freien Cashflow von $254.8 Millionen. BWXT schloss die Übernahme von A.O.T am 3. Januar 2025 ab und gab am 7. Januar 2025 eine Vereinbarung zur Übernahme von Kinectrics, Inc. bekannt.
Für die Zukunft hat BWXT die Prognose für 2025 mit einem non-GAAP EPS von $3.40-$3.55 und einem bereinigten EBITDA von $550-570 Millionen eingeleitet. Das Unternehmen berichtete von Rekordbuchungen in den kommerziellen Operationen, die durch Ausrüstungen für das erste kleine modulare Reaktorprojekt in Nordamerika und die Renovierung von Kraftwerken unterstützt wurden, sowie von robusten Buchungen in den Regierungsoperationen für marine Antriebskomponenten.
- Q4 2024 revenue increased with strong Commercial Operations performance
- Full year 2024 revenue grew in both Government and Commercial Operations segments
- 2024 operating cash flow reached $408.4 million with free cash flow of $254.8 million
- Record bookings in Commercial Operations segment
- Increased quarterly dividend to $0.25 per share
- Strong 2025 guidance indicating continued growth
- Q4 GAAP operating income decreased in both segments
- Higher corporate expenses in Q4
- Increased restructuring and transformation costs
- Lower Government Operations revenue in Q4
Insights
BWXT's fourth quarter and full-year 2024 results reveal a company executing effectively across multiple growth vectors while maintaining operational discipline. The Commercial Operations segment achieved record bookings, driven by critical equipment orders for North America's first small modular reactor project and power plant refurbishments. This positions BWXT at the forefront of the nuclear renaissance, with significant potential for recurring revenue streams.
The company's financial performance shows remarkable resilience and operational efficiency. The
Strategic acquisitions of A.O.T and the pending Kinectrics deal are particularly noteworthy as they strengthen BWXT's position in both commercial nuclear services and medical radioisotope markets. These moves diversify revenue streams while leveraging core nuclear expertise across adjacent markets.
The 2025 guidance implies continued momentum with projected adjusted EBITDA growth of approximately
-
4Q24 diluted GAAP EPS of
$0.77 $0.92 $746.3 million -
4Q24 net income of
$71.1 million $130.3 million -
2024 diluted GAAP EPS of
$3.07 $3.33 $2.7 billion -
2024 net income of
$282.3 million $498.7 million -
2024 operating cash flow of
$408.4 million $254.8 million - Closed acquisition of A.O.T on January 3, 2025; Announced agreement to acquire Kinectrics, Inc. on January 7, 2025
-
Initiates 2025 guidance for non-GAAP EPS of
$3.40 -$3.55 $550 million -$570 million
“We closed out the year with better-than-expected fourth quarter financial results and are poised for another strong year in 2025,” said Rex D. Geveden, president and chief executive officer. “Throughout 2024 we captured significant new awards, including a record level of bookings in Commercial Operations driven by critical equipment for North America’s first small modular reactor project and power plant refurbishments, as well as robust bookings in Government Operations for naval propulsion components, special materials and multiple long-term technical services contracts.”
“Demand in our national security, clean energy, and medical end-markets continues to build, and we are investing both organically and inorganically to enhance our portfolio of high-quality nuclear solutions,” continued Geveden. “I am grateful for our entire workforce and their steadfast commitment to our critical missions.”
“BWXT is benefitting from our strategic growth efforts and our focus on driving performance and shareholder value. We are driving operational excellence throughout the organization – from the shop floor and supply chain optimization to working capital management to tax planning to digital transformation, and those efforts contributed to the strong financial performance we delivered in 2024,” said Geveden. “That momentum continues into 2025, and we are therefore initiating strong 2025 guidance calling for
Financial Results Summary
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Three Months Ended December 31, |
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Year Ended December 31, |
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2024 |
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2023 |
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$ Change |
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% Change |
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|
2024 |
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|
|
2023 |
|
|
$ Change |
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% Change |
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(Unaudited) (In millions, except per share amounts) |
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Revenue |
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|
|
|
|
|
|
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|
|
|
|
|
|
|
|
||||||||||||||
Government Operations |
|
$ |
595.0 |
|
|
$ |
601.6 |
|
|
$ |
(6.6 |
) |
|
(1 |
)% |
|
$ |
2,183.0 |
|
|
$ |
2,031.3 |
|
|
$ |
151.7 |
|
|
7 |
% |
Commercial Operations |
|
$ |
152.3 |
|
|
$ |
124.1 |
|
|
$ |
28.2 |
|
|
23 |
% |
|
$ |
524.0 |
|
|
$ |
466.3 |
|
|
$ |
57.6 |
|
|
12 |
% |
Consolidated |
|
$ |
746.3 |
|
|
$ |
725.5 |
|
|
$ |
20.8 |
|
|
3 |
% |
|
$ |
2,703.7 |
|
|
$ |
2,496.3 |
|
|
$ |
207.3 |
|
|
8 |
% |
Operating Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Government Operations |
|
$ |
98.1 |
|
|
$ |
116.3 |
|
|
$ |
(18.2 |
) |
|
(16 |
)% |
|
$ |
377.9 |
|
|
$ |
374.7 |
|
|
$ |
3.2 |
|
|
1 |
% |
Commercial Operations |
|
$ |
14.9 |
|
|
$ |
15.9 |
|
|
$ |
(1.1 |
) |
|
(7 |
)% |
|
$ |
46.8 |
|
|
$ |
37.5 |
|
|
$ |
9.3 |
|
|
25 |
% |
Unallocated Corporate (Expense) |
|
$ |
(20.7 |
) |
|
$ |
(9.0 |
) |
|
$ |
(11.7 |
) |
|
NM |
|
|
$ |
(44.1 |
) |
|
$ |
(29.2 |
) |
|
$ |
(14.9 |
) |
|
NM |
|
Consolidated |
|
$ |
92.3 |
|
|
$ |
123.2 |
|
|
$ |
(30.9 |
) |
|
(25 |
)% |
|
$ |
380.6 |
|
|
$ |
383.1 |
|
|
$ |
(2.5 |
) |
|
(1 |
)% |
Non-GAAP Operating Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Government Operations |
|
$ |
100.6 |
|
|
$ |
117.2 |
|
|
$ |
(16.6 |
) |
|
(14 |
)% |
|
$ |
380.9 |
|
|
$ |
376.1 |
|
|
$ |
4.8 |
|
|
1 |
% |
Commercial Operations |
|
$ |
19.1 |
|
|
$ |
16.9 |
|
|
$ |
2.3 |
|
|
14 |
% |
|
$ |
55.9 |
|
|
$ |
42.2 |
|
|
$ |
13.7 |
|
|
32 |
% |
Unallocated Corporate (Expense) |
|
$ |
(11.9 |
) |
|
$ |
(6.8 |
) |
|
$ |
(5.1 |
) |
|
NM |
|
|
$ |
(24.0 |
) |
|
$ |
(25.0 |
) |
|
$ |
1.0 |
|
|
NM |
|
Consolidated |
|
$ |
107.9 |
|
|
$ |
127.3 |
|
|
$ |
(19.4 |
) |
|
(15 |
)% |
|
$ |
412.8 |
|
|
$ |
393.3 |
|
|
$ |
19.5 |
|
|
5 |
% |
EPS (Diluted) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
GAAP |
|
$ |
0.77 |
|
|
$ |
0.72 |
|
|
$ |
0.05 |
|
|
7 |
% |
|
$ |
3.07 |
|
|
$ |
2.68 |
|
|
$ |
0.39 |
|
|
15 |
% |
Non-GAAP(1) |
|
$ |
0.92 |
|
|
$ |
1.01 |
|
|
$ |
(0.09 |
) |
|
(9 |
)% |
|
$ |
3.33 |
|
|
$ |
3.02 |
|
|
$ |
0.31 |
|
|
10 |
% |
Net Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
GAAP |
|
$ |
71.1 |
|
|
$ |
66.3 |
|
|
$ |
4.8 |
|
|
7 |
% |
|
$ |
282.3 |
|
|
$ |
246.3 |
|
|
$ |
36.0 |
|
|
15 |
% |
Non-GAAP(1) |
|
$ |
84.8 |
|
|
$ |
93.3 |
|
|
$ |
(8.5 |
) |
|
(9 |
)% |
|
$ |
306.6 |
|
|
$ |
278.4 |
|
|
$ |
28.3 |
|
|
10 |
% |
Adjusted EBITDA(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Government Operations |
|
$ |
116.7 |
|
|
$ |
131.3 |
|
|
$ |
(14.6 |
) |
|
(11 |
)% |
|
$ |
441.9 |
|
|
$ |
429.4 |
|
|
$ |
12.4 |
|
|
3 |
% |
Commercial Operations |
|
$ |
23.7 |
|
|
$ |
21.3 |
|
|
$ |
2.4 |
|
|
11 |
% |
|
$ |
73.6 |
|
|
$ |
60.0 |
|
|
$ |
13.6 |
|
|
23 |
% |
Corporate |
|
$ |
(10.1 |
) |
|
$ |
(5.0 |
) |
|
$ |
(5.1 |
) |
|
NM |
|
|
$ |
(16.9 |
) |
|
$ |
(17.5 |
) |
|
$ |
0.7 |
|
|
NM |
|
Consolidated |
|
$ |
130.3 |
|
|
$ |
147.6 |
|
|
$ |
(17.3 |
) |
|
(12 |
)% |
|
$ |
498.7 |
|
|
$ |
471.9 |
|
|
$ |
26.8 |
|
|
6 |
% |
Cash Flows |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Operating Cash Flow(2) |
|
$ |
276.9 |
|
|
$ |
221.8 |
|
|
$ |
55.1 |
|
|
25 |
% |
|
$ |
408.4 |
|
|
$ |
363.7 |
|
|
$ |
44.7 |
|
|
12 |
% |
Capital Expenditures(2) |
|
$ |
52.5 |
|
|
$ |
50.8 |
|
|
$ |
1.7 |
|
|
3 |
% |
|
$ |
153.6 |
|
|
$ |
151.3 |
|
|
$ |
2.4 |
|
|
2 |
% |
Free Cash Flow(1) |
|
$ |
224.4 |
|
|
$ |
171.0 |
|
|
$ |
53.4 |
|
|
31 |
% |
|
$ |
254.8 |
|
|
$ |
212.4 |
|
|
$ |
42.4 |
|
|
20 |
% |
Share Repurchases(2) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
NM |
|
|
$ |
20.0 |
|
|
$ |
— |
|
|
$ |
20.0 |
|
|
NM |
|
Dividends Paid(2) |
|
$ |
22.0 |
|
|
$ |
21.1 |
|
|
$ |
0.9 |
|
|
4 |
% |
|
$ |
88.3 |
|
|
$ |
85.0 |
|
|
$ |
3.4 |
|
|
4 |
% |
NM = Not Meaningful |
(1) A reconciliation of non-GAAP results are detailed in Exhibit 1. Additional information can be found in the materials on the BWXT investor relations website at www.bwxt.com/investors. |
(2) Items named in the Financial Results Summary differ from names in BWXT Financial Statement. Operating Cash Flow = Net Cash Provided by Operating Activities; Capital Expenditures = Purchases of Property, Plant and Equipment; Share Repurchases = Repurchases of Common Stock; Dividends Paid = Dividends Paid to Common Shareholders |
Revenues
Fourth quarter consolidated revenue increased as slightly lower Government Operations revenue was offset by higher Commercial Operations revenue. Government Operations revenue decreased slightly as higher naval nuclear component production and microreactors were offset by lower long-lead material procurement and favorable contract adjustments in the fourth quarter of 2023, that did not occur this year. The Commercial Operations increase was driven by higher revenue associated with commercial nuclear components, fuel and fuel handling, as well as higher medical sales, which was partially offset by lower field services revenue.
Full year consolidated revenue increased, driven by growth in both operating segments. The Government Operations increase was driven by higher naval nuclear component production, microreactors volume and higher special materials revenue. The Commercial Operations increase was driven by higher revenue associated with nuclear components, fuel and fuel handling, and medical sales, partially offset by lower field services activity.
Operating Income and Adjusted EBITDA(1)
Fourth quarter GAAP operating income decreased due to lower operating income in both segments and higher corporate expense, as well as increased costs associated with restructuring and transformation, acquisitions, and losses on asset disposals. Fourth quarter non-GAAP(1) operating income decreased as lower Government Operations operating income and higher corporate expense were partially offset by higher Commercial Operations operating income. The Government Operations decline was mainly due to a favorable contract adjustment in the fourth quarter of 2023, that did not occur this year, as well as business mix, which was partially offset by higher volumes of naval nuclear components, and the higher microreactors volumes noted above. The Commercial Operations increase was due to higher revenue as noted above, partially offset by mix within commercial power. Corporate expense increased, mainly due to timing of certain corporate costs, and higher stock compensation expense.
Full year GAAP and non-GAAP(1) operating income increased in both segments. The Government Operations increase was due to the higher revenue noted above as well as higher technical services income. The Commercial Operations increase was due to the revenue increases noted above, as well as better profitability in medical, and mix within commercial power. Corporate expense was flat compared to 2023.
Fourth quarter and full year total adjusted EBITDA(1) changes are in-line with the reasons noted above.
EPS
Fourth quarter 2024 GAAP EPS increased as lower operating income was offset by lower interest expense, slightly higher pension income, a lower effective tax rate, and a lower mark-to-market loss on the pension compared to fourth quarter 2023. Fourth quarter 2024 non-GAAP(1) EPS decreased as lower operating income, was partially offset by lower interest expense, slightly higher pension income, and a lower effective tax rate, excluding mark-to-market pension losses, restructuring costs, and other one-time items.
Full year 2024 GAAP EPS increased due to higher operating and pension income, lower interest expense and effective tax rate, and a lower mark-to-market loss on the pension compared to 2023. Full year 2024 non-GAAP EPS(1) increased driven by the items noted above, excluding market-to-market pension losses, restructuring and acquisition-related costs, and other one-time items.
Cash Flows
Fourth quarter and full year 2024 operating cash flow increased due to higher net income and improved working capital management. Capital expenditures increased modestly, mainly due to growth investment in the expansion of our
Dividend
BWXT paid
2025 Guidance
BWXT announced its expectations for fiscal year 2025 financial results, providing the following guidance:
(In millions, except per share amounts) |
|
Year Ended |
|
Year Ending |
|
|
December 31, 2024 |
|
December 31, 2025 |
|
|
Results |
|
Guidance(2) |
Revenue |
|
|
|
|
Adjusted EBITDA(1) |
|
|
|
|
Non-GAAP(1) Earnings Per Share |
|
|
|
|
Free Cash Flow(1) |
|
|
|
|
(2) BWXT has not included a reconciliation of provided non-GAAP guidance to comparable GAAP measures due to the difficulty of estimating any mark-to-market adjustments for pension and post-retirement benefits, which are determined at the end of the year. |
Additional information can be found in the 2024 fourth quarter earnings call presentation on the BWXT investor relations website at investors.bwxt.com. The Company does not provide GAAP guidance because it is unable to reliably forecast most of the items that are excluded from GAAP to calculate non-GAAP results. These items could cause GAAP results to differ materially from non-GAAP results.
Conference Call to Discuss Fourth Quarter 2024 Results |
||
Date: |
|
Monday, February 24, 2025, at 5:00 p.m. EST |
Live Webcast: |
|
BWXT Investor Relations website at investors.bwxt.com |
Full Earnings Release Available on BWXT Website
A full version of this earnings release is available on our Investor Relations website at http://investors.bwxt.com/4Q2024-release.
BWXT may use its website (www.bwxt.com) as a channel of distribution of material Company information. Financial and other important information regarding BWXT is routinely accessible through and posted on our website. In addition, you may elect to automatically receive e-mail alerts and other information about BWXT by enrolling through the “Email Alerts” section of our website at http://investors.bwxt.com.
Non-GAAP Measures
BWXT uses and makes reference to adjusted EBITDA, Non-GAAP EPS, free cash flow and free cash flow conversion, which are not recognized measures under GAAP. BWXT is providing these non-GAAP measures to supplement the results provided in accordance with GAAP and it should not be considered superior to, or as a substitute for, the comparable GAAP measures. BWXT believes the non-GAAP measures provide meaningful insight and transparency into the Company’s operational performance and provides these measures to investors to help facilitate comparisons of operating results with prior periods and to assist them in understanding BWXT's ongoing operations. Definitions for the non-GAAP measures are provided below and reconciliations are detailed in Exhibit 1, except that reconciliations of forward-looking GAAP measures are not provided because the company is unable to reliably forecast most of the items that are excluded from GAAP to calculate non-GAAP results. Other companies may define these measures differently or may utilize different non-GAAP measures, thus impacting comparability.
Non-GAAP Earnings Per Share (EPS) is calculated using GAAP EPS less the non-operational tax effected per share impact of pension & OPEB mark-to-market gains or losses and other one-time items, such as restructuring, transformation, and acquisition-related costs.
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) is calculated using non-GAAP net income, plus provision for income taxes, less other – net, less interest income, plus interest expense, plus depreciation and amortization.
Adjusted pre-tax income is non-GAAP income before provision for income taxes.
Free Cash Flow (FCF) is calculated using net income to derive net cash provided by (used in) operating activities less purchases of property, plant and equipment.
Free Cash Flow conversion is free cash flow divided by net income.
Non-GAAP Adjustments
Our GAAP financial results detailed in Exhibit 1 have been adjusted for the following items:
Restructuring and Transformation Costs: Restructuring and transformation related costs include restructuring charges as well as costs associated with our efforts to optimize underlying business processes through investments in information technology, process improvements and the implementation of strategic actions and initiatives which we deem to be incremental and non-recurring in nature.
Acquisition-related Costs: Acquisition-related costs relate to third-party professional service costs and one-time incremental costs associated with efforts to integrate the acquired business with our legacy operations.
Forward-Looking Statements
BWXT cautions that this release contains forward-looking statements, including, without limitation, statements relating to backlog, to the extent they may be viewed as an indicator of future revenues; our plans and expectations for each of our reportable segments, including growth opportunities and the expectations, timing and revenue of our strategic initiatives, such as medical radioisotopes, SMR components and recent acquisitions; disruptions to our supply chain and/or operations, changes in government regulations and other factors; and our expectations and guidance for 2025 and beyond. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties, including, among other things, our ability to execute contracts in backlog; federal budget uncertainty, the risk of future budget cuts, the impact of continuing resolution funding mechanisms and the debt ceiling, the potential for government shutdowns and changing funding and acquisition priorities; the demand for and competitiveness of nuclear products and services; capital priorities of power generating utilities and other customers; the timing of technology development, regulatory approvals and automation of production; the receipt and/or timing of government approvals; the potential recurrence of subsequent waves or strains of COVID-19 or similar diseases; labor market challenges, including employee retention and recruitment; adverse changes in the industries in which we operate; and delays, changes or termination of contracts in backlog. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. For a more complete discussion of these and other risk factors, see BWXT’s filings with the Securities and Exchange Commission, including our annual report on Form 10-K for the year ended December 31, 2024. BWXT cautions not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.
About BWXT
At BWX Technologies, Inc. (NYSE: BWXT), we are People Strong, Innovation Driven. Headquartered in
EXHIBIT 1
BWX TECHNOLOGIES, INC. RECONCILIATION OF NON-GAAP OPERATING INCOME AND EARNINGS PER SHARE(1)(2)(3) (In millions, except per share amounts) |
||||||||||||||||||||||||
Three Months Ended December 31, 2024 |
||||||||||||||||||||||||
|
GAAP |
|
Pension &
|
|
Restructuring
|
|
Acquisition-
|
|
Loss on Asset
|
|
|
Non-GAAP |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating Income |
$ |
92.3 |
|
|
$ |
— |
|
|
$ |
7.8 |
|
|
$ |
4.2 |
|
|
$ |
3.6 |
|
|
|
$ |
107.9 |
|
Interest Income (Expense), net |
|
(8.8 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
(8.8 |
) |
Other - net |
|
(5.4 |
) |
|
|
10.9 |
|
|
|
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
$ |
5.5 |
|
Income before Provision for Income Taxes |
|
78.1 |
|
|
|
10.9 |
|
|
|
7.8 |
|
|
$ |
4.2 |
|
|
$ |
3.6 |
|
|
|
|
104.6 |
|
Provision for Income Taxes |
|
(7.0 |
) |
|
|
(2.4 |
) |
|
|
(8.5 |
) |
|
|
(0.9 |
) |
|
|
(0.9 |
) |
|
|
|
(19.8 |
) |
Net Income |
|
71.1 |
|
|
|
8.4 |
|
|
|
(0.7 |
) |
|
$ |
3.3 |
|
|
$ |
2.7 |
|
|
|
|
84.8 |
|
Net Income Attributable to Noncontrolling Interest |
|
(0.1 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
(0.1 |
) |
Net Income Attributable to BWXT |
$ |
71.0 |
|
|
$ |
8.4 |
|
|
$ |
(0.7 |
) |
|
$ |
3.3 |
|
|
$ |
2.7 |
|
|
|
$ |
84.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Diluted Shares Outstanding |
|
91.9 |
|
|
|
|
|
|
|
|
|
|
|
|
91.9 |
|
||||||||
Diluted Earnings per Common Share |
$ |
0.77 |
|
|
$ |
0.09 |
|
|
$ |
(0.01 |
) |
|
$ |
0.04 |
|
|
$ |
0.03 |
|
|
|
$ |
0.92 |
|
Effective Tax Rate |
|
9.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
18.9 |
% |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Government Operations Operating Income |
$ |
98.1 |
|
|
$ |
— |
|
|
$ |
0.7 |
|
|
$ |
0.2 |
|
|
$ |
1.7 |
|
|
|
$ |
100.6 |
|
Commercial Operations Operating Income |
$ |
14.9 |
|
|
$ |
— |
|
|
$ |
2.7 |
|
|
$ |
1.6 |
|
|
$ |
— |
|
|
|
$ |
19.1 |
|
Unallocated Corporate Operating Income |
$ |
(20.7 |
) |
|
$ |
— |
|
|
$ |
4.5 |
|
|
$ |
2.4 |
|
|
$ |
1.9 |
|
|
|
$ |
(11.9 |
) |
Three Months Ended December 31, 2023 |
||||||||||||||||||||||||
|
GAAP |
|
Pension &
|
|
Restructuring
|
|
Acquisition-
|
|
Loss on Asset
|
|
|
Non-GAAP |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating Income |
$ |
123.2 |
|
|
$ |
— |
|
|
$ |
4.0 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
127.3 |
|
|
Interest Income (Expense), net |
|
(11.1 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
$ |
(11.1 |
) |
Other - net |
|
(26.5 |
) |
|
|
30.8 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
$ |
4.3 |
|
Income before Provision for Income Taxes |
|
85.6 |
|
|
|
30.8 |
|
|
|
4.0 |
|
|
|
— |
|
|
|
— |
|
|
|
|
120.5 |
|
Provision for Income Taxes |
|
(19.3 |
) |
|
|
(7.1 |
) |
|
|
(0.7 |
) |
|
|
(0.0 |
) |
|
|
— |
|
|
|
|
(27.2 |
) |
Net Income |
|
66.3 |
|
|
|
23.7 |
|
|
|
3.3 |
|
|
|
— |
|
|
|
— |
|
|
|
|
93.3 |
|
Net Income Attributable to Noncontrolling Interest |
|
(0.4 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
||||||||
Net Income Attributable to BWXT |
$ |
65.9 |
|
|
$ |
23.7 |
|
|
$ |
3.3 |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
$ |
92.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Diluted Shares Outstanding |
|
92.0 |
|
|
|
|
|
|
|
|
|
|
|
|
92.0 |
|
||||||||
Diluted Earnings per Common Share |
$ |
0.72 |
|
|
$ |
0.26 |
|
|
$ |
0.04 |
|
|
$ |
0.00 |
|
|
$ |
— |
|
|
|
$ |
1.01 |
|
Effective Tax Rate |
|
22.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
22.5 |
% |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Government Operations Operating Income |
$ |
116.3 |
|
|
$ |
— |
|
|
$ |
1.0 |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
$ |
117.2 |
|
Commercial Operations Operating Income |
$ |
15.9 |
|
|
$ |
— |
|
|
$ |
0.9 |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
$ |
16.9 |
|
Unallocated Corporate Operating Income |
$ |
(9.0 |
) |
|
$ |
— |
|
|
$ |
2.2 |
|
|
$ |
0.0 |
|
|
$ |
— |
|
|
|
$ |
(6.8 |
) |
EXHIBIT 1 (continued)
BWX TECHNOLOGIES, INC. RECONCILIATION OF NON-GAAP OPERATING INCOME AND EARNINGS PER SHARE(1)(2)(3) (In millions, except per share amounts) |
||||||||||||||||||||||||
Year Ended December 31, 2024 |
||||||||||||||||||||||||
|
GAAP |
|
Pension
|
|
Restructuring
|
|
Acquisition-
|
|
Loss on Asset
|
|
|
Non-GAAP |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating Income |
$ |
380.6 |
|
|
$ |
— |
|
|
$ |
21.2 |
|
|
$ |
7.4 |
|
|
$ |
3.6 |
|
|
|
$ |
412.8 |
|
Interest Income (Expense), net |
|
(36.9 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
$ |
(36.9 |
) |
Other - net |
|
5.0 |
|
|
|
10.9 |
|
|
|
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
15.9 |
|
Income before Provision for Income Taxes |
|
348.7 |
|
|
|
10.9 |
|
|
|
21.2 |
|
|
|
7.4 |
|
|
|
3.6 |
|
|
|
|
391.8 |
|
Provision for Income Taxes |
|
(66.4 |
) |
|
|
(2.4 |
) |
|
|
(13.8 |
) |
|
|
(1.7 |
) |
|
|
(0.9 |
) |
|
|
|
(85.1 |
) |
Net Income |
|
282.3 |
|
|
|
8.4 |
|
|
|
7.4 |
|
|
|
5.8 |
|
|
|
2.7 |
|
|
|
|
306.6 |
|
Net Income Attributable to Noncontrolling Interest |
|
(0.4 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
(0.4 |
) |
Net Income Attributable to BWXT |
$ |
281.9 |
|
|
$ |
8.4 |
|
|
$ |
7.4 |
|
|
$ |
5.8 |
|
|
$ |
2.7 |
|
|
|
$ |
306.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Diluted Shares Outstanding |
|
91.9 |
|
|
|
|
|
|
|
|
|
|
|
|
91.9 |
|
||||||||
Diluted Earnings per Common Share |
$ |
3.07 |
|
|
$ |
0.09 |
|
|
$ |
0.08 |
|
|
$ |
0.06 |
|
|
$ |
0.03 |
|
|
|
$ |
3.33 |
|
Effective Tax Rate |
|
19.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
21.7 |
% |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Government Operations Operating Income |
$ |
377.9 |
|
|
$ |
— |
|
|
$ |
1.1 |
|
|
$ |
0.2 |
|
|
$ |
1.7 |
|
|
|
$ |
380.9 |
|
Commercial Operations Operating Income |
$ |
46.8 |
|
|
$ |
— |
|
|
$ |
6.7 |
|
|
$ |
2.4 |
|
|
$ |
— |
|
|
|
$ |
55.9 |
|
Unallocated Corporate Operating Income |
$ |
(44.1 |
) |
|
$ |
— |
|
|
$ |
13.4 |
|
|
$ |
4.8 |
|
|
$ |
1.9 |
|
|
|
$ |
(24.0 |
) |
Year Ended December 31, 2023 |
|||||||||||||||||||||||||
|
|
GAAP |
|
Pension &
|
|
Restructuring
|
|
Acquisition-
|
|
Loss on Asset
|
|
|
Non-GAAP |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating Income |
$ |
383.1 |
|
|
$ |
— |
|
|
$ |
9.6 |
|
|
$ |
0.7 |
|
|
$ |
— |
|
|
$ |
393.3 |
|
||
Interest Income (Expense), net |
|
(44.6 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
$ |
(44.6 |
) |
|
Other - net |
|
(17.0 |
) |
|
|
30.8 |
|
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
|
|
13.8 |
|
|
Income before Provision for Income Taxes |
|
321.4 |
|
|
|
30.8 |
|
|
|
9.6 |
|
|
|
0.7 |
|
|
|
— |
|
|
|
|
362.4 |
|
|
Provision for Income Taxes |
|
(75.1 |
) |
|
|
(7.1 |
) |
|
|
(1.7 |
) |
|
|
(0.2 |
) |
|
|
— |
|
|
|
|
(84.1 |
) |
|
Net Income |
|
246.3 |
|
|
|
23.7 |
|
|
|
7.8 |
|
|
|
0.5 |
|
|
|
— |
|
|
|
|
278.4 |
|
|
Net Income Attributable to Noncontrolling Interest |
|
(0.5 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
(0.5 |
) |
|
Net Income Attributable to BWXT |
$ |
245.8 |
|
|
$ |
23.7 |
|
|
$ |
7.8 |
|
|
$ |
0.5 |
|
|
$ |
— |
|
|
|
$ |
277.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Diluted Shares Outstanding |
|
91.9 |
|
|
|
|
|
|
|
|
|
|
|
|
91.9 |
|
|||||||||
Diluted Earnings per Common Share |
$ |
2.68 |
|
|
$ |
0.26 |
|
|
$ |
0.09 |
|
|
$ |
0.01 |
|
|
$ |
— |
|
|
|
$ |
3.02 |
|
|
Effective Tax Rate |
|
23.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
23.2 |
% |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Government Operations Operating Income |
$ |
374.7 |
|
|
$ |
— |
|
|
$ |
1.1 |
|
|
$ |
0.3 |
|
|
$ |
— |
|
|
|
$ |
376.1 |
|
|
Commercial Operations Operating Income |
$ |
37.5 |
|
|
$ |
— |
|
|
$ |
4.6 |
|
|
$ |
0.1 |
|
|
$ |
— |
|
|
|
$ |
42.2 |
|
|
Unallocated Corporate Operating Income |
$ |
(29.2 |
) |
|
$ |
— |
|
|
$ |
3.9 |
|
|
$ |
0.3 |
|
|
$ |
— |
|
|
|
$ |
(25.0 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
(1) |
Tables may not foot due to rounding. |
||||||||||||||||||||||||
(2) |
BWXT is providing non-GAAP information regarding certain of its historical results and guidance on future earnings per share to supplement the results provided in accordance with GAAP and it should not be considered superior to, or as a substitute for, the comparable GAAP measures. BWXT believes the non-GAAP measures provide meaningful insight and transparency into the Company’s operational performance and provides these measures to investors to help facilitate comparisons of operating results with prior periods and to assist them in understanding BWXT's ongoing operations. |
||||||||||||||||||||||||
(3) |
BWXT has not included a reconciliation of provided non-GAAP guidance to the comparable GAAP measures due to the difficulty of estimating any mark-to-market adjustments for pension and post-retirement benefits, which are determined at the end of the year. |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
EXHIBIT 1 (continued) RECONCILIATION OF CONSOLIDATED ADJUSTED EBITDA(1)(2)(3) (In millions) |
||||||||||||||||||||||||
Three Months Ended December 31, 2024 |
||||||||||||||||||||||||
|
|
GAAP |
|
Pension &
|
|
Restructuring &
|
|
Acquisition-
|
|
Loss on Asset
|
|
|
Non-GAAP |
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net Income |
$ |
71.1 |
|
|
$ |
8.4 |
|
|
$ |
(0.7 |
) |
|
$ |
3.3 |
|
2.7 |
|
|
$ |
84.8 |
|
|||
Provision for Income Taxes |
|
7.0 |
|
|
|
2.4 |
|
|
|
8.5 |
|
|
|
0.9 |
|
|
0.9 |
|
|
|
|
19.8 |
|
|
Other – net |
|
5.4 |
|
|
|
(10.9 |
) |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
(5.5 |
) |
||
Interest Expense |
|
9.3 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
9.3 |
|
||
Interest Income |
|
(0.5 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
(0.5 |
) |
||
Depreciation & Amortization |
|
22.4 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
22.4 |
|
||
Adjusted EBITDA |
$ |
114.7 |
|
|
$ |
— |
|
|
$ |
7.8 |
|
|
$ |
4.2 |
|
|
3.6 |
|
|
|
$ |
130.3 |
|
|
Three Months Ended December 31, 2023 |
|||||||||||||||||||||||||
|
|
GAAP |
|
Pension &
|
|
Restructuring
|
|
Acquisition-
|
|
Loss on Asset
|
|
|
Non-GAAP |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net Income |
$ |
66.3 |
|
|
$ |
23.7 |
|
|
$ |
3.3 |
|
$ |
— |
|
$ |
— |
|
|
$ |
93.3 |
|
||||
Provision for Income Taxes |
|
19.3 |
|
|
|
7.1 |
|
|
|
0.7 |
|
|
|
0.0 |
|
|
|
0.0 |
|
|
|
|
27.2 |
|
|
Other – net |
|
26.5 |
|
|
|
(30.8 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
(4.3 |
) |
|
Interest Expense |
|
11.8 |
|
|
|
— |
|
|
|
0.0 |
|
|
|
— |
|
|
|
— |
|
|
|
|
11.8 |
|
|
Interest Income |
|
(0.7 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
(0.7 |
) |
|
Depreciation & Amortization |
|
20.4 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
20.4 |
|
|
Adjusted EBITDA |
$ |
143.6 |
|
|
$ |
— |
|
|
$ |
4.0 |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
$ |
147.6 |
|
|
Year Ended December 31, 2024 |
||||||||||||||||||||||||
|
|
GAAP |
|
Pension &
|
|
Restructuring
|
|
Acquisition-
|
|
Loss on Asset
|
|
|
Non-GAAP |
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net Income |
$ |
282.3 |
|
|
$ |
8.4 |
|
|
$ |
7.4 |
|
$ |
5.8 |
|
2.7 |
|
|
$ |
306.6 |
|
||||
Provision for Income Taxes |
|
66.4 |
|
|
|
2.4 |
|
|
|
13.8 |
|
|
|
1.7 |
|
|
0.9 |
|
|
|
|
85.1 |
|
|
Other – net |
|
(5.0 |
) |
|
|
(10.9 |
) |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
(15.9 |
) |
||
Interest Expense |
|
39.5 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
39.5 |
|
||
Interest Income |
|
(2.6 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
(2.6 |
) |
||
Depreciation & Amortization |
|
85.9 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
85.9 |
|
||
Adjusted EBITDA |
$ |
466.5 |
|
|
$ |
— |
|
|
$ |
21.2 |
|
|
$ |
7.4 |
|
|
3.6 |
|
|
|
$ |
498.7 |
|
|
Year Ended December 31, 2023 |
|||||||||||||||||||||||||
|
|
GAAP |
|
Pension &
|
|
Restructuring
|
|
Acquisition-
|
|
Loss on Asset
|
|
|
Non-GAAP |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net Income |
$ |
246.3 |
|
|
$ |
23.7 |
|
|
$ |
7.8 |
|
$ |
0.5 |
|
$ |
— |
|
|
$ |
278.4 |
|
||||
Provision for Income Taxes |
|
75.1 |
|
|
|
7.1 |
|
|
|
1.7 |
|
|
|
0.2 |
|
|
|
0.0 |
|
|
|
|
84.1 |
|
|
Other – net |
|
17.0 |
|
|
|
(30.8 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
(13.8 |
) |
|
Interest Expense |
|
47.0 |
|
|
|
— |
|
|
|
0.0 |
|
|
|
— |
|
|
|
— |
|
|
|
|
47.0 |
|
|
Interest Income |
|
(2.4 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
(2.4 |
) |
|
Depreciation & Amortization |
|
78.6 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
78.6 |
|
|
Adjusted EBITDA |
$ |
461.6 |
|
|
$ |
— |
|
|
$ |
9.6 |
|
|
$ |
0.7 |
|
|
$ |
— |
|
|
|
$ |
471.9 |
|
|
EXHIBIT 1 (continued) RECONCILIATION OF REPORTING SEGMENT ADJUSTED EBITDA(1)(2)(3) (In millions) |
|||||||||||||||||
Three Months Ended December 31, 2024 |
|||||||||||||||||
|
|
Operating Income
|
|
Non-GAAP
|
|
Depreciation &
|
|
|
Adjusted EBITDA |
||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
Government Operations |
$ |
98.1 |
|
$ |
2.6 |
|
$ |
16.1 |
|
|
$ |
116.7 |
|||||
Commercial Operations |
$ |
14.9 |
|
|
$ |
4.3 |
|
|
$ |
4.6 |
|
|
|
$ |
23.7 |
|
|
Three Months Ended December 31, 2023 |
|||||||||||||||||
|
|
Operating Income
|
|
Non-GAAP
|
|
Depreciation &
|
|
|
Adjusted EBITDA |
||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
Government Operations |
$ |
116.3 |
|
$ |
1.0 |
|
$ |
14.0 |
|
|
$ |
131.3 |
|||||
Commercial Operations |
$ |
15.9 |
|
|
$ |
0.9 |
|
|
$ |
4.5 |
|
|
|
$ |
21.3 |
|
|
Year Ended December 31, 2024 |
|||||||||||||||||
|
|
Operating Income
|
|
Non-GAAP
|
|
Depreciation &
|
|
|
Adjusted EBITDA |
||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
Government Operations |
$ |
377.9 |
|
$ |
3.0 |
|
$ |
61.0 |
|
|
$ |
441.9 |
|||||
Commercial Operations |
$ |
46.8 |
|
|
$ |
9.1 |
|
|
$ |
17.7 |
|
|
|
$ |
73.6 |
|
|
Year Ended December 31, 2023 |
|||||||||||||||||
|
|
Operating Income
|
|
Non-GAAP
|
|
Depreciation &
|
|
|
Adjusted EBITDA |
||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
Government Operations |
$ |
374.7 |
|
$ |
1.4 |
|
$ |
53.4 |
|
|
$ |
429.4 |
|||||
Commercial Operations |
$ |
37.5 |
|
|
$ |
4.7 |
|
|
$ |
17.7 |
|
|
|
$ |
60.0 |
|
|
RECONCILIATION OF CONSOLIDATED FREE CASH FLOW(1)(2)(3) (In millions) |
||||||||
|
|
Three Months Ended December 31, |
||||||
|
|
|
2024 |
|
|
|
2023 |
|
Net Cash Provided By Operating Activities |
$ |
276.9 |
|
|
$ |
221.8 |
|
|
Purchases of Property, Plant and Equipment |
|
(52.5 |
) |
|
|
(50.8 |
) |
|
Free Cash Flow |
$ |
224.4 |
|
|
$ |
171.0 |
|
|
|
|
Year Ended December 31, |
||||||
|
|
|
2024 |
|
|
|
2023 |
|
Net Cash Provided By Operating Activities |
$ |
408.4 |
|
|
$ |
363.7 |
|
|
Purchases of Property, Plant and Equipment |
|
(153.6 |
) |
|
|
(151.3 |
) |
|
Free Cash Flow |
$ |
254.8 |
|
|
$ |
212.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Tables may not foot due to rounding. |
||||||||||||||
(2) |
BWXT is providing non-GAAP information regarding certain of its historical results and guidance on future earnings per share to supplement the results provided in accordance with GAAP and it should not be considered superior to, or as a substitute for, the comparable GAAP measures. BWXT believes the non-GAAP measures provide meaningful insight and transparency into the Company’s operational performance and provides these measures to investors to help facilitate comparisons of operating results with prior periods and to assist them in understanding BWXT's ongoing operations. |
||||||||||||||
(3) |
For Non-GAAP adjustment details, see reconciliation of non-GAAP operating income and earnings per share. |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BWX TECHNOLOGIES, INC. CONSOLIDATED STATEMENTS OF INCOME |
||||||||||||||||
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
(Unaudited) (In thousands, except share and per share amounts) |
||||||||||||||
Revenues |
|
$ |
746,267 |
|
|
$ |
725,515 |
|
|
$ |
2,703,654 |
|
|
$ |
2,496,309 |
|
Costs and Expenses: |
|
|
|
|
|
|
|
|
||||||||
Cost of operations |
|
|
571,894 |
|
|
|
536,966 |
|
|
|
2,048,447 |
|
|
|
1,875,716 |
|
Research and development costs |
|
|
2,636 |
|
|
|
1,658 |
|
|
|
7,478 |
|
|
|
7,613 |
|
Losses on asset disposals and impairments, net |
|
|
4,394 |
|
|
|
1,049 |
|
|
|
4,390 |
|
|
|
1,034 |
|
Selling, general and administrative expenses |
|
|
90,693 |
|
|
|
74,594 |
|
|
|
318,663 |
|
|
|
279,694 |
|
Total Costs and Expenses |
|
|
669,617 |
|
|
|
614,267 |
|
|
|
2,378,978 |
|
|
|
2,164,057 |
|
Equity in Income of Investees |
|
|
15,612 |
|
|
|
11,945 |
|
|
|
55,931 |
|
|
|
50,807 |
|
Operating Income |
|
|
92,262 |
|
|
|
123,193 |
|
|
|
380,607 |
|
|
|
383,059 |
|
Other Income (Expense): |
|
|
|
|
|
|
|
|
||||||||
Interest income |
|
|
505 |
|
|
|
736 |
|
|
|
2,554 |
|
|
|
2,359 |
|
Interest expense |
|
|
(9,285 |
) |
|
|
(11,836 |
) |
|
|
(39,475 |
) |
|
|
(47,036 |
) |
Other – net |
|
|
(5,392 |
) |
|
|
(26,472 |
) |
|
|
5,034 |
|
|
|
(16,982 |
) |
Total Other Income (Expense) |
|
|
(14,172 |
) |
|
|
(37,572 |
) |
|
|
(31,887 |
) |
|
|
(61,659 |
) |
Income before Provision for Income Taxes |
|
|
78,090 |
|
|
|
85,621 |
|
|
|
348,720 |
|
|
|
321,400 |
|
Provision for Income Taxes |
|
|
7,012 |
|
|
|
19,310 |
|
|
|
66,422 |
|
|
|
75,079 |
|
Net Income |
|
$ |
71,078 |
|
|
$ |
66,311 |
|
|
$ |
282,298 |
|
|
$ |
246,321 |
|
Net Income Attributable to Noncontrolling Interest |
|
|
(60 |
) |
|
|
(424 |
) |
|
|
(357 |
) |
|
|
(472 |
) |
Net Income Attributable to BWX Technologies, Inc. |
|
$ |
71,018 |
|
|
$ |
65,887 |
|
|
$ |
281,941 |
|
|
$ |
245,849 |
|
Earnings per Common Share: |
|
|
|
|
|
|
|
|
||||||||
Basic: |
|
|
|
|
|
|
|
|
||||||||
Net Income Attributable to BWX Technologies, Inc. |
|
$ |
0.78 |
|
|
$ |
0.72 |
|
|
$ |
3.08 |
|
|
$ |
2.68 |
|
Diluted: |
|
|
|
|
|
|
|
|
||||||||
Net Income Attributable to BWX Technologies, Inc. |
|
$ |
0.77 |
|
|
$ |
0.72 |
|
|
$ |
3.07 |
|
|
$ |
2.68 |
|
Shares used in the computation of earnings per share: |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
|
91,596,519 |
|
|
|
91,686,671 |
|
|
|
91,572,674 |
|
|
|
91,619,156 |
|
Diluted |
|
|
91,889,756 |
|
|
|
91,997,796 |
|
|
|
91,859,732 |
|
|
|
91,874,537 |
|
BWX TECHNOLOGIES, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
|
|
Year Ended December 31, |
||||||
|
|
|
2024 |
|
|
|
2023 |
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
(In thousands) |
||||||
Net Income |
|
$ |
282,298 |
|
|
$ |
246,321 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
||||
Depreciation and amortization |
|
|
85,862 |
|
|
|
78,566 |
|
Income of investees, net of dividends |
|
|
(10,598 |
) |
|
|
11,130 |
|
Losses on asset disposals and impairments - net |
|
|
4,390 |
|
|
|
1,034 |
|
Provision for deferred taxes |
|
|
19,845 |
|
|
|
(5,128 |
) |
Recognition of (gains) losses for pension and postretirement plans |
|
|
14,147 |
|
|
|
34,087 |
|
Stock-based compensation expense |
|
|
21,680 |
|
|
|
15,896 |
|
Other, net |
|
|
(83 |
) |
|
|
(1,530 |
) |
Changes in assets and liabilities, net of effects from acquisitions: |
|
|
|
|
||||
Accounts receivable |
|
|
(47,571 |
) |
|
|
462 |
|
Accounts payable |
|
|
34,532 |
|
|
|
(9,025 |
) |
Retainages |
|
|
21,514 |
|
|
|
(6,615 |
) |
Contracts in progress and advance billings on contracts |
|
|
(7,155 |
) |
|
|
28,868 |
|
Income taxes |
|
|
1,650 |
|
|
|
(4,786 |
) |
Accrued and other current liabilities |
|
|
865 |
|
|
|
(9,754 |
) |
Pension liabilities, accrued postretirement benefit obligations and employee benefits |
|
|
881 |
|
|
|
(6,964 |
) |
Other, net |
|
|
(13,829 |
) |
|
|
(8,861 |
) |
NET CASH PROVIDED BY OPERATING ACTIVITIES |
|
|
408,428 |
|
|
|
363,701 |
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
||||
Purchases of property, plant and equipment |
|
|
(153,647 |
) |
|
|
(151,286 |
) |
Acquisition of businesses |
|
|
— |
|
|
|
— |
|
Purchases of securities |
|
|
— |
|
|
|
(2,343 |
) |
Sales and maturities of securities |
|
|
— |
|
|
|
5,996 |
|
Investments, net of return of capital, in equity method investees |
|
|
(197 |
) |
|
|
— |
|
Other, net |
|
|
(717 |
) |
|
|
(8,009 |
) |
NET CASH USED IN INVESTING ACTIVITIES |
|
|
(154,561 |
) |
|
|
(155,642 |
) |
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
||||
Borrowings of long-term debt |
|
|
456,000 |
|
|
|
353,100 |
|
Repayments of long-term debt |
|
|
(612,250 |
) |
|
|
(434,350 |
) |
Payment of debt issuance costs |
|
|
— |
|
|
|
— |
|
Repurchases of common stock |
|
|
(20,000 |
) |
|
|
— |
|
Dividends paid to common shareholders |
|
|
(88,349 |
) |
|
|
(84,974 |
) |
Cash paid for shares withheld to satisfy employee taxes |
|
|
(7,570 |
) |
|
|
(7,592 |
) |
Settlements of forward contracts, net |
|
|
19,591 |
|
|
|
3,689 |
|
Other, net |
|
|
(207 |
) |
|
|
756 |
|
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES |
|
|
(252,785 |
) |
|
|
(169,371 |
) |
EFFECTS OF EXCHANGE RATE CHANGES ON CASH |
|
|
(2,126 |
) |
|
|
1,937 |
|
TOTAL (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS |
|
|
(1,044 |
) |
|
|
40,625 |
|
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD |
|
|
81,615 |
|
|
|
40,990 |
|
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT END OF PERIOD |
|
$ |
80,571 |
|
|
$ |
81,615 |
|
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: |
|
|
|
|
||||
Cash paid during the period for: |
|
|
|
|
||||
Interest |
|
$ |
72,426 |
|
|
$ |
63,216 |
|
Income taxes (net of refunds) |
|
$ |
45,508 |
|
|
$ |
84,478 |
|
SCHEDULE OF NON-CASH INVESTING ACTIVITY: |
|
|
|
|
||||
Accrued capital expenditures included in accounts payable |
|
$ |
17,537 |
|
|
$ |
7,105 |
|
BWX TECHNOLOGIES, INC. CONSOLIDATED BALANCE SHEETS
ASSETS |
||||||||
|
|
December 31, |
||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
(In thousands) |
||||||
Current Assets: |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
74,109 |
|
$ |
75,766 |
||
Restricted cash and cash equivalents |
|
|
2,785 |
|
|
|
2,858 |
|
Investments |
|
|
— |
|
|
|
— |
|
Accounts receivable – trade, net |
|
|
99,112 |
|
|
|
70,180 |
|
Accounts receivable – other |
|
|
53,199 |
|
|
|
16,339 |
|
Retainages |
|
|
33,667 |
|
|
|
55,181 |
|
Contracts in progress |
|
|
577,745 |
|
|
|
533,155 |
|
Other current assets |
|
|
89,380 |
|
|
|
64,322 |
|
Total Current Assets |
|
|
929,997 |
|
|
|
817,801 |
|
Property, Plant and Equipment, Net |
|
|
1,278,161 |
|
|
|
1,228,520 |
|
Investments |
|
|
10,609 |
|
|
|
9,496 |
|
Goodwill |
|
|
287,362 |
|
|
|
297,020 |
|
Deferred Income Taxes |
|
|
6,569 |
|
|
|
16,332 |
|
Investments in Unconsolidated Affiliates |
|
|
99,403 |
|
|
|
88,608 |
|
Intangible Assets |
|
|
165,325 |
|
|
|
185,510 |
|
Other Assets |
|
|
92,498 |
|
|
|
103,778 |
|
TOTAL |
|
$ |
2,869,924 |
|
|
$ |
2,747,065 |
|
BWX TECHNOLOGIES, INC. CONSOLIDATED BALANCE SHEETS
LIABILITIES AND STOCKHOLDERS’ EQUITY |
||||||||
|
|
December 31, |
||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
(In thousands, except share
|
||||||
Current Liabilities: |
|
|
|
|
||||
Current maturities of long-term debt |
|
$ |
12,500 |
|
|
$ |
6,250 |
|
Accounts payable |
|
|
158,077 |
|
|
|
126,651 |
|
Accrued employee benefits |
|
|
77,234 |
|
|
|
64,544 |
|
Accrued liabilities – other |
|
|
65,100 |
|
|
|
70,210 |
|
Advance billings on contracts |
|
|
161,290 |
|
|
|
107,391 |
|
Total Current Liabilities |
|
|
474,201 |
|
|
|
375,046 |
|
Long-Term Debt |
|
|
1,042,970 |
|
|
|
1,203,422 |
|
Accumulated Postretirement Benefit Obligation |
|
|
16,515 |
|
|
|
18,466 |
|
Environmental Liabilities |
|
|
94,225 |
|
|
|
90,575 |
|
Pension Liability |
|
|
82,602 |
|
|
|
82,786 |
|
Other Liabilities |
|
|
79,007 |
|
|
|
43,469 |
|
Commitments and Contingencies |
|
|
|
|
||||
Stockholders' Equity: |
|
|
|
|
||||
Common stock, par value |
|
|
1,283 |
|
|
|
1,281 |
|
Preferred stock, par value |
|
|
— |
|
|
|
— |
|
Capital in excess of par value |
|
|
228,889 |
|
|
|
206,478 |
|
Retained earnings |
|
|
2,287,151 |
|
|
|
2,093,917 |
|
Treasury stock at cost, 36,869,498 and 36,537,695 shares at December 31, 2024 and 2023, respectively |
|
|
(1,388,432 |
) |
|
|
(1,360,862 |
) |
Accumulated other comprehensive income (loss) |
|
|
(48,211 |
) |
|
|
(7,463 |
) |
Stockholders' Equity – BWX Technologies, Inc. |
|
|
1,080,680 |
|
|
|
933,351 |
|
Noncontrolling interest |
|
|
(276 |
) |
|
|
(50 |
) |
Total Stockholders' Equity |
|
|
1,080,404 |
|
|
|
933,301 |
|
TOTAL |
|
$ |
2,869,924 |
|
|
$ |
2,747,065 |
|
BWX TECHNOLOGIES, INC. BUSINESS SEGMENT INFORMATION |
||||||||||||||||
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
(Unaudited) (In thousands) |
||||||||||||||
REVENUES: |
|
|
|
|
|
|
|
|
||||||||
Government Operations |
|
$ |
595,000 |
|
|
$ |
601,629 |
|
|
$ |
2,183,040 |
|
|
$ |
2,031,337 |
|
Commercial Operations |
|
|
152,331 |
|
|
|
124,141 |
|
|
|
523,972 |
|
|
|
466,344 |
|
Eliminations |
|
|
(1,065 |
) |
|
|
(255 |
) |
|
|
(3,358 |
) |
|
|
(1,372 |
) |
TOTAL |
|
$ |
746,266 |
|
|
$ |
725,515 |
|
|
$ |
2,703,654 |
|
|
$ |
2,496,309 |
|
|
|
|
|
|
|
|
|
|
||||||||
SEGMENT INCOME: |
|
|
|
|
|
|
|
|
||||||||
Government Operations |
|
$ |
98,059 |
|
|
$ |
116,282 |
|
|
$ |
377,875 |
|
|
$ |
374,682 |
|
Commercial Operations |
|
|
14,868 |
|
|
|
15,919 |
|
|
|
46,816 |
|
|
|
37,532 |
|
SUBTOTAL |
|
$ |
112,927 |
|
|
$ |
132,201 |
|
|
$ |
424,691 |
|
|
$ |
412,214 |
|
Unallocated Corporate |
|
|
(20,666 |
) |
|
|
(9,008 |
) |
|
|
(44,084 |
) |
|
|
(29,155 |
) |
TOTAL |
|
$ |
92,261 |
|
|
$ |
123,193 |
|
|
$ |
380,607 |
|
|
$ |
383,059 |
|
|
|
|
|
|
|
|
|
|
||||||||
DEPRECIATION AND AMORTIZATION: |
|
|
|
|
|
|
|
|
||||||||
Government Operations |
|
$ |
16,079 |
|
|
$ |
14,035 |
|
|
$ |
61,027 |
|
|
$ |
53,388 |
|
Commercial Operations |
|
|
4,554 |
|
|
|
4,467 |
|
|
|
17,708 |
|
|
|
17,745 |
|
Corporate |
|
|
1,800 |
|
|
|
1,859 |
|
|
|
7,127 |
|
|
|
7,433 |
|
TOTAL |
|
$ |
22,433 |
|
|
$ |
20,361 |
|
|
$ |
85,862 |
|
|
$ |
78,566 |
|
|
|
|
|
|
|
|
|
|
||||||||
CAPITAL EXPENDITURES: |
|
|
|
|
|
|
|
|
||||||||
Government Operations |
|
$ |
28,050 |
|
|
$ |
33,584 |
|
|
$ |
81,063 |
|
|
$ |
91,699 |
|
Commercial Operations |
|
|
19,620 |
|
|
|
12,769 |
|
|
|
62,773 |
|
|
|
53,358 |
|
Corporate |
|
|
4,850 |
|
|
|
4,435 |
|
|
|
9,811 |
|
|
|
6,229 |
|
TOTAL |
|
$ |
52,520 |
|
|
$ |
50,788 |
|
|
$ |
153,647 |
|
|
$ |
151,286 |
|
|
|
|
|
|
|
|
|
|
||||||||
BACKLOG: |
|
|
|
|
|
|
|
|
||||||||
Government Operations |
|
$ |
3,912,580 |
|
|
$ |
3,216,673 |
|
|
$ |
3,912,580 |
|
|
$ |
3,216,673 |
|
Commercial Operations |
|
|
929,880 |
|
|
|
780,974 |
|
|
|
929,880 |
|
|
|
780,974 |
|
TOTAL |
|
$ |
4,842,460 |
|
|
$ |
3,997,647 |
|
|
$ |
4,842,460 |
|
|
$ |
3,997,647 |
|
|
|
|
|
|
|
|
|
|
||||||||
BOOKINGS: |
|
|
|
|
|
|
|
|
||||||||
Government Operations |
|
$ |
1,762,228 |
|
|
$ |
559,412 |
|
|
$ |
2,878,808 |
|
|
$ |
1,731,618 |
|
Commercial Operations |
|
|
446,438 |
|
|
|
182,906 |
|
|
|
670,288 |
|
|
|
618,029 |
|
TOTAL |
|
$ |
2,208,666 |
|
|
$ |
742,318 |
|
|
$ |
3,549,096 |
|
|
$ |
2,349,647 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20250224459539/en/
Investor Contact:
Chase Jacobson
Vice President, Investor Relations
980-365-4300
Investors@bwxt.com
Media Contact:
John Dobken
Senior Manager, Media & Public Relations
202-428-6913
jcdobken@bwxt.com
Source: BWX Technologies, Inc.
FAQ
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