Bwx Technologies Inc - BWXT STOCK NEWS

BWX Technologies, Inc. has renamed its subsidiary, previously known as BWXT ITG Canada, Inc., to BWXT Medical Ltd. This change better aligns with its focus on nuclear medicine, particularly the production of molybdenum-99 and technetium-99m generators, crucial for over 40 million annual diagnostic imaging procedures. The company aims to strengthen its position in the nuclear medicine sector, led by Martyn Coombs. BWXT Medical is part of the broader Nuclear Power Group, and the company emphasizes its ongoing progress and strategic partnerships in this area.

BWX Technologies, Inc. (BWXT) will hold a webcast to discuss its fourth quarter 2020 results on February 23, 2021, at 9:00 a.m. EST. The results will be released after the market closes on February 22. Participants can join by phone or view the presentation online at www.bwxt.com/investors. The U.S. dial-in number is 844-850-0542 and 412-317-6014 for international callers. A replay will be available on the BWXT website.

BWX Technologies, Inc. (NYSE: BWXT) has appointed Dr. Robert (Rob) F. Smith as president of government operations. Reporting to CEO Rex Geveden, Smith will oversee BWXT's nuclear business lines, including projects for the Naval Nuclear Propulsion Program and other government agencies. Smith brings extensive experience from Lockheed Martin and the NSA, holding a doctorate in chemical engineering and an MBA. He will start at BWXT's Lynchburg, Va. headquarters in January 2021, contributing to the company's growth and operational performance.

BWX Technologies, Inc. (NYSE: BWXT) has been awarded a $106.6 million microreactor development project by the U.S. Department of Energy (DOE), which will contribute $85.3 million over seven years. The project aims to develop a transportable microreactor using advanced TRISO fuel particles to enhance uranium loading and fuel efficiency. BWXT will collaborate with the Idaho National Laboratory and Oak Ridge National Laboratory. This initiative is part of the DOE's Advanced Reactor Demonstration Program, which plans to invest $600 million over seven years.

BWX Technologies, Inc. (NYSE: BWXT) has appointed retired Adm. John M. Richardson to its board of directors. Adm. Richardson, former Chief of Naval Operations, brings extensive operational and national security experience, managing a $160 billion budget and overseeing 600,000 personnel. His background includes key roles in naval nuclear propulsion, providing him with insights beneficial to BWXT’s mission in nuclear solutions for various sectors. The chairman of BWXT commended his national security expertise and executive skills as assets to the company.

BWX Technologies, Inc. (BWXT) has developed advanced additive manufacturing technologies for nuclear reactor components in collaboration with Oak Ridge National Laboratory. This innovation allows for the production of high-temperature alloys and refractory metals, facilitating improved thermal energy management and safety in reactors. The company demonstrated successful application of nickel-based superalloys, enhancing efficiency and design capabilities. BWXT aims to reduce manufacturing costs and risks, advancing the vision for accident-tolerant fuel designs and reaching core exit temperatures of 2,700°F, with overall plant efficiencies of 50%.

BWX Technologies, Inc. (NYSE: BWXT) has successfully restarted its TRISO nuclear fuel production line at its Lynchburg, Virginia facility, marking a significant milestone. This positions BWXT as the sole U.S. company currently under contract for TRISO fuel production. The company is set to hire 25 additional workers to support this operation. Notably, BWXT's diverse manufacturing capabilities include supplying U.S. Navy fuel and half of Ontario's commercial reactor fuel.

BWX Technologies reported third quarter 2020 revenue of $520 million, a 3% increase from $506 million in Q3 2019. GAAP net income was $73.2 million ($0.76/share), down from $74.8 million ($0.78/share) year-over-year. Non-GAAP net income rose to $75.6 million ($0.79/share), slightly up from $75.3 million. The company has raised its 2020 EPS guidance to approximately $3.00, reflecting a solid performance across segments despite challenges posed by COVID-19. The Nuclear Operations Group's revenue decreased by 2% to $387 million, while the Nuclear Power Group saw a 28% increase in revenue.

BWX Technologies, Inc. (BWXT) will host a webcast on November 2, 2020, at 9:00 a.m. ET to discuss its third quarter 2020 results. Prior to this event, a press release will be disseminated detailing the financial outcomes before the market opens. Participants can access the webcast through www.bwxt.com/investors or by dialing (U.S.) 844-850-0542 and (International) 412-317-6014. A replay will be available on BWXT's website for a limited time.