BWX Technologies, Inc. - BWXT STOCK NEWS

BWX Technologies, Inc. (NYSE: BWXT) announced the promotion of Ronald O. (Chip) Whitford, Jr. to senior vice president, general counsel, and chief compliance officer, effective January 2, 2023. He succeeds Thomas E. McCabe, who will transition to a special advisor role until his retirement on August 1, 2023. Whitford, with a background in legal affairs spanning multiple industries, has been with BWXT since 2017. This move is part of the company’s succession planning strategy, ensuring continuity in its legal and compliance functions.

BWX Technologies (NYSE: BWXT) has marked a significant breakthrough with the production of TRISO nuclear fuel, celebrated alongside officials from the U.S. Department of Defense, Department of Energy, NASA, and Idaho National Laboratory. This fuel, noted for its robustness, will power the first U.S. microreactor under Project Pele with a $37 million grant from Idaho National Laboratory. BWXT aims to enhance energy resilience, enabling clean energy objectives and support for military and disaster responses.

BWX Technologies reported a strong third quarter 2022, with revenue of $523.7 million and a net income of $61.8 million or $0.67 EPS. The commercial operations segment grew by 22%, while overall revenue increased by 5% compared to the previous year. Adjusted EBITDA stood at $100.1 million. The company has narrowed its 2022 earnings guidance but anticipates revenue and EBITDA growth in 2023, supported by key nuclear projects and FDA acceptance of its technetium-99m generator application for priority review.

BWX Technologies, Inc. (NYSE: BWXT) announced participation in three investor conferences before year-end. Key events include:

• Nov. 9: Baird Global Industrial Conference, Chicago.
• Dec. 1: Credit Suisse 10th Annual Global Industrial Conference, Manalapan, Florida.
• Dec. 6: Truist Securities Industrials and Services Summit, New York City.

Executives attending include CEO Rex Geveden, CFO Robb LeMasters, and VP of Investor Relations Mark Kratz. For further details about BWXT, visit their website.

BWX Technologies, Inc. (NYSE: BWXT) has finalized an amended and restated credit agreement with Wells Fargo and other lenders, enhancing its liquidity and revising critical terms. The new agreement includes a $250 million Term A Loan, maturing on Oct. 12, 2027, to repay existing borrowings under a $750 million Revolving Credit Facility, also extended to the same maturity date. Key terms adjusted allow netting of up to $100 million in cash assets, improving financial flexibility, according to CFO Robb LeMasters.

BWX Technologies, Inc. (NYSE: BWXT) will announce its third quarter 2022 results on November 7, 2022, after market close. A conference call will follow at 5:00 p.m. EST. Investors can access the presentation online at www.bwxt.com/investors. BWXT is a leading provider of nuclear solutions for various sectors including security and clean energy, operating with approximately 6,700 employees across 14 major sites in the U.S., Canada, and the U.K.

BWX Technologies, Inc. (NYSE: BWXT) announced that its subsidiary, BWXT Medical Ltd., has submitted a new drug application to the U.S. FDA for its technetium-99m (Tc-99m) generator used in diagnostic imaging. This proprietary technology will process molybdenum-99 (Mo-99) at an Ontario Power Generation reactor, aiming to provide a lower-cost, reliable alternative to current generators. Tc-99m is pivotal in over 40 million diagnostic procedures annually. The company is optimistic about future growth opportunities in therapeutic radioisotopes and expanding its product portfolio.

BWX Technologies, Inc. (NYSE: BWXT) has appointed Robert Duffy as senior vice president and chief administrative officer, effective August 29, 2022. Duffy brings extensive experience from his prior role at Harris Corporation, overseeing human resources, supply chain, and operational improvements. He replaces Rick Loving, who is retiring after 43 years with the company. Duffy’s leadership is expected to support BWXT's growth in core and new nuclear markets as noted by CEO Rex Geveden.

BWX Technologies, Inc. reported a strong second quarter 2022 with revenue of $554 million, up 10% year-over-year. GAAP net income reached $74.6 million or $0.82 per diluted share, a 32% increase. Adjusted EBITDA stood at $114.7 million, a 26% rise from the previous year. The company has increased its 2022 guidance for revenue, adjusted EBITDA, and capital expenditures while narrowing its non-GAAP EPS guidance. Key developments include completing Tc-99m reference batches and commencing work on the first advanced microreactor for the Department of Defense.