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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.
BWX Technologies, Inc. (NYSE: BWXT) has appointed Sharon H. Smoot as the new president of its Nuclear Operations Group, effective August 1, 2022. Smoot, a veteran of over 30 years in the U.S. Navy, brings extensive experience in nuclear industrial operations and logistics.
Her appointment follows the retirement of Joel W. Duling. BWXT is recognized for its innovative nuclear solutions across various sectors including defense and clean energy, supported by approximately 6,700 employees across 14 operational sites.
BWX Technologies, Inc. (NYSE: BWXT) will release its second quarter 2022 results on August 8, 2022, after market close. A conference call is scheduled for 5:00 p.m. EDT on the same day. Interested participants can join via phone or listen online. BWXT, based in Lynchburg, Virginia, employs approximately 6,700 people and operates 14 major sites across the U.S., Canada, and the U.K. This Fortune 1000 company specializes in nuclear solutions for global security and clean energy.
BWX Technologies, Inc. (NYSE: BWXT) has secured a CA$130 million contract from Bruce Power to supply replacement feeders for multiple reactor units as part of the Major Component Replacement (MCR) Project. The project, critical for extending the operational life of Bruce Power's reactors, will enhance the manufacturing workforce in Cambridge, Ontario. The contract, which will span 10 years, is anticipated to create skilled jobs while supporting clean electricity generation in Ontario. Production is set to start in Fall 2022, with project completion expected in 2031.
BWX Technologies, Inc. (NYSE: BWXT) announced a commercial agreement with Bayer AG for the supply of high-purity Actinium-225 (Ac-225). This agreement follows a prior arrangement made in September 2021, with supply expected to commence later this year. Ac-225 is a potent radioisotope utilized in targeted alpha therapies for cancer treatment. BWXT Medical, a subsidiary of BWXT, is a key player in the global supply of medical isotopes. Martyn Coombs, president of BWXT Medical, expressed enthusiasm about the deal, which aims to improve cancer treatment outcomes.
BWX Technologies (NYSE: BWXT) announced a licensing agreement with TRIUMF to produce high purity Actinium-225 (Ac-225) medical isotopes. This collaboration enhances their existing partnership aimed at developing targeted alpha therapies for cancer treatment. The agreement allows BWXT Medical to manufacture Ac-225 from irradiated thorium-232 at the TRIUMF facility, positioning the company as a leading global supplier of critical medical isotopes. The first commercial production of Ac-225 is anticipated to start in summer 2022.
BWX Technologies has been awarded a $300 million contract by the U.S. Department of Defense to manufacture the Project Pele prototype reactor.
The first advanced nuclear microreactor in the U.S. will be built in Lynchburg, Virginia and Euclid, Ohio, with delivery expected in 2024.
Approximately 120 employees will work on the project, contributing to clean, zero-carbon energy for defense and potential commercial applications.
BWX Technologies (BWXT) reported 1Q22 GAAP earnings of $0.64 per share, with a net income of $59.0 million, reflecting a decrease from $69.7 million in 1Q21. Revenue increased slightly to $531 million from $528 million. Adjusted EBITDA fell by 4% to $94.4 million, attributed to lower pension income and decreased productivity in naval reactors. The company completed crucial Tc-99m equipment testing and closed a strategic acquisition to enhance its naval nuclear manufacturing capabilities. Guidance for 2022 projects revenue and adjusted EBITDA growth of 3% to 4%.
BWX Technologies, Inc. has appointed Jan A. Bertsch as the new chair of its board of directors, effective May 3, 2022. She succeeds John A. Fees, who is retiring from the position. Bertsch, an independent director since 2013, previously chaired the audit and finance committee and has extensive executive experience, including roles at Owens-Illinois and Sigma-Aldrich. CEO Rex Geveden expressed confidence in Bertsch's leadership capabilities, citing her long-term engagement with the company.
BWX Technologies, Inc. (NYSE: BWXT) will release its first quarter 2022 results on May 9, 2022, after market close, followed by a conference call at 5:00 p.m. EDT. The company announced progress on key initiatives, including a $21 billion liquid waste management contract with the U.S. Department of Energy, the installation of a Tc-99m generator project, and a submission for phase 2 of the Project Pele program to the U.S. Department of Defense. Forward-looking statements included caution regarding potential risks that could impact contract performance and project timelines.
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