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BWX Technologies Reports Fourth Quarter and Full Year 2023 Results, Initiates 2024 Guidance

  • 4Q23 diluted GAAP EPS of $0.72, diluted non-GAAP(1) EPS of $1.01, on revenue of $725.5 million
  • 4Q23 net income of $66.3 million, adjusted EBITDA(1) of $147.6 million
  • 2023 diluted GAAP EPS of $2.68, diluted non-GAAP(1) EPS of $3.02, on revenue of $2.5 billion
  • 2023 net income of $246.3 million, adjusted EBITDA(1) of $471.9 million
  • 2023 operating cash flow of $363.7 million, free cash flow(1) of $212.4 million
  • Initiates 2024 guidance for Non-GAAP EPS of $3.05-$3.20, adjusted EBITDA(1) of ~$500 million
  • To host Investor Day on Wednesday, February 28, 2024

BWX Technologies, Inc. (NYSE: BWXT) ("BWXT", "we", "us" or the "Company") reported fourth quarter and full year 2023 results. A reconciliation of non-GAAP results are detailed in Exhibit 1.

“We had a strong finish to 2023, with double-digit revenue and adjusted EBITDA growth and robust free cash flow in the fourth quarter, as expected,” said Rex D. Geveden, president and chief executive officer. “In 2023, we had record revenue and adjusted EBITDA and achieved many important objectives, including a 10% increase in our labor force, the award of Project DRACO, multiple new program wins in our special materials portfolio, backlog growth in commercial nuclear power, and a turn to positive EBITDA at BWXT Medical, as well as strong performance on our missile tubes program including a final recovery settlement for the cost growth that was driven by out-of-scope changes and absorbed by BWXT over the past couple years.”

“Looking ahead, we expect the momentum from 2023 to carry into 2024 and more than offset the anticipated lull in aircraft carrier propulsion systems production, as other elements of our nuclear portfolio gather strength,” said Geveden. “As such, we are initiating 2024 guidance that calls for Non-GAAP EPS of $3.05-$3.20 and adjusted EBITDA of approximately $500 million, up mid-single digits compared to 2023, in-line with the preliminary 2024 outlook we provided last quarter.”

“We are as excited as ever about the future of BWXT,” continued Geveden. “The favorable market trends we are experiencing across our business, combined with our unparalleled assets, unique operating licenses and highly skilled workforce position BWXT for continued success in 2024 and beyond. We look forward to providing additional detail on our markets, strategy and financial outlook at our 2024 Investor Day tomorrow.”

Financial Results Summary

 

 

Three Months Ended December 31,

 

Year Ended December 31,

 

 

 

2023

 

 

 

2022

 

 

$ Change

 

% Change

 

 

2023

 

 

 

2022

 

 

$ Change

 

% Change

 

 

(Unaudited)

(In millions, except per share amounts)

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government Operations

 

$

601.6

 

 

$

517.6

 

 

$

84.0

 

 

16

%

 

$

2,031.3

 

 

$

1,808.5

 

 

$

222.9

 

 

12

%

Commercial Operations

 

$

124.1

 

 

$

107.1

 

 

$

17.0

 

 

16

%

 

$

466.3

 

 

$

427.4

 

 

$

39.0

 

 

9

%

Consolidated

 

$

725.5

 

 

$

624.2

 

 

$

101.3

 

 

16

%

 

$

2,496.3

 

 

$

2,232.8

 

 

$

263.5

 

 

12

%

Operating Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government Operations

 

$

116.3

 

 

$

102.8

 

 

$

13.5

 

 

13

%

 

$

374.7

 

 

$

336.5

 

 

$

38.2

 

 

11

%

Commercial Operations

 

$

15.9

 

 

$

3.7

 

 

$

12.2

 

 

325

%

 

$

37.5

 

 

$

27.4

 

 

$

10.1

 

 

37

%

Unallocated Corporate (Expense)

 

$

(9.0

)

 

$

(4.6

)

 

$

(4.4

)

 

NM

 

 

$

(29.2

)

 

$

(15.3

)

 

$

(13.8

)

 

NM

 

Consolidated

 

$

123.2

 

 

$

101.9

 

 

$

21.3

 

 

21

%

 

$

383.1

 

 

$

348.6

 

 

$

34.5

 

 

10

%

Consolidated non-GAAP(1)

 

$

127.3

 

 

$

111.1

 

 

$

16.2

 

 

15

%

 

$

393.3

 

 

$

365.6

 

 

$

27.8

 

 

8

%

EPS (Diluted)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP

 

$

0.72

 

 

$

0.47

 

 

$

0.25

 

 

53

%

 

$

2.68

 

 

$

2.60

 

 

$

0.08

 

 

3

%

Non-GAAP(1)

 

$

1.01

 

 

$

0.93

 

 

$

0.08

 

 

8

%

 

$

3.02

 

 

$

3.13

 

 

$

(0.11

)

 

(3

)%

Net Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP

 

$

66.3

 

 

$

43.0

 

 

$

23.3

 

 

54

%

 

$

246.3

 

 

$

238.6

 

 

$

7.7

 

 

3

%

Non-GAAP(1)

 

$

93.3

 

 

$

85.7

 

 

$

7.6

 

 

8

%

 

$

278.4

 

 

$

287.5

 

 

$

(9.1

)

 

(3

)%

Adjusted EBITDA(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government Operations

 

$

131.3

 

 

$

115.8

 

 

$

15.5

 

 

13

%

 

$

429.4

 

 

$

386.5

 

 

$

42.9

 

 

11

%

Commercial Operations

 

$

21.3

 

 

$

13.6

 

 

$

7.7

 

 

56

%

 

$

60.0

 

 

$

53.9

 

 

$

6.0

 

 

11

%

Corporate

 

$

(5.0

)

 

$

0.7

 

 

$

(5.7

)

 

NM

 

 

$

(17.5

)

 

$

(1.1

)

 

$

(16.5

)

 

NM

 

Consolidated

 

$

147.6

 

 

$

130.1

 

 

$

17.5

 

 

13

%

 

$

471.9

 

 

$

439.4

 

 

$

32.5

 

 

7

%

Cash Flows

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Cash Flow(2)

 

$

221.8

 

 

$

107.7

 

 

$

114.1

 

 

106

%

 

$

363.7

 

 

$

244.7

 

 

$

119.0

 

 

49

%

Capital Expenditures(2)

 

$

50.8

 

 

$

63.7

 

 

$

(12.9

)

 

(20

)%

 

$

151.3

 

 

$

198.3

 

 

$

(47.0

)

 

(24

)%

Free Cash Flow(1)

 

$

171.0

 

 

$

43.9

 

 

$

127.0

 

 

289

%

 

$

212.4

 

 

$

46.4

 

 

$

166.0

 

 

358

%

Share Repurchases(2)

 

$

 

 

$

 

 

$

 

 

NM

 

 

$

 

 

$

20.0

 

 

$

(20.0

)

 

NM

 

Dividends Paid(2)

 

$

21.1

 

 

$

20.2

 

 

$

0.9

 

 

4

%

 

$

85.0

 

 

$

81.1

 

 

$

3.9

 

 

5

%

NM = Not Meaningful

(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 revenue increased in both operating segments. The Government Operations increase was driven by higher naval nuclear component production, long-lead materials procurement, microreactors and special materials processing. The Commercial Operations increase was driven by higher revenue associated with commercial nuclear field services and fuel handling, as well as higher medical sales, which was partially offset by slightly lower fuel and components volume.

The full year consolidated revenue increase was 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 an increase in field services as well as higher sales associated with medical and higher fuel handling and components volume.

Operating Income and Adjusted EBITDA(1)

Fourth quarter operating income increased in both operating segments. The Government Operations increase was due to higher revenue and favorable contract adjustments, but partially offset by costs associated with the increase in staffing levels and associated training and related inefficiencies, as well as mix due to higher advanced technologies revenue. The Commercial Operations increase was due to improved profitability in medical, but partially offset by less favorable commercial nuclear business mix that was weighted toward refurbishment and life extension field services, compared to a greater mix of outage work in the fourth quarter of 2022. Higher segment operating income was partially offset by higher corporate expense.

Full year operating income increased in both segments. The Government Operations increase was due to higher revenue and favorable contract adjustments. The Commercial Operations increase was driven by improved profitability in medical, but partially offset by lower commercial nuclear income as business mix was weighted toward refurbishment and life extension field services, compared to a greater mix of outage work in 2022. Higher segment operating income was partially offset by higher corporate expense.

Fourth quarter and full year total adjusted EBITDA(1) increased for the reasons noted above.

EPS

Fourth quarter and full year 2023 GAAP EPS increased as higher operating income and a lower effective tax rate were partially offset by higher interest expense, lower pension income, and a lower mark-to-market loss on the pension compared to fourth quarter 2022. Non-GAAP EPS(1) increased driven by the items noted above, excluding mark-to-market pension losses, restructuring costs and other one-time items.

Cash Flows

Fourth quarter and full year 2023 operating cash flow increased due to higher net income and improved working capital management. Lower capital expenditures were driven by lower spending on two major growth capital campaigns for U.S. naval nuclear reactors and medical radioisotopes, both of which are largely complete, partially offset by an increase in capital expenditures for microreactors and other select growth investments.

Dividend

BWXT paid $21.1 million, or $0.23 per common share, to shareholders in the fourth quarter 2023 and paid $85.0 million to shareholders for the full year 2023. On February 23, 2024, the BWXT Board of Directors declared a quarterly cash dividend of $0.24 per common share payable on March 28, 2024, to shareholders of record on March 11, 2024.

2024 Guidance

BWXT announced its expectations for fiscal year 2024 financial results, providing the following guidance:

(In millions, except per share amounts)

 

Year Ended

 

Year Ending

 

 

December 31, 2023

 

December 31, 2024

 

 

Results

 

Guidance(2)

Revenue

 

$2,496

 

>$2,600

Adjusted EBITDA(1)

 

$472

 

~$500

Non-GAAP(1) Earnings Per Share

 

$3.02

 

$3.05 - $3.20

Free Cash Flow(1)

 

$212

 

$225 - $250

(2) BWXT has not included a reconciliation of provided non-GAAP guidance to comparable GAAP measures due to the difficult 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 2023 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.

2024 Investor Day

The Company is hosting its 2024 Investor Day on Wednesday, February 28, 2024 at 8:30 a.m. EST. Interested parties can register for the live webcast through the events page of the BWXT investor relations website at investors.bwxt.com.

Conference Call to Discuss Fourth Quarter 2023 Results

Date: Tuesday, February 27, 2024, 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/4Q2023-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 2024 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, 2023. 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 Lynchburg, Virginia, BWXT is a Defense News Top 100 manufacturing and engineering innovator that provides safe and effective nuclear solutions for global security, clean energy, environmental restoration, nuclear medicine and space exploration. With more than 7,800 employees, BWXT has 14 major operating sites in the U.S., Canada and the U.K. In addition, BWXT joint ventures provide management and operations at a dozen U.S. Department of Energy and NASA facilities. For more information, visit www.bwxt.com. Follow us on LinkedIn, X, Facebook and Instagram.

(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.

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, 2023

 

 

GAAP

 

Pension & OPEB MTM (Gain) / Loss

 

Restructuring & Transformation Costs

 

Acquisition-related Costs

 

 

 

 

Non-GAAP

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income

$

123.2

 

 

$

 

 

$

4.0

 

 

$

0.0

 

 

 

 

 

$

127.3

 

Other Income (Expense)

 

(37.6

)

 

 

30.8

 

 

 

 

 

 

 

 

 

 

 

 

(6.8

)

Income before Provision for Income Taxes

 

85.6

 

 

 

30.8

 

 

 

4.0

 

 

$

0.0

 

 

 

 

 

 

120.5

 

Provision for Income Taxes

 

(19.3

)

 

 

(7.1

)

 

 

(0.7

)

 

 

(0.0

)

 

 

 

 

 

(27.2

)

Net Income

 

66.3

 

 

 

23.7

 

 

 

3.3

 

 

$

0.0

 

 

 

 

 

 

93.3

 

Net Income Attributable to Noncontrolling Interest

 

(0.4

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.4

)

Net Income Attributable to BWXT

$

65.9

 

 

$

23.7

 

 

$

3.3

 

 

$

0.0

 

 

 

 

 

$

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

 

 

$

0.0

 

 

 

 

 

$

117.2

 

Commercial Operations Operating Income

$

15.9

 

 

$

 

 

$

0.9

 

 

$

0.0

 

 

 

 

 

$

16.9

 

Unallocated Corporate Operating Income

$

(9.0

)

 

$

 

 

$

2.2

 

 

$

0.0

 

 

 

 

 

$

(6.8

)

Three Months Ended December 31, 2022

 

 

GAAP

 

Pension & OPEB MTM (Gain) / Loss

 

Restructuring Costs

 

Acquisition-related Costs

 

Loss on Asset Disposal

 

 

Non-GAAP

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income

$

101.9

 

 

$

 

 

$

2.6

 

 

$

0.3

 

 

$

6.2

 

 

 

$

111.1

 

Other Income (Expense)

 

(45.1

)

 

 

46.6

 

 

 

0.0

 

 

 

 

 

 

 

 

 

 

1.6

 

Income before Provision for Income Taxes

 

56.8

 

 

 

46.6

 

 

 

2.7

 

 

 

0.3

 

 

 

6.2

 

 

 

 

112.6

 

Provision for Income Taxes

 

(13.8

)

 

 

(10.9

)

 

 

(0.6

)

 

 

(0.0

)

 

 

(1.6

)

 

 

 

(26.9

)

Net Income

 

43.0

 

 

 

35.7

 

 

 

2.1

 

 

 

0.3

 

 

 

4.7

 

 

 

 

85.7

 

Net Income Attributable to Noncontrolling Interest

 

(0.1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.1

 

Net Income Attributable to BWXT

$

43.0

 

 

$

35.7

 

 

$

2.1

 

 

$

0.3

 

 

$

4.7

 

 

 

$

85.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted Shares Outstanding

 

91.8

 

 

 

 

 

 

 

 

 

 

 

 

91.8

 

Diluted Earnings per Common Share

$

0.47

 

 

$

0.39

 

 

$

0.02

 

 

$

0.00

 

 

$

0.05

 

 

 

$

0.93

 

Effective Tax Rate

 

24.3

%

 

 

 

 

 

 

 

 

 

 

 

23.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Government Operations Operating Income

$

102.8

 

 

$

 

 

$

 

 

$

0.3

 

 

$

 

 

 

$

103.1

 

Commercial Operations Operating Income

$

3.7

 

 

$

 

 

$

(0.7

)

 

$

 

 

$

6.2

 

 

 

$

9.3

 

Unallocated Corporate Operating Income

$

(4.6

)

 

$

 

 

$

3.3

 

 

$

0.0

 

 

$

 

 

 

$

(1.3

)

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, 2023

 

 

GAAP

 

Pension & OPEB MTM (Gain) / Loss

 

Restructuring & Transformation Costs

 

Acquisition-related Costs

 

 

 

 

Non-GAAP

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income

$

383.1

 

 

$

 

 

$

9.6

 

 

$

0.7

 

 

 

 

 

$

393.3

 

Other Income (Expense)

 

(61.7

)

 

 

30.8

 

 

 

 

 

 

 

 

 

 

 

 

(30.9

)

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

)

Year Ended December 31, 2022

 

 

GAAP

 

Pension & OPEB MTM (Gain) / Loss

 

Restructuring Costs

 

Acquisition-related Costs

 

Loss on Asset Disposal

 

 

Non-GAAP

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income

$

348.6

 

 

$

 

 

$

8.2

 

 

$

2.6

 

 

$

6.2

 

 

 

$

365.6

 

Other Income (Expense)

 

(34.2

)

 

 

46.6

 

 

 

0.0

 

 

 

 

 

 

 

 

 

 

12.4

 

Income before Provision for Income Taxes

 

314.4

 

 

 

46.6

 

 

 

8.2

 

 

 

2.6

 

 

 

6.2

 

 

 

 

378.0

 

Provision for Income Taxes

 

(75.8

)

 

 

(10.9

)

 

 

(1.9

)

 

 

(0.4

)

 

 

(1.6

)

 

 

 

(90.5

)

Net Income

 

238.6

 

 

 

35.7

 

 

 

6.3

 

 

 

2.2

 

 

 

4.7

 

 

 

 

287.5

 

Net Income Attributable to Noncontrolling Interest

 

(0.4

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.4

)

Net Income Attributable to BWXT

$

238.2

 

 

$

35.7

 

 

$

6.3

 

 

$

2.2

 

 

$

4.7

 

 

 

$

287.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted Shares Outstanding

 

91.7

 

 

 

 

 

 

 

 

 

 

 

 

91.7

 

Diluted Earnings per Common Share

$

2.60

 

 

$

0.39

 

 

$

0.07

 

 

$

0.02

 

 

$

0.05

 

 

 

$

3.13

 

Effective Tax Rate

 

24.1

%

 

 

 

 

 

 

 

 

 

 

 

23.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Government Operations Operating Income

$

336.5

 

 

$

 

 

$

1.2

 

 

$

0.8

 

 

$

 

 

 

$

338.6

 

Commercial Operations Operating Income

$

27.4

 

 

$

 

 

$

1.5

 

 

$

 

 

$

6.2

 

 

 

$

35.1

 

Unallocated Corporate Operating Income

$

(15.3

)

 

$

 

 

$

5.4

 

 

$

1.8

 

 

$

 

 

 

$

(8.1

)

EXHIBIT 1 (continued)

 

RECONCILIATION OF CONSOLIDATED ADJUSTED EBITDA(1)(2)(3)

(In millions)

Three Months Ended December 31, 2023

 

 

GAAP

 

Pension & OPEB MTM (Gain) / Loss

 

Restructuring & Transformation Costs

 

Acquisition-related Costs

 

 

 

 

Non-GAAP

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

$

66.3

 

 

$

23.7

 

 

$

3.3

 

$

0.0

 

 

 

 

$

93.3

 

Provision for Income Taxes

 

19.3

 

 

 

7.1

 

 

 

0.7

 

 

0.0

 

 

 

 

 

27.2

 

Other – net

 

26.5

 

 

 

(30.8

)

 

 

 

 

 

 

 

 

 

(4.3

)

Interest Expense

 

11.8

 

 

 

 

 

 

 

 

 

 

 

 

 

11.8

 

Interest Income

 

(0.7

)

 

 

 

 

 

 

 

 

 

 

 

 

(0.7

)

Depreciation & Amortization

 

20.4

 

 

 

 

 

 

 

 

 

 

 

 

 

20.4

 

Adjusted EBITDA

$

143.6

 

 

$

 

 

$

4.0

 

$

0.0

 

 

 

 

$

147.6

 

Three Months Ended December 31, 2022

 

 

GAAP

 

Pension & OPEB MTM (Gain) / Loss

 

Restructuring Costs

 

Acquisition-related Costs

 

Loss on Asset Disposal

 

 

Non-GAAP

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

$

43.0

 

 

$

35.7

 

 

$

2.1

 

$

0.3

 

$

4.7

 

 

$

85.7

 

Provision for Income Taxes

 

13.8

 

 

 

10.9

 

 

 

0.6

 

 

0.0

 

 

1.6

 

 

 

26.9

 

Other – net

 

33.9

 

 

 

(46.6

)

 

 

 

 

 

 

 

 

 

(12.6

)

Interest Expense

 

11.4

 

 

 

 

 

 

0.0

 

 

 

 

 

 

 

11.4

 

Interest Income

 

(0.3

)

 

 

 

 

 

 

 

 

 

 

 

 

(0.3

)

Depreciation & Amortization

 

19.0

 

 

 

 

 

 

 

 

 

 

 

 

 

19.0

 

Adjusted EBITDA

$

120.9

 

 

$

 

 

$

2.6

 

$

0.3

 

$

6.2

 

 

$

130.1

 

Year Ended December 31, 2023

 

 

GAAP

 

Pension & OPEB MTM (Gain) / Loss

 

Restructuring & Transformation Costs

 

Acquisition-related Costs

 

 

 

 

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

 

 

 

 

 

84.1

 

Other – net

 

17.0

 

 

 

(30.8

)

 

 

 

 

 

 

 

 

 

(13.8

)

Interest Expense

 

47.0

 

 

 

 

 

 

 

 

 

 

 

 

 

47.0

 

Interest Income

 

(2.4

)

 

 

 

 

 

 

 

 

 

 

 

 

(2.4

)

Depreciation & Amortization

 

78.6

 

 

 

 

 

 

 

 

 

 

 

 

 

78.6

 

Adjusted EBITDA

$

461.6

 

 

$

 

 

$

9.6

 

$

0.7

 

 

 

 

$

471.9

 

Year Ended December 31, 2022

 

 

GAAP

 

Pension & OPEB MTM (Gain) / Loss

 

Restructuring Costs

 

Acquisition-related Costs

 

Loss on Asset Disposal

 

 

Non-GAAP

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

$

238.6

 

 

$

35.7

 

 

$

6.3

 

$

2.2

 

$

4.7

 

 

$

287.5

 

Provision for Income Taxes

 

75.8

 

 

 

10.9

 

 

 

1.9

 

 

0.4

 

 

1.6

 

 

 

90.5

 

Other – net

 

(1.5

)

 

 

(46.6

)

 

 

 

 

 

 

 

 

 

(48.0

)

Interest Expense

 

36.4

 

 

 

 

 

 

0.0

 

 

 

 

 

 

 

36.4

 

Interest Income

 

(0.8

)

 

 

 

 

 

 

 

 

 

 

 

 

(0.8

)

Depreciation & Amortization

 

73.8

 

 

 

 

 

 

 

 

 

 

 

 

 

73.8

 

Adjusted EBITDA

$

422.4

 

 

$

 

 

$

8.2

 

$

2.6

 

$

6.2

 

 

$

439.4

 

EXHIBIT 1 (continued)

 

RECONCILIATION OF REPORTING SEGMENT ADJUSTED EBITDA(1)(2)(3)

(In millions)

Three Months Ended December 31, 2023

 

 

Operating Income

(GAAP)

 

Non-GAAP Adjustments(4)

 

Depreciation & Amortization

 

 

Adjusted EBITDA

 

 

 

 

 

 

 

 

 

 

Government Operations

$

116.3

 

$

1.0

 

$

14.0

 

 

$

131.3

Commercial Operations

$

15.9

 

$

0.9

 

$

4.5

 

 

$

21.3

Three Months Ended December 31, 2022

 

 

Operating Income (GAAP)

 

Non-GAAP Adjustments(4)

 

Depreciation & Amortization

 

 

Adjusted EBITDA

 

 

 

 

 

 

 

 

 

 

Government Operations

$

102.8

 

$

0.3

 

$

12.7

 

 

$

115.8

Commercial Operations

$

3.7

 

$

5.6

 

$

4.3

 

 

$

13.6

Year Ended December 31, 2023

 

 

Operating Income (GAAP)

 

Non-GAAP Adjustments(4)

 

Depreciation & Amortization

 

 

Adjusted EBITDA

 

 

 

 

 

 

 

 

 

 

Government Operations

$

374.7

 

$

1.4

 

$

53.4

 

 

$

429.4

Commercial Operations

$

37.5

 

$

4.7

 

$

17.7

 

 

$

60.0

Year Ended December 31, 2022

 

 

Operating Income (GAAP)

 

Non-GAAP Adjustments(4)

 

Depreciation & Amortization

 

 

Adjusted EBITDA

 

 

 

 

 

 

 

 

 

 

Government Operations

$

336.5

 

$

2.1

 

$

48.0

 

 

$

386.5

Commercial Operations

$

27.4

 

$

7.7

 

$

18.8

 

 

$

53.9

RECONCILIATION OF CONSOLIDATED FREE CASH FLOW(1)(2)(3)

(In millions)

 

 

 

Three Months Ended December 31,

 

 

 

2023

 

 

 

2022

 

Net Cash Provided By Operating Activities

$

221.8

 

 

$

107.7

 

Purchases of Property, Plant and Equipment

 

(50.8

)

 

 

(63.7

)

Free Cash Flow

$

171.0

 

 

$

43.9

 

 

 

Year Ended December 31,

 

 

 

2023

 

 

 

2022

 

Net Cash Provided By Operating Activities

$

363.7

 

 

$

244.7

 

Purchases of Property, Plant and Equipment

 

(151.3

)

 

 

(198.3

)

Free Cash Flow

$

212.4

 

 

$

46.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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,

 

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

 

 

(Unaudited)

(In thousands, except share and per share amounts)

Revenues

 

$

725,515

 

 

$

624,177

 

 

$

2,496,309

 

 

$

2,232,834

 

Costs and Expenses:

 

 

 

 

 

 

 

 

Cost of operations

 

 

536,966

 

 

 

463,791

 

 

 

1,875,716

 

 

 

1,680,899

 

Research and development costs

 

 

1,658

 

 

 

2,545

 

 

 

7,613

 

 

 

9,535

 

Losses (gains) on asset disposals and impairments, net

 

 

1,049

 

 

 

5,742

 

 

 

1,034

 

 

 

5,520

 

Selling, general and administrative expenses

 

 

74,594

 

 

 

61,308

 

 

 

279,694

 

 

 

234,282

 

Total Costs and Expenses

 

 

614,267

 

 

 

533,386

 

 

 

2,164,057

 

 

 

1,930,236

 

Equity in Income of Investees

 

 

11,945

 

 

 

11,092

 

 

 

50,807

 

 

 

45,973

 

Operating Income

 

 

123,193

 

 

 

101,883

 

 

 

383,059

 

 

 

348,571

 

Other Income (Expense):

 

 

 

 

 

 

 

 

Interest income

 

 

736

 

 

 

295

 

 

 

2,359

 

 

 

758

 

Interest expense

 

 

(11,836

)

 

 

(11,427

)

 

 

(47,036

)

 

 

(36,410

)

Other – net

 

 

(26,472

)

 

 

(33,943

)

 

 

(16,982

)

 

 

1,458

 

Total Other Income (Expense)

 

 

(37,572

)

 

 

(45,075

)

 

 

(61,659

)

 

 

(34,194

)

Income before Provision for Income Taxes

 

 

85,621

 

 

 

56,808

 

 

 

321,400

 

 

 

314,377

 

Provision for Income Taxes

 

 

19,310

 

 

 

13,780

 

 

 

75,079

 

 

 

75,757

 

Net Income

 

$

66,311

 

 

$

43,028

 

 

$

246,321

 

 

$

238,620

 

Net Income Attributable to Noncontrolling Interest

 

 

(424

)

 

 

(63

)

 

 

(472

)

 

 

(429

)

Net Income Attributable to BWX Technologies, Inc.

 

$

65,887

 

 

$

42,965

 

 

$

245,849

 

 

$

238,191

 

Earnings per Common Share:

 

 

 

 

 

 

 

 

Basic:

 

 

 

 

 

 

 

 

Net Income Attributable to BWX Technologies, Inc.

 

$

0.72

 

 

$

0.47

 

 

$

2.68

 

 

$

2.60

 

Diluted:

 

 

 

 

 

 

 

 

Net Income Attributable to BWX Technologies, Inc.

 

$

0.72

 

 

$

0.47

 

 

$

2.68

 

 

$

2.60

 

Shares used in the computation of earnings per share:

 

 

 

 

 

 

 

 

Basic

 

 

91,686,671

 

 

 

91,422,303

 

 

 

91,619,156

 

 

 

91,447,088

 

Diluted

 

 

91,997,796

 

 

 

91,812,291

 

 

 

91,874,537

 

 

 

91,702,111

 

BWX TECHNOLOGIES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

 

 

Year Ended December 31,

 

 

 

2023

 

 

 

2022

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

(In thousands)

Net Income

 

$

246,321

 

 

$

238,620

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

Depreciation and amortization

 

 

78,566

 

 

 

73,842

 

Income of investees, net of dividends

 

 

11,130

 

 

 

(3,461

)

Provision for deferred taxes

 

 

(5,128

)

 

 

5,515

 

Recognition of (gains) losses for pension and postretirement plans

 

 

34,087

 

 

 

49,868

 

Stock-based compensation expense

 

 

15,896

 

 

 

14,127

 

Premium for early redemption of senior notes

 

 

 

 

 

 

Recognition of debt issuance costs from former debt instruments

 

 

 

 

 

46

 

Other, net

 

 

(496

)

 

 

7,649

 

Changes in assets and liabilities, net of effects from acquisitions:

 

 

 

 

Accounts receivable

 

 

462

 

 

 

15,167

 

Accounts payable

 

 

(9,025

)

 

 

(40,495

)

Retainages

 

 

(6,615

)

 

 

4,189

 

Contracts in progress and advance billings on contracts

 

 

28,868

 

 

 

(38,615

)

Income taxes

 

 

(4,786

)

 

 

(764

)

Accrued and other current liabilities

 

 

(9,754

)

 

 

(18,948

)

Pension liabilities, accrued postretirement benefit obligations and employee benefits

 

 

(6,964

)

 

 

(68,535

)

Other, net

 

 

(8,861

)

 

 

6,499

 

NET CASH PROVIDED BY OPERATING ACTIVITIES

 

 

363,701

 

 

 

244,704

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

Purchases of property, plant and equipment

 

 

(151,286

)

 

 

(198,312

)

Acquisition of businesses

 

 

 

 

 

(47,328

)

Purchases of securities

 

 

(2,343

)

 

 

(3,803

)

Sales and maturities of securities

 

 

5,996

 

 

 

3,813

 

Investments, net of return of capital, in equity method investees

 

 

 

 

 

(11,450

)

Other, net

 

 

(8,009

)

 

 

844

 

NET CASH USED IN INVESTING ACTIVITIES

 

 

(155,642

)

 

 

(256,236

)

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

Borrowings of long-term debt

 

 

353,100

 

 

 

978,200

 

Repayments of long-term debt

 

 

(434,350

)

 

 

(878,200

)

Premium for early redemption of senior notes

 

 

 

 

 

 

Payment of debt issuance costs

 

 

 

 

 

(2,405

)

Borrowings and repayments of bank overdraft

 

 

 

 

 

 

Repurchases of common stock

 

 

 

 

 

(20,000

)

Dividends paid to common shareholders

 

 

(84,974

)

 

 

(81,074

)

Cash paid for shares withheld to satisfy employee taxes

 

 

(7,592

)

 

 

(6,588

)

Settlements of forward contracts, net

 

 

3,689

 

 

 

24,013

 

Other, net

 

 

756

 

 

 

6

 

NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES

 

 

(169,371

)

 

 

13,952

 

EFFECTS OF EXCHANGE RATE CHANGES ON CASH

 

 

1,937

 

 

 

(1,205

)

TOTAL INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS

 

 

40,625

 

 

 

1,215

 

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD

 

 

40,990

 

 

 

39,775

 

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT END OF PERIOD

 

$

81,615

 

 

$

40,990

 

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:

 

 

 

 

Cash paid during the period for:

 

 

 

 

Interest

 

$

63,216

 

 

$

51,343

 

Income taxes (net of refunds)

 

$

84,478

 

 

$

71,755

 

SCHEDULE OF NON-CASH INVESTING ACTIVITY:

 

 

 

 

Accrued capital expenditures included in accounts payable

 

$

7,105

 

 

$

9,588

 

BWX TECHNOLOGIES, INC.

CONSOLIDATED BALANCE SHEETS

 

ASSETS

 

 

 

December 31,

 

 

 

2023

 

 

2022

 

 

(In thousands)

Current Assets:

 

 

 

 

Cash and cash equivalents

 

$

75,766

 

$

35,244

Restricted cash and cash equivalents

 

 

2,858

 

 

2,928

Investments

 

 

 

 

3,804

Accounts receivable – trade, net

 

 

70,180

 

 

60,782

Accounts receivable – other

 

 

16,339

 

 

26,894

Retainages

 

 

55,181

 

 

48,566

Contracts in progress

 

 

533,155

 

 

538,365

Other current assets

 

 

64,322

 

 

55,036

Total Current Assets

 

 

817,801

 

 

771,619

Property, Plant and Equipment, Net

 

 

1,228,520

 

 

1,134,897

Investments

 

 

9,496

 

 

8,097

Goodwill

 

 

297,020

 

 

293,165

Deferred Income Taxes

 

 

16,332

 

 

20,585

Investments in Unconsolidated Affiliates

 

 

88,608

 

 

100,198

Intangible Assets

 

 

185,510

 

 

193,612

Other Assets

 

 

103,778

 

 

96,766

TOTAL

 

$

2,747,065

 

$

2,618,939

BWX TECHNOLOGIES, INC.

CONSOLIDATED BALANCE SHEETS

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

December 31,

 

 

 

2023

 

 

 

2022

 

 

 

(In thousands, except share

and per share amounts)

Current Liabilities:

 

 

 

 

Current maturities of long-term debt

 

$

6,250

 

 

$

6,250

 

Accounts payable

 

 

126,651

 

 

 

127,112

 

Accrued employee benefits

 

 

64,544

 

 

 

61,079

 

Accrued liabilities – other

 

 

70,210

 

 

 

84,693

 

Advance billings on contracts

 

 

107,391

 

 

 

88,726

 

Total Current Liabilities

 

 

375,046

 

 

 

367,860

 

Long-Term Debt

 

 

1,203,422

 

 

 

1,282,624

 

Accumulated Postretirement Benefit Obligation

 

 

18,466

 

 

 

18,157

 

Environmental Liabilities

 

 

90,575

 

 

 

90,989

 

Pension Liability

 

 

82,786

 

 

 

57,832

 

Other Liabilities

 

 

43,469

 

 

 

53,122

 

Commitments and Contingencies

 

 

 

 

Stockholders' Equity:

 

 

 

 

Common stock, par value $0.01 per share, authorized 325,000,000 shares; issued 128,065,521 and 127,671,756 shares at December 31, 2023 and 2022, respectively

 

 

1,281

 

 

 

1,277

 

Preferred stock, par value $0.01 per share, authorized 75,000,000 shares; no shares issued

 

 

 

 

 

 

Capital in excess of par value

 

 

206,478

 

 

 

189,263

 

Retained earnings

 

 

2,093,917

 

 

 

1,932,970

 

Treasury stock at cost, 36,537,695 and 36,417,480 shares at December 31, 2023 and 2022, respectively

 

 

(1,360,862

)

 

 

(1,353,270

)

Accumulated other comprehensive income (loss)

 

 

(7,463

)

 

 

(21,930

)

Stockholders' Equity – BWX Technologies, Inc.

 

 

933,351

 

 

 

748,310

 

Noncontrolling interest

 

 

(50

)

 

 

45

 

Total Stockholders' Equity

 

 

933,301

 

 

 

748,355

 

TOTAL

 

$

2,747,065

 

 

$

2,618,939

 

BWX TECHNOLOGIES, INC.

BUSINESS SEGMENT INFORMATION

 

 

 

Three Months Ended December 31,

 

Year Ended December 31,

 

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

 

 

(Unaudited)

(In thousands)

REVENUES:

 

 

 

 

 

 

 

 

Government Operations

 

$

601,629

 

 

$

517,648

 

 

$

2,031,337

 

 

$

1,808,483

 

Commercial Operations

 

 

124,141

 

 

 

107,092

 

 

 

466,344

 

 

 

427,358

 

Eliminations

 

 

(255

)

 

 

(563

)

 

 

(1,372

)

 

 

(3,007

)

TOTAL

 

$

725,515

 

 

$

624,177

 

 

$

2,496,309

 

 

$

2,232,834

 

 

 

 

 

 

 

 

 

 

SEGMENT INCOME:

 

 

 

 

 

 

 

 

Government Operations

 

$

116,282

 

 

$

102,752

 

 

$

374,682

 

 

$

336,501

 

Commercial Operations

 

 

15,919

 

 

 

3,745

 

 

 

37,532

 

 

 

27,418

 

SUBTOTAL

 

$

132,201

 

 

$

106,497

 

 

$

412,214

 

 

$

363,919

 

Unallocated Corporate

 

 

(9,008

)

 

 

(4,614

)

 

 

(29,155

)

 

 

(15,348

)

TOTAL

 

$

123,193

 

 

$

101,883

 

 

$

383,059

 

 

$

348,571

 

 

 

 

 

 

 

 

 

 

DEPRECIATION AND AMORTIZATION:

 

 

 

 

 

 

 

 

Government Operations

 

$

14,035

 

 

$

12,724

 

 

$

53,388

 

 

$

47,982

 

Commercial Operations

 

 

4,467

 

 

 

4,340

 

 

 

17,745

 

 

 

18,805

 

Corporate

 

 

1,859

 

 

 

1,970

 

 

 

7,433

 

 

 

7,055

 

TOTAL

 

$

20,361

 

 

$

19,034

 

 

$

78,566

 

 

$

73,842

 

 

 

 

 

 

 

 

 

 

CAPITAL EXPENDITURES:

 

 

 

 

 

 

 

 

Government Operations

 

$

33,584

 

 

$

36,898

 

 

$

91,699

 

 

$

103,093

 

Commercial Operations

 

 

12,769

 

 

 

25,294

 

 

 

53,358

 

 

 

88,853

 

Corporate

 

 

4,435

 

 

 

1,529

 

 

 

6,229

 

 

 

6,366

 

TOTAL

 

$

50,788

 

 

$

63,721

 

 

$

151,286

 

 

$

198,312

 

 

 

 

 

 

 

 

 

 

BACKLOG:

 

 

 

 

 

 

 

 

Government Operations

 

$

3,216,673

 

 

$

3,515,377

 

 

$

3,216,673

 

 

$

3,515,377

 

Commercial Operations

 

 

780,974

 

 

 

628,933

 

 

 

780,974

 

 

 

628,933

 

TOTAL

 

$

3,997,647

 

 

$

4,144,310

 

 

$

3,997,647

 

 

$

4,144,310

 

 

 

 

 

 

 

 

 

 

BOOKINGS:

 

 

 

 

 

 

 

 

Government Operations

 

$

559,412

 

 

$

345,220

 

 

$

1,731,618

 

 

$

743,452

 

Commercial Operations

 

 

182,907

 

 

 

103,609

 

 

 

618,029

 

 

 

412,359

 

TOTAL

 

$

742,319

 

 

$

448,829

 

 

$

2,349,647

 

 

$

1,155,811

 

 

Contacts

Investor Contact:

Chase Jacobson

Vice President, Investor Relations

980-365-4300 Investors@bwxt.com



Media Contact:

Jud Simmons

Senior Director, Media and Public Relations

434-522-6462 hjsimmons@bwxt.com

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