BWXT BWX Technologies Inc

• 4Q24 diluted GAAP EPS of $0.77, diluted non-GAAP(1) EPS of $0.92, on revenue of $746.3 million
• 4Q24 net income of $71.1 million, adjusted EBITDA(1) of $130.3 million
• 2024 diluted GAAP EPS of $3.07, diluted non-GAAP(1) EPS of $3.33, on revenue of $2.7 billion
• 2024 net income of $282.3 million, adjusted EBITDA(1) of $498.7 million
• 2024 operating cash flow of $408.4 million, free cash flow(1) of $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, adjusted EBITDA(1) of $550 million-$570 million

BWX Technologies, Inc. (NYSE: BWXT) ("BWXT", "we", "us" or the "Company") reported fourth quarter and full year 2024 results. A reconciliation of non-GAAP results is detailed in Exhibit 1.

“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 $3.40-$3.55 of non-GAAP EPS, $550-$570 million of adjusted EBITDA and $265-$285 million of free cash flow.”

Financial Results Summary

 

 

Three Months Ended December 31,

 

Year Ended December 31,

 

 

 

2024

 

 

 

2023

 

 

$ Change

 

% Change

 

 

2024

 

 

 

2023

 

 

$ Change

 

% Change

 

 

(Unaudited)

(In millions, except per share amounts)

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 Cambridge, Ontario commercial nuclear power equipment manufacturing plant.

Dividend

BWXT paid $22.0 million, or $0.24 per common share, to shareholders in the fourth quarter 2024 and paid $88.3 million to shareholders for the full year 2024. On February 20, 2025, the BWXT Board of Directors declared a quarterly cash dividend of $0.25 per common share payable on March 28, 2025, to shareholders of record on March 11, 2025.

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

 

$2,704

 

~$3,000

Adjusted EBITDA(1)

 

$499

 

$550 - $570

Non-GAAP(1) Earnings Per Share

 

$3.33

 

$3.40 - $3.55

Free Cash Flow(1)

 

$255

 

$265 - $285

(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 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 8,700 employees, BWXT has 15 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.

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 & OPEB MTM (Gain) / Loss

 

Restructuring & Transformation Costs

 

Acquisition- related Costs

 

Loss on Asset Disposal

 

 

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 & OPEB MTM (Gain) / Loss

 

Restructuring Costs

 

Acquisition- related Costs

 

Loss on Asset Disposal

 

 

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 & OPEB MTM (Gain) / Loss

 

Restructuring & Transformation Costs

 

Acquisition- related Costs

 

Loss on Asset Disposal

 

 

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 & OPEB MTM (Gain) / Loss

 

Restructuring Costs

 

Acquisition- related Costs

 

Loss on Asset Disposal

 

 

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 & OPEB MTM (Gain) / Loss

 

Restructuring & Transformation Costs

 

Acquisition- related Costs

 

Loss on Asset Disposal

 

 

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 & OPEB MTM (Gain) / Loss

 

Restructuring Costs

 

Acquisition- related Costs

 

Loss on Asset Disposal

 

 

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 & OPEB MTM (Gain) / Loss

 

Restructuring & Transformation Costs

 

Acquisition- related Costs

 

Loss on Asset Disposal

 

 

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 & OPEB MTM (Gain) / Loss

 

Restructuring Costs

 

Acquisition- related Costs

 

Loss on Asset Disposal

 

 

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 (GAAP)

 

Non-GAAP Adjustments(4)

 

Depreciation & Amortization

 

 

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 (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

 

Year Ended December 31, 2024

 

 

Operating Income (GAAP)

 

Non-GAAP Adjustments(4)

 

Depreciation & Amortization

 

 

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 (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

 

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 and per share amounts)

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 $0.01 per share, authorized 325,000,000 shares; issued 128,320,295 and 128,065,521 shares at December 31, 2024 and 2023, respectively

 

 

1,283

 

 

 

1,281

 

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

 

 

—

 

 

 

—

 

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