BWXT BWX Technologies Inc

• 1Q24 revenues of $604.0 million
• 1Q24 net income of $68.5 million, adjusted EBITDA(1) of $115.2 million
• 1Q24 diluted GAAP EPS of $0.75, non-GAAP(1) EPS of $0.76
• Announced expansion of Cambridge manufacturing plant; enhancing capabilities to serve the global CANDU and Small Modular Reactor markets
• Reaffirms 2024 non-GAAP EPS(1) guidance of $3.05-$3.20

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

"We started 2024 with solid operating results in each of our business segments, both financially and strategically,” said Rex. D. Geveden, president and chief executive officer. “We continued to see good organic revenue growth across our business in the first quarter with profitability tracking well given the significant onboarding of new team members and the programs we are executing to address our customers’ expanding missions.”

“BWXT’s strong employee base, technical expertise and unmatched infrastructure position us well to benefit from the increased use of nuclear technologies across global security, clean energy and medical markets,” said Geveden. “Our recent announcement to expand capacity at our Cambridge manufacturing facility not only enhances our position in the global CANDU large reactor and advanced small reactor markets, but also highlights the robust growth opportunities we see in commercial nuclear power as our customers seek to extend the life of existing power generation capacity and add new capacity with clean baseload power.”

“We are reaffirming our 2024 financial guidance and remain focused on operational excellence, innovation and providing our customers with nuclear technologies as we drive toward achieving the medium-term financial targets we provided at our recent Investor Day,” continued Geveden.

 

Financial Results Summary

 

 

 

Three Months Ended March 31,

 

 

 

 

 

 

2024

 

2023

 

$ Change

 

% Change

 

 

(Unaudited) (In millions, except per share amounts)

Revenues

 

 

 

 

 

 

 

 

Government Operations

 

$

487.1

 

 

$

459.9

 

 

$

27.2

 

 

6

%

Commercial Operations

 

$

117.0

 

 

$

108.9

 

 

$

8.1

 

 

7

%

Consolidated

 

$

604.0

 

 

$

568.4

 

 

$

35.6

 

 

6

%

Operating Income

 

 

 

 

 

 

 

 

Government Operations

 

$

85.7

 

 

$

90.6

 

 

$

(4.9

)

 

(5

)%

Commercial Operations

 

$

8.6

 

 

$

1.5

 

 

$

7.1

 

 

468

%

Unallocated Corporate (Expense)

 

$

(1.3

)

 

$

(4.2

)

 

$

2.9

 

 

NM

 

Consolidated

 

$

93.0

 

 

$

87.8

 

 

$

5.1

 

 

6

%

Consolidated non-GAAP(1)

 

$

94.6

 

 

$

91.7

 

 

$

2.9

 

 

3

%

EPS (Diluted)

 

 

 

 

 

 

 

 

GAAP

 

$

0.75

 

 

$

0.67

 

 

$

0.08

 

 

12

%

Non-GAAP(1)

 

$

0.76

 

 

$

0.70

 

 

$

0.06

 

 

9

%

Net Income

 

 

 

 

 

 

 

 

GAAP

 

$

68.5

 

 

$

61.0

 

 

$

7.5

 

 

12

%

Non-GAAP(1)

 

$

69.8

 

 

$

64.0

 

 

$

5.7

 

 

9

%

Adjusted EBITDA(1)

 

 

 

 

 

 

 

 

Government Operations

 

$

99.9

 

 

$

103.6

 

 

$

(3.7

)

 

(4

)%

Commercial Operations

 

$

13.9

 

 

$

8.9

 

 

$

5.0

 

 

55

%

Corporate

 

$

1.3

 

 

$

(1.8

)

 

$

3.2

 

 

NM

 

Consolidated

 

$

115.2

 

 

$

110.7

 

 

$

4.4

 

 

4

%

Cash Flows

 

 

 

 

 

 

 

 

Operating Cash Flow(2)

 

$

33.0

 

 

$

(13.0

)

 

$

46.1

 

 

NM

 

Capital Expenditures(2)

 

$

30.4

 

 

$

29.8

 

 

$

0.6

 

 

2

%

Free Cash Flow(1)

 

$

2.6

 

 

$

(42.8

)

 

$

45.4

 

 

NM

 

Share Repurchases(2)

 

$

20.0

 

 

$

—

 

 

$

20.0

 

 

NM

 

Dividends Paid(2)

 

$

22.4

 

 

$

21.7

 

 

$

0.7

 

 

3

%

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

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

Operating Income and Adjusted EBITDA(1)

First quarter operating income increased, driven by higher operating income in Commercial Operations and lower corporate expense that was partially offset by lower operating income in Government Operations. The Government Operations decrease was due to the increase in staffing levels and associated training and related inefficiencies, as well as mix due to higher microreactors revenue. The Commercial Operations increase was due to improved margin in medical, but partially offset by a less favorable product mix in commercial nuclear. Additionally, corporate expense was lower, mainly due to the timing of healthcare related costs.

First quarter adjusted EBITDA(1) increased for the reasons noted above.

EPS

First quarter GAAP EPS increased due to higher operating income, higher other income, lower interest expense and a lower effective tax rate compared to first quarter 2023. Non-GAAP EPS(1) increased driven by the items noted above.

Cash Flows

First quarter operating cash flow increased due to higher net income and improved working capital management. Capital expenditures were slightly higher due to capital expenditures related to the timing of select growth investments.

Dividend

BWXT paid $22.4 million, or $0.24 per common share, to shareholders in the first quarter of 2024. On May 2, 2024, the BWXT Board of Directors declared a quarterly cash dividend of $0.24 per common share payable on June 6, 2024, to shareholders of record on May 17, 2024.

2024 Guidance

BWXT reaffirmed all components of its 2024 financial guidance.

 

(In millions, except per share amounts)

 

Year Ended

 

Year Ending

 

 

December 31, 2023

 

December 31, 2024

 

 

Results

 

Guidance

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

 

Additional information can be found in the first quarter 2024 earnings call presentation on the BWXT investor relations website at www.bwxt.com/investors. 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 First Quarter 2024 Results

Date:

Monday, May 6, 2024, at 5:00 p.m. EDT

Live Webcast:

Investor Relations section of website at www.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/1Q2024-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 and subsequent Form 10-Q filings. 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 March 31, 2024

 

GAAP

 

Restructuring & Transformation Costs

 

Acquisition- related Costs

 

Non-GAAP

 

 

 

 

 

 

 

 

 

Operating Income

$

93.0

 

 

$

1.6

 

 

$

0.1

 

 

 

$

94.6

 

Other Income (Expense)

 

(4.6

)

 

 

—

 

 

 

—

 

 

 

 

(4.6

)

Income Before Provision for Income Taxes

 

88.4

 

 

 

1.6

 

 

 

0.1

 

 

 

 

90.0

 

Provision for Income Taxes

 

(19.8

)

 

 

(0.4

)

 

 

(0.0

)

 

 

 

(20.2

)

Net Income

 

68.5

 

 

 

1.2

 

 

 

0.0

 

 

 

 

69.8

 

Net Income Attributable to Noncontrolling Interest

 

(0.1

)

 

 

—

 

 

 

—

 

 

 

 

(0.1

)

Net Income Attributable to BWXT

$

68.5

 

 

$

1.2

 

 

$

0.0

 

 

 

$

69.7

 

 

 

 

 

 

 

 

 

 

Diluted Shares Outstanding

 

91.9

 

 

 

 

 

 

 

 

91.9

 

Diluted Earnings per Common Share

$

0.75

 

 

$

0.01

 

 

$

0.00

 

 

 

$

0.76

 

Effective Tax Rate

 

22.5

%

 

 

 

 

 

 

 

22.5

%

 

 

 

 

 

 

 

 

 

Government Operations Operating Income

$

85.7

 

 

$

—

 

 

$

—

 

 

 

$

85.7

 

Commercial Operations Operating Income

$

8.6

 

 

$

0.9

 

 

$

—

 

 

 

$

9.4

 

Unallocated Corporate Operating Income

$

(1.3

)

 

$

0.7

 

 

$

0.1

 

 

 

$

(0.5

)

 

Three Months Ended March 31, 2023

 

GAAP

 

Restructuring Costs

 

Acquisition- related Costs

 

Non-GAAP

 

 

 

 

 

 

 

 

 

Operating Income

$

87.8

 

 

$

3.5

 

 

$

0.3

 

 

 

$

91.7

 

Other Income (Expense)

 

(8.2

)

 

 

—

 

 

 

—

 

 

 

 

(8.2

)

Income Before Provision for Income Taxes

 

79.7

 

 

 

3.5

 

 

 

0.3

 

 

 

 

83.5

 

Provision for Income Taxes

 

(18.7

)

 

 

(0.7

)

 

 

(0.1

)

 

 

 

(19.5

)

Net Income

 

61.0

 

 

 

2.8

 

 

 

0.3

 

 

 

 

64.0

 

Net Income Attributable to Noncontrolling Interest

 

0.1

 

 

 

—

 

 

 

—

 

 

 

 

0.1

 

Net Income Attributable to BWXT

$

61.1

 

 

$

2.8

 

 

$

0.3

 

 

 

$

64.1

 

 

 

 

 

 

 

 

 

 

Diluted Shares Outstanding

 

91.8

 

 

 

 

 

 

 

 

91.8

 

Diluted Earnings per Common Share

$

0.67

 

 

$

0.03

 

 

$

0.00

 

 

 

$

0.70

 

Effective Tax Rate

 

23.4

%

 

 

 

 

 

 

 

23.3

%

 

 

 

 

 

 

 

 

 

Government Operations Operating Income

$

90.6

 

 

$

—

 

 

$

0.3

 

 

 

$

90.8

 

Commercial Operations Operating Income

$

1.5

 

 

$

3.1

 

 

$

—

 

 

 

$

4.6

 

Unallocated Corporate Operating Income

$

(4.2

)

 

$

0.4

 

 

$

0.1

 

 

 

$

(3.7

)

 

EXHIBIT 1 (continued)

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

(In millions)

 

 

Three Months Ended March 31, 2024

 

GAAP

 

Restructuring & Transformation Costs

 

Acquisition- related Costs

 

Non-GAAP

 

 

 

 

 

 

 

 

Net Income

$

68.5

 

 

$

1.2

 

$

0.0

 

$

69.8

 

Provision for Income Taxes

 

19.8

 

 

 

0.4

 

 

0.0

 

 

20.2

 

Other – net

 

(4.2

)

 

 

—

 

 

—

 

 

(4.2

)

Interest Expense

 

9.6

 

 

 

—

 

 

—

 

 

9.6

 

Interest Income

 

(0.8

)

 

 

—

 

 

—

 

 

(0.8

)

Depreciation & Amortization

 

20.6

 

 

 

—

 

 

—

 

 

20.6

 

Adjusted EBITDA

$

113.5

 

 

$

1.6

 

$

0.1

 

$

115.2

 

 

Three Months Ended March 31, 2023

 

GAAP

 

Restructuring Costs

 

Acquisition- related Costs

 

Non-GAAP

 

 

 

 

 

 

 

 

Net Income

$

61.0

 

 

$

2.8

 

$

0.3

 

$

64.0

 

Provision for Income Taxes

 

18.7

 

 

 

0.7

 

 

0.1

 

 

19.5

 

Other – net

 

(2.2

)

 

 

—

 

 

—

 

 

(2.2

)

Interest Expense

 

10.8

 

 

 

—

 

 

—

 

 

10.8

 

Interest Income

 

(0.5

)

 

 

—

 

 

—

 

 

(0.5

)

Depreciation & Amortization

 

19.0

 

 

 

—

 

 

—

 

 

19.0

 

Adjusted EBITDA

$

106.9

 

 

$

3.5

 

$

0.3

 

$

110.7

 

 

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

(In millions)

 

Three Months Ended March 31, 2024

 

Operating Income (GAAP)

 

Non-GAAP Adjustments(4)

 

Depreciation & Amortization

 

Adjusted EBITDA

 

 

 

 

 

 

 

 

Government Operations

$

85.7

 

$

—

 

$

14.2

 

$

99.9

Commercial Operations

$

8.6

 

$

0.9

 

$

4.4

 

$

13.9

 

Three Months Ended March 31, 2023

 

Operating Income (GAAP)

 

Non-GAAP Adjustments(4)

 

Depreciation & Amortization

 

Adjusted EBITDA

 

 

 

 

 

 

 

 

Government Operations

$

90.6

 

$

0.3

 

$

12.8

 

$

103.6

Commercial Operations

$

1.5

 

$

3.1

 

$

4.4

 

$

8.9

 

EXHIBIT 1 (continued)

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

(In millions)

Three Months Ended March 31, 2024

 

 

Net Cash Provided By Operating Activities

$

33.0

 

Purchases of Property, Plant and Equipment

 

(30.4

)

Free Cash Flow

$

2.6

 

 

Three Months Ended March 31, 2023

 

 

Net Cash Used In Operating Activities

$

(13.0

)

Purchases of Property, Plant and Equipment

 

(29.8

)

Free Cash Flow

$

(42.8

)

 

 

(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.

(4)

For Non-GAAP adjustment details, see reconciliation of non-GAAP operating income and earnings per share.

 

 

BWX TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

 

 

 

Three Months Ended March 31,

 

2024

 

2023

 

(Unaudited) (In thousands, except share and per share amounts)

Revenues

$

603,966

 

 

$

568,360

 

Costs and Expenses:

 

 

 

Cost of operations

 

455,357

 

 

 

431,130

 

Research and development costs

 

1,490

 

 

 

2,204

 

Losses (gains) on asset disposals and impairments, net

 

—

 

 

 

(6

)

Selling, general and administrative expenses

 

67,361

 

 

 

60,835

 

Total Costs and Expenses

 

524,208

 

 

 

494,163

 

Equity in Income of Investees

 

13,203

 

 

 

13,645

 

Operating Income

 

92,961

 

 

 

87,842

 

Other Income (Expense):

 

 

 

Interest income

 

846

 

 

 

463

 

Interest expense

 

(9,595

)

 

 

(10,819

)

Other – net

 

4,165

 

 

 

2,188

 

Total Other Income (Expense)

 

(4,584

)

 

 

(8,168

)

Income before Provision for Income Taxes

 

88,377

 

 

 

79,674

 

Provision for Income Taxes

 

19,843

 

 

 

18,681

 

Net Income

$

68,534

 

 

$

60,993

 

Net Loss (Income) Attributable to Noncontrolling Interest

 

(66

)

 

 

99

 

Net Income Attributable to BWX Technologies, Inc.

$

68,468

 

 

$

61,092

 

Earnings per Common Share:

 

 

 

Basic:

 

 

 

Net Income Attributable to BWX Technologies, Inc.

$

0.75

 

 

$

0.67

 

Diluted:

 

 

 

Net Income Attributable to BWX Technologies, Inc.

$

0.75

 

 

$

0.67

 

Shares used in the computation of earnings per share:

 

 

 

Basic

 

91,555,384

 

 

 

91,503,988

 

Diluted

 

91,860,923

 

 

 

91,799,690

 

 

BWX TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

 

 

 

 

 

Three Months Ended March 31,

 

 

2024

 

2023

 

 

(Unaudited) (In thousands)

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

Net Income

 

$

68,534

 

 

$

60,993

 

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

 

 

 

 

Depreciation and amortization

 

 

20,552

 

 

 

19,020

 

Income of investees, net of dividends

 

 

(2,400

)

 

 

(5,855

)

Recognition of losses for pension and postretirement plans

 

 

831

 

 

 

830

 

Stock-based compensation expense

 

 

4,297

 

 

 

3,893

 

Other, net

 

 

129

 

 

 

495

 

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

 

 

 

 

Accounts receivable

 

 

(15,493

)

 

 

(4,268

)

Accounts payable

 

 

32,832

 

 

 

8,135

 

Retainages

 

 

(26,325

)

 

 

(33,276

)

Contracts in progress and advance billings on contracts

 

 

(17,174

)

 

 

(27,471

)

Income taxes

 

 

17,820

 

 

 

3,096

 

Accrued and other current liabilities

 

 

(2,025

)

 

 

(9,315

)

Pension liabilities, accrued postretirement benefit obligations and employee benefits

 

 

(27,687

)

 

 

(23,097

)

Other, net

 

 

(20,865

)

 

 

(6,204

)

NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES

 

 

33,026

 

 

 

(13,024

)

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

Purchases of property, plant and equipment

 

 

(30,422

)

 

 

(29,780

)

Purchases of securities

 

 

—

 

 

 

(1,431

)

Sales and maturities of securities

 

 

—

 

 

 

1,425

 

Other, net

 

 

99

 

 

 

6

 

NET CASH USED IN INVESTING ACTIVITIES

 

 

(30,323

)

 

 

(29,780

)

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

Borrowings of long-term debt

 

 

120,700

 

 

 

127,000

 

Repayments of long-term debt

 

 

(102,263

)

 

 

(48,563

)

Repurchases of common stock

 

 

(20,000

)

 

 

—

 

Dividends paid to common shareholders

 

 

(22,396

)

 

 

(21,667

)

Cash paid for shares withheld to satisfy employee taxes

 

 

(6,907

)

 

 

(6,903

)

Settlements of forward contracts, net

 

 

(1,337

)

 

 

(535

)

Other, net

 

 

47

 

 

 

4

 

NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES

 

 

(32,156

)

 

 

49,336

 

EFFECTS OF EXCHANGE RATE CHANGES ON CASH

 

 

(171

)

 

 

7

 

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

 

 

(29,624

)

 

 

6,539

 

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

 

$

51,991

 

 

$

47,529

 

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:

 

 

 

 

Cash paid during the period for:

 

 

 

 

Interest

 

$

15,461

 

 

$

8,174

 

Income taxes (net of refunds)

 

$

2,161

 

 

$

15,474

 

SCHEDULE OF NON-CASH INVESTING ACTIVITY:

 

 

 

 

Accrued capital expenditures included in accounts payable

 

$

6,612

 

 

$

11,824

 

 

BWX TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

 

ASSETS

 

 

 

 

 

 

 

March 31, 2024

 

December 31, 2023

 

 

(Unaudited) (In thousands)

Current Assets:

 

 

 

 

Cash and cash equivalents

 

$

45,895

 

$

75,766

Restricted cash and cash equivalents

 

 

2,892

 

 

2,858

Accounts receivable – trade, net

 

 

85,024

 

 

70,180

Accounts receivable – other

 

 

12,842

 

 

16,339

Retainages

 

 

81,506

 

 

55,181

Contracts in progress

 

 

550,089

 

 

533,155

Other current assets

 

 

86,415

 

 

64,322

Total Current Assets

 

 

864,663

 

 

817,801

Property, Plant and Equipment, Net

 

 

1,231,473

 

 

1,228,520

Investments

 

 

10,034

 

 

9,496

Goodwill

 

 

294,339

 

 

297,020

Deferred Income Taxes

 

 

14,828

 

 

16,332

Investments in Unconsolidated Affiliates

 

 

91,008

 

 

88,608

Intangible Assets

 

 

180,084

 

 

185,510

Other Assets

 

 

101,581

 

 

103,778

TOTAL

 

$

2,788,010

 

$

2,747,065

 

BWX TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

March 31, 2024

 

December 31, 2023

 

 

(Unaudited) (In thousands, except share

and per share amounts)

Current Liabilities:

 

 

 

 

Current portion of long-term debt

 

$

7,813

 

 

$

6,250

 

Accounts payable

 

 

147,841

 

 

 

126,651

 

Accrued employee benefits

 

 

40,093

 

 

 

64,544

 

Accrued liabilities – other

 

 

78,717

 

 

 

70,210

 

Advance billings on contracts

 

 

112,361

 

 

 

107,391

 

Total Current Liabilities

 

 

386,825

 

 

 

375,046

 

Long-Term Debt

 

 

1,220,809

 

 

 

1,203,422

 

Accumulated Postretirement Benefit Obligation

 

 

18,022

 

 

 

18,466

 

Environmental Liabilities

 

 

92,221

 

 

 

90,575

 

Pension Liability

 

 

79,557

 

 

 

82,786

 

Other Liabilities

 

 

44,510

 

 

 

43,469

 

Commitments and Contingencies

 

 

 

 

Stockholders' Equity:

 

 

 

 

Common stock, par value $0.01 per share, authorized 325,000,000 shares; issued 128,272,806 and 128,065,521 shares at March 31, 2024 and December 31, 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

 

 

210,991

 

 

 

206,478

 

Retained earnings

 

 

2,140,235

 

 

 

2,093,917

 

Treasury stock at cost, 36,864,580 and 36,537,695 shares at March 31, 2024 and December 31, 2023, respectively

 

 

(1,387,768

)

 

 

(1,360,862

)

Accumulated other comprehensive income (loss)

 

 

(18,519

)

 

 

(7,463

)

Stockholders' Equity – BWX Technologies, Inc.

 

 

946,222

 

 

 

933,351

 

Noncontrolling interest

 

 

(156

)

 

 

(50

)

Total Stockholders' Equity

 

 

946,066

 

 

 

933,301

 

TOTAL

 

$

2,788,010

 

 

$

2,747,065

 

 

BWX TECHNOLOGIES, INC.

BUSINESS SEGMENT INFORMATION

 

 

 

 

 

Three Months Ended March 31,

 

 

2024

 

2023

 

(Unaudited) (In thousands)

REVENUES:

 

 

 

 

Government Operations

 

$

487,121

 

 

$

459,886

 

Commercial Operations

 

 

117,038

 

 

 

108,924

 

Eliminations

 

 

(193

)

 

 

(450

)

TOTAL

 

$

603,966

 

 

$

568,360

 

 

 

 

 

 

SEGMENT INCOME:

 

 

 

 

Government Operations

 

$

85,686

 

 

$

90,560

 

Commercial Operations

 

 

8,591

 

 

 

1,513

 

SUBTOTAL

 

$

94,277

 

 

$

92,073

 

Unallocated Corporate

 

 

(1,316

)

 

 

(4,231

)

TOTAL

 

$

92,961

 

 

$

87,842

 

 

 

 

 

 

DEPRECIATION AND AMORTIZATION:

 

 

 

 

Government Operations

 

$

14,234

 

 

$

12,795

 

Commercial Operations

 

 

4,444

 

 

 

4,359

 

Corporate

 

 

1,874

 

 

 

1,866

 

TOTAL

 

$

20,552

 

 

$

19,020

 

 

 

 

 

 

CAPITAL EXPENDITURES:

 

 

 

 

Government Operations

 

$

16,383

 

 

$

15,268

 

Commercial Operations

 

 

13,344

 

 

 

13,951

 

Corporate

 

 

695

 

 

 

561

 

TOTAL

 

$

30,422

 

 

$

29,780

 

 

 

 

 

 

BACKLOG:

 

 

 

 

Government Operations

 

$

2,908,986

 

 

$

3,108,628

 

Commercial Operations

 

 

726,523

 

 

 

665,745

 

TOTAL

 

$

3,635,509

 

 

$

3,774,373

 

 

 

 

 

 

BOOKINGS:

 

 

 

 

Government Operations

 

$

179,413

 

 

$

52,737

 

Commercial Operations

 

 

62,414

 

 

 

145,686

 

TOTAL

 

$

241,827

 

 

$

198,423

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240506660502/en/

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