- 3Q24 revenues of $672.0 million
- 3Q24 net income of $69.6 million, adjusted EBITDA(1) of $127.0
million
- 3Q24 diluted GAAP EPS of $0.76, non-GAAP(1) EPS of $0.83
- Expanding special materials portfolio with announced
acquisition of A.O.T., a sole source provider of depleted uranium
and finished specialty metals for mission critical defense
applications; targeting close by year-end
- 2024 non-GAAP EPS(1) guidance raised to ~$3.20
- Preliminary 2025 guidance for revenue, non-GAAP EPS(1) and
adjusted EBITDA(1) to grow mid-to-high-single-digits; free cash
flow(1) growth to be sustained at 10% or higher
BWX Technologies, Inc. (NYSE: BWXT) ("BWXT", "we", "us" or the
"Company") reported third quarter 2024 results. A reconciliation of
non-GAAP results are detailed in Exhibit 1.
“Our strong third quarter performance underscores the momentum
BWXT has built throughout 2024,” said Rex D. Geveden, president and
chief executive officer. “The combination of recent key contract
wins enabled by focused business development efforts, and quarterly
and year-to-date double-digit revenue and earnings growth highlight
our strategic and operational strengths.”
“The nuclear industry is enjoying unprecedented customer and
market interest with tangible investments in nuclear solutions by
end-users across our key defense, commercial power, and medical
markets,” continued Geveden. “As demand from BWXT's customers
accelerates, we remain focused on operational excellence and
investment in our world-class workforce and infrastructure to
sustain our unique position in the nuclear value chain.”
“Given our year-to-date results and visibility into the
remainder of the year, we now expect 2024 non-GAAP EPS to be at the
high-end of the previous guidance range. Looking into 2025, we
expect modest organic growth in our Government Operations segment
complemented by a slight contribution from the A.O.T. acquisition
we announced today, and robust double-digit organic growth in
Commercial Operations in both commercial power and medical. The
foregoing combined with our ongoing focus on operational
excellence, lead us to forecast mid-to-high-single-digit revenue,
EBITDA and Earnings Per Share growth in 2025, with improving free
cash flow conversion.”
(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.
Financial Results Summary
Three Months Ended September
30,
2024
2023
$ Change
% Change
(Unaudited)
(In millions, except per share
amounts)
Revenues
Government Operations
$
560.1
$
477.9
$
82.2
17
%
Commercial Operations
$
113.1
$
112.4
$
0.8
1
%
Consolidated
$
672.0
$
590.0
$
82.0
14
%
Operating Income
Government Operations
$
101.6
$
85.6
$
16.0
19
%
Commercial Operations
$
6.7
$
9.1
$
(2.4
)
(26
)%
Unallocated Corporate (Expense)
$
(11.8
)
$
(9.4
)
$
(2.4
)
NM
Consolidated
$
96.6
$
85.4
$
11.2
13
%
Consolidated non-GAAP(1)
$
105.7
$
86.7
$
19.0
22
%
EPS (Diluted)
GAAP
$
0.76
$
0.66
$
0.10
15
%
Non-GAAP(1)
$
0.83
$
0.67
$
0.16
24
%
Net Income
GAAP
$
69.6
$
60.4
$
9.3
15
%
Non-GAAP(1)
$
76.7
$
61.5
$
15.2
25
%
Adjusted EBITDA(1)
Government Operations
$
117.0
$
99.0
$
18.0
18
%
Commercial Operations
$
13.5
$
13.9
$
(0.4
)
(3
)%
Corporate
$
(3.6
)
$
(6.4
)
$
2.9
NM
Consolidated
$
127.0
$
106.5
$
20.4
19
%
Cash Flows
Operating Cash Flow(2)
$
32.6
$
74.3
$
(41.7
)
(56
)%
Capital Expenditures(2)
$
40.3
$
30.9
$
9.4
30
%
Free Cash Flow(1)
$
(7.7
)
$
43.4
$
(51.1
)
(118
)%
Dividends Paid(2)
$
22.0
$
21.1
$
0.8
4
%
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;
Dividends Paid = Dividends Paid to Common Shareholders
Revenues Third quarter revenue increased in both
operating segments. The Government Operations increase was driven
by higher naval nuclear component production and microreactors,
partially offset by slightly lower special materials processing.
The Commercial Operations increase was driven by higher revenue
associated with commercial nuclear components and fuel as well as
higher medical sales.
Operating Income and Adjusted EBITDA(1) Third quarter
operating income increased, driven by higher operating income in
Government Operations and lower corporate expense that was
partially offset by lower operating income in Commercial
Operations. The Government Operations increase was driven by higher
revenue and solid operational performance. The Commercial
Operations decrease was mainly due to a shift in product and
services mix and other non-recurring expenses.
Third quarter adjusted EBITDA(1) increased for the reasons noted
above.
EPS Third quarter GAAP EPS increased due to higher
operating income and lower interest expense, which were partially
offset by slightly lower other income and a modestly higher tax
rate. Non-GAAP EPS(1) increased driven by the items noted
above.
Cash Flows Third quarter operating cash flow decreased as
higher net income was more than offset by greater working capital
needs due to contract timing. Capital expenditures were lower due
to timing of select growth investments, including the previously
announced expansion of the Cambridge manufacturing plant that
supports the commercial nuclear market.
Dividend BWXT paid $22.0 million, or $0.24 per common
share, to shareholders in the third quarter of 2024. On October 30,
2024, the BWXT Board of Directors declared a quarterly cash
dividend of $0.24 per common share payable on December 10, 2024, to
shareholders of record on November 19, 2024.
2024 Guidance BWXT raised its 2024 guidance for Revenue
and Non-GAAP EPS(1), and reaffirmed its 2024 guidance for Adjusted
EBITDA(1) and Free Cash Flow(1).
(In millions, except per share
amounts)
Year Ended
Year Ending
Year Ending
December 31, 2023
December 31, 2024
December 31, 2024
Results
Current Guidance
Prior Guidance
Revenue
$2,496
~$2,700
>$2,600
Adjusted EBITDA(1)
$472
~$500
~$500
Non-GAAP(1) Earnings Per Share
$3.02
~$3.20
$3.10 - $3.20
Free Cash Flow(1)
$212
$225 - $250
$225 - $250
Additional information can be found in the third 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 Third
Quarter 2024 Results
Date:
Monday, November 4, 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/3Q2024-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 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 due diligence activities and 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. A U.S.-based company, BWXT is a
Fortune 1000 and 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 approximately 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.
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 September
30, 2024
GAAP
Restructuring &
Transformation
Costs
Acquisition-
related Costs
Non-GAAP
Operating Income
$
96.6
$
6.0
$
3.1
$
105.7
Other Income (Expense)
(6.0
)
—
—
(6.0
)
Income Before Provision for Income
Taxes
90.6
6.0
3.1
99.8
Provision for Income Taxes
(21.0
)
(1.4
)
(0.7
)
(23.0
)
Net Income
69.6
4.7
2.4
76.7
Net Income Attributable to Noncontrolling
Interest
(0.2
)
—
—
(0.2
)
Net Income Attributable to BWXT
$
69.5
$
4.7
$
2.4
$
76.6
Diluted Shares Outstanding
91.9
91.9
Diluted Earnings per Common Share
$
0.76
$
0.05
$
0.03
$
0.83
Effective Tax Rate
23.2
%
23.1
%
Government Operations Operating Income
$
101.6
$
0.1
$
—
$
101.7
Commercial Operations Operating Income
$
6.7
$
1.7
$
0.8
$
9.2
Unallocated Corporate Operating Income
$
(11.8
)
$
4.2
$
2.3
$
(5.2
)
Three Months Ended September
30, 2023
GAAP
Restructuring
Costs
Acquisition-
related Costs
Non-GAAP
Operating Income
$
85.4
$
1.1
$
0.3
$
86.7
Other Income (Expense)
(7.2
)
—
—
(7.2
)
Income Before Provision for Income
Taxes
78.2
1.1
0.3
79.5
Provision for Income Taxes
(17.8
)
(0.1
)
(0.1
)
(18.0
)
Net Income
60.4
1.0
0.2
61.5
Net Income Attributable to Noncontrolling
Interest
(0.1
)
—
—
(0.1
)
Net Income Attributable to BWXT
$
60.3
$
1.0
$
0.2
$
61.5
Diluted Shares Outstanding
91.9
91.9
Diluted Earnings per Common Share
$
0.66
$
0.01
$
0.00
$
0.67
Effective Tax Rate
22.8
%
22.6
%
Government Operations Operating Income
$
85.6
$
—
$
—
$
85.6
Commercial Operations Operating Income
$
9.1
$
0.1
$
0.1
$
9.4
Unallocated Corporate Operating Income
$
(9.4
)
$
1.0
$
0.1
$
(8.3
)
EXHIBIT 1
(continued)
RECONCILIATION OF CONSOLIDATED
ADJUSTED EBITDA(1)(2)(3) (In millions)
Three Months Ended September
30, 2024
GAAP
Restructuring &
Transformation
Costs
Acquisition-
related Costs
Non-GAAP
Net Income
$
69.6
$
4.7
$
2.4
$
76.7
Provision for Income Taxes
21.0
1.4
0.7
23.0
Other – net
(3.3
)
—
—
(3.3
)
Interest Expense
9.9
—
—
9.9
Interest Income
(0.7
)
—
—
(0.7
)
Depreciation & Amortization
21.3
—
—
21.3
Adjusted EBITDA
$
117.8
$
6.0
$
3.1
$
127.0
Three Months Ended September
30, 2023
GAAP
Restructuring
Costs
Acquisition-
related Costs
Non-GAAP
Net Income
$
60.4
$
1.0
$
0.2
$
61.5
Provision for Income Taxes
17.8
0.1
0.1
18.0
Other – net
(4.3
)
—
—
(4.3
)
Interest Expense
12.2
—
—
12.2
Interest Income
(0.6
)
—
—
(0.6
)
Depreciation & Amortization
19.8
—
—
19.8
Adjusted EBITDA
$
105.2
$
1.1
$
0.3
$
106.5
RECONCILIATION OF REPORTING
SEGMENT ADJUSTED EBITDA(1)(2)(3) (In millions)
Three Months Ended September
30, 2024
Operating Income
(GAAP)
Non-GAAP
Adjustments(4)
Depreciation &
Amortization
Adjusted
EBITDA
Government Operations
$
101.6
$
0.1
$
15.3
$
117.0
Commercial Operations
$
6.7
$
2.5
$
4.3
$
13.5
Three Months Ended September
30, 2023
Operating Income
(GAAP)
Non-GAAP
Adjustments(4)
Depreciation &
Amortization
Adjusted
EBITDA
Government Operations
$
85.6
$
—
$
13.4
$
99.0
Commercial Operations
$
9.1
$
0.3
$
4.6
$
13.9
EXHIBIT 1
(continued)
RECONCILIATION OF CONSOLIDATED
FREE CASH FLOW(1)(2)(3) (In millions)
Three Months Ended September
30, 2024
Net Cash Provided By Operating
Activities
$
32.6
Purchases of Property, Plant and
Equipment
(40.3
)
Free Cash Flow
$
(7.7
)
Three Months Ended September
30, 2023
Net Cash Provided By Operating
Activities
$
74.3
Purchases of Property, Plant and
Equipment
(30.9
)
Free Cash Flow
$
43.4
(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.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
(Unaudited)
(In thousands, except share
and per share amounts)
Revenues
$
671,956
$
589,989
$
1,957,387
$
1,770,794
Costs and Expenses:
Cost of operations
508,000
436,296
1,476,553
1,338,750
Research and development costs
2,081
1,156
4,842
5,955
Gains on asset disposals and impairments,
net
—
—
(4
)
(15
)
Selling, general and administrative
expenses
80,829
79,828
227,970
205,100
Total Costs and Expenses
590,910
517,280
1,709,361
1,549,790
Equity in Income of Investees
15,532
12,649
40,319
38,862
Operating Income
96,578
85,358
288,345
259,866
Other Income (Expense):
Interest income
663
643
2,049
1,623
Interest expense
(9,907
)
(12,175
)
(30,190
)
(35,200
)
Other – net
3,290
4,340
10,426
9,490
Total Other Income (Expense)
(5,954
)
(7,192
)
(17,715
)
(24,087
)
Income before Provision for Income
Taxes
90,624
78,166
270,630
235,779
Provision for Income Taxes
20,983
17,814
59,410
55,769
Net Income
$
69,641
$
60,352
$
211,220
$
180,010
Net Income Attributable to Noncontrolling
Interest
(158
)
(79
)
(297
)
(48
)
Net Income Attributable to BWX
Technologies, Inc.
$
69,483
$
60,273
$
210,923
$
179,962
Earnings per Common Share:
Basic:
Net Income Attributable to BWX
Technologies, Inc.
$
0.76
$
0.66
$
2.30
$
1.96
Diluted:
Net Income Attributable to BWX
Technologies, Inc.
$
0.76
$
0.66
$
2.30
$
1.96
Shares used in the computation of earnings
per share:
Basic
91,574,531
91,659,117
91,564,726
91,596,650
Diluted
91,886,710
91,895,480
91,849,724
91,833,450
BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine Months Ended September
30,
2024
2023
(Unaudited) (In
thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income
$
211,220
$
180,010
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
63,429
58,205
Income of investees, net of dividends
(9,778
)
(4,854
)
Recognition of losses for pension and
postretirement plans
2,494
2,490
Stock-based compensation expense
14,852
12,305
Other, net
(633
)
21
Changes in assets and liabilities, net of
effects from acquisitions:
Accounts receivable
(30,238
)
(31,520
)
Accounts payable
48,306
24,874
Retainages
(37,114
)
(29,257
)
Contracts in progress and advance billings
on contracts
(120,829
)
(38,217
)
Income taxes
15,654
(5,331
)
Accrued and other current liabilities
5,174
(10,231
)
Pension liabilities, accrued
postretirement benefit obligations and employee benefits
(20,217
)
(10,874
)
Other, net
(10,772
)
(5,684
)
NET CASH PROVIDED BY OPERATING
ACTIVITIES
131,548
141,937
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and
equipment
(101,128
)
(100,498
)
Purchases of securities
—
(2,343
)
Sales and maturities of securities
—
5,996
Other, net
203
(8,142
)
NET CASH USED IN INVESTING ACTIVITIES
(100,925
)
(104,987
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings of long-term debt
396,800
332,000
Repayments of long-term debt
(376,488
)
(281,688
)
Repurchases of common stock
(20,000
)
—
Dividends paid to common shareholders
(66,326
)
(63,870
)
Cash paid for shares withheld to satisfy
employee taxes
(7,244
)
(7,505
)
Settlements of forward contracts, net
2,954
(2,030
)
Other, net
409
902
NET CASH USED IN FINANCING ACTIVITIES
(69,895
)
(22,191
)
EFFECTS OF EXCHANGE RATE CHANGES ON
CASH
(379
)
414
TOTAL (DECREASE) INCREASE IN CASH AND CASH
EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS
(39,651
)
15,173
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
$
41,964
$
56,163
SUPPLEMENTAL DISCLOSURES OF CASH FLOW
INFORMATION:
Cash paid during the period for:
Interest
$
48,360
$
44,745
Income taxes (net of refunds)
$
43,547
$
59,947
SCHEDULE OF NON-CASH INVESTING
ACTIVITY:
Accrued capital expenditures included in
accounts payable
$
15,114
$
9,239
BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
ASSETS
September 30,
2024
December 31,
2023
(Unaudited)
(In thousands)
Current Assets:
Cash and cash equivalents
$
35,522
$
75,766
Restricted cash and cash equivalents
2,962
2,858
Accounts receivable – trade, net
90,227
70,180
Accounts receivable – other
15,934
16,339
Retainages
92,295
55,181
Contracts in progress
661,248
533,155
Other current assets
84,761
64,322
Total Current Assets
982,949
817,801
Property, Plant and Equipment, Net
1,275,053
1,228,520
Investments
10,659
9,496
Goodwill
295,134
297,020
Deferred Income Taxes
12,118
16,332
Investments in Unconsolidated
Affiliates
98,386
88,608
Intangible Assets
175,200
185,510
Other Assets
97,961
103,778
TOTAL
$
2,947,460
$
2,747,065
BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
LIABILITIES AND STOCKHOLDERS'
EQUITY
September 30,
2024
December 31,
2023
(Unaudited)
(In thousands, except
share
and per share amounts)
Current Liabilities:
Current portion of long-term debt
$
10,938
$
6,250
Accounts payable
172,206
126,651
Accrued employee benefits
53,438
64,544
Accrued liabilities – other
81,321
70,210
Advance billings on contracts
119,563
107,391
Total Current Liabilities
437,466
375,046
Long-Term Debt
1,220,583
1,203,422
Accumulated Postretirement Benefit
Obligation
17,797
18,466
Environmental Liabilities
92,721
90,575
Pension Liability
74,347
82,786
Other Liabilities
45,875
43,469
Commitments and Contingencies
Stockholders' Equity:
Common stock, par value $0.01 per share,
authorized 325,000,000 shares; issued 128,307,682 and 128,065,521
shares at September 30, 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
222,062
206,478
Retained earnings
2,238,437
2,093,917
Treasury stock at cost, 36,867,475 and
36,537,695 shares at September 30, 2024 and December 31, 2023,
respectively
(1,388,106
)
(1,360,862
)
Accumulated other comprehensive income
(loss)
(14,927
)
(7,463
)
Stockholders' Equity – BWX Technologies,
Inc.
1,058,749
933,351
Noncontrolling interest
(78
)
(50
)
Total Stockholders' Equity
1,058,671
933,301
TOTAL
$
2,947,460
$
2,747,065
BWX TECHNOLOGIES, INC.
BUSINESS SEGMENT INFORMATION
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
(Unaudited)
(In thousands)
REVENUES:
Government Operations
$
560,073
$
477,855
$
1,588,040
$
1,429,708
Commercial Operations
113,112
112,359
371,641
342,203
Eliminations
(1,229
)
(225
)
(2,294
)
(1,117
)
TOTAL
$
671,956
$
589,989
$
1,957,387
$
1,770,794
SEGMENT
INCOME:
Government Operations
$
101,609
$
85,632
$
279,815
$
258,400
Commercial Operations
6,728
9,083
31,947
21,613
SUBTOTAL
$
108,337
$
94,715
$
311,762
$
280,013
Unallocated Corporate
(11,759
)
(9,357
)
(23,417
)
(20,147
)
TOTAL
$
96,578
$
85,358
$
288,345
$
259,866
DEPRECIATION AND
AMORTIZATION:
Government Operations
$
15,284
$
13,417
$
44,948
$
39,353
Commercial Operations
4,313
4,557
13,154
13,278
Corporate
1,672
1,827
5,327
5,574
TOTAL
$
21,269
$
19,801
$
63,429
$
58,205
CAPITAL
EXPENDITURES:
Government Operations
$
22,429
$
19,624
$
53,013
$
58,115
Commercial Operations
14,073
10,861
43,153
40,589
Corporate
3,799
431
4,962
1,794
TOTAL
$
40,301
$
30,916
$
101,128
$
100,498
BACKLOG:
Government Operations
$
2,745,333
$
3,258,877
$
2,745,333
$
3,258,877
Commercial Operations
635,356
721,967
635,356
721,967
TOTAL
$
3,380,689
$
3,980,844
$
3,380,689
$
3,980,844
BOOKINGS:
Government Operations
$
440,146
$
330,801
$
1,116,580
$
1,172,206
Commercial Operations
78,252
125,061
223,850
435,122
TOTAL
$
518,398
$
455,862
$
1,340,430
$
1,607,328
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241104415125/en/
Investor Contact: Chase Jacobson Vice President, Investor
Relations 980-365-4300 Investors@bwxt.com
Media Contact: Suzy Sterner Senior Vice President and
Chief Corporate Affairs Officer 202-641-7152 ssterner@bwxt.com
Grafico Azioni BWX Technologies (NYSE:BWXT)
Storico
Da Nov 2024 a Dic 2024
Grafico Azioni BWX Technologies (NYSE:BWXT)
Storico
Da Dic 2023 a Dic 2024