false000148695700014869572024-11-042024-11-04

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 ______________________________________________________________________________
FORM 8-K
 ______________________________________________________________________________
CURRENT REPORT
 Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 4, 2024
BWX TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
 _____________________________________________________________________________
Delaware 001-34658 80-0558025
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
800 Main Street, 4th Floor
Lynchburg,Virginia24504
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (980) 365-4300
 ____________________________________________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valueBWXTNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐


Item 2.02 Results of Operations and Financial Condition.
On November 4, 2024, we issued a press release announcing our financial results for the third quarter ended September 30, 2024.  A copy of the press release is attached as Exhibit 99.1, and the information contained in Exhibit 99.1 is incorporated by reference.
The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d)       Exhibits
99.1
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
BWX TECHNOLOGIES, INC.
By: /s/ Mike T. Fitzgerald
 Mike T. Fitzgerald
 Vice President, Finance & Chief Accounting Officer

November 4, 2024

erheader.jpg
BWX Technologies Reports Third Quarter 2024 Results
•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
Lynchburg, VA – November 4, 2024 - 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,
20242023$ 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.

(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.

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 GuidancePrior 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
(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.

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
(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.

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.

Investor Contact:Media Contact:
Chase JacobsonSuzy Sterner
Vice President, Investor RelationsSenior Vice President and Chief Corporate Affairs Officer
980-365-4300Investors@bwxt.com202-641-7152ssterner@bwxt.com

(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 September 30, 2024
 GAAPRestructuring & Transformation CostsAcquisition-related CostsNon-GAAP
   
Operating Income$96.6 $6.0 $3.1 $105.7 
Other Income (Expense)(6.0)— — (6.0)
Income Before Provision for Income Taxes90.6 6.0 3.1 99.8 
Provision for Income Taxes(21.0)(1.4)(0.7)(23.0)
Net Income69.6 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 Outstanding91.9 91.9 
Diluted Earnings per Common Share
$0.76 $0.05 $0.03 $0.83 
Effective Tax Rate23.2%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
 GAAPRestructuring CostsAcquisition-related CostsNon-GAAP
   
Operating Income$85.4 $1.1 $0.3 $86.7 
Other Income (Expense)(7.2)— — (7.2)
Income Before Provision for Income Taxes78.2 1.1 0.3 79.5 
Provision for Income Taxes(17.8)(0.1)(0.1)(18.0)
Net Income60.4 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 Outstanding91.9 91.9 
Diluted Earnings per Common Share
$0.66 $0.01 $0.00 $0.67 
Effective Tax Rate22.8%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)
(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 (continued)
RECONCILIATION OF CONSOLIDATED ADJUSTED EBITDA(1)(2)(3)
(In millions)

Three Months Ended September 30, 2024
 GAAPRestructuring & Transformation CostsAcquisition-related CostsNon-GAAP
 
Net Income$69.6 $4.7 $2.4 $76.7 
Provision for Income Taxes21.0 1.4 0.7 23.0 
Other – net(3.3)— — (3.3)
Interest Expense9.9 — — 9.9 
Interest Income(0.7)— — (0.7)
Depreciation & Amortization21.3 — — 21.3 
Adjusted EBITDA$117.8 $6.0 $3.1 $127.0 
Three Months Ended September 30, 2023
 GAAPRestructuring CostsAcquisition-related CostsNon-GAAP
 
Net Income$60.4 $1.0 $0.2 $61.5 
Provision for Income Taxes17.8 0.1 0.1 18.0 
Other – net(4.3)— — (4.3)
Interest Expense12.2 — — 12.2 
Interest Income(0.6)— — (0.6)
Depreciation & Amortization19.8 — — 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 & AmortizationAdjusted 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 & AmortizationAdjusted EBITDA
 
Government Operations$85.6 $— $13.4 $99.0 
Commercial Operations$9.1 $0.3 $4.6 $13.9 

(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 (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.
(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.

BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
(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 operations508,000 436,296 1,476,553 1,338,750 
Research and development costs2,081 1,156 4,842 5,955 
Gains on asset disposals and impairments, net— — (4)(15)
Selling, general and administrative expenses80,829 79,828 227,970 205,100 
Total Costs and Expenses590,910 517,280 1,709,361 1,549,790 
Equity in Income of Investees15,532 12,649 40,319 38,862 
Operating Income96,578 85,358 288,345 259,866 
Other Income (Expense):
Interest income663 643 2,049 1,623 
Interest expense(9,907)(12,175)(30,190)(35,200)
Other – net3,290 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 Taxes20,983 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:
Basic91,574,531 91,659,117 91,564,726 91,596,650 
Diluted91,886,710 91,895,480 91,849,724 91,833,450 
(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.

BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine Months Ended September 30,
20242023
(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 amortization63,429 58,205 
Income of investees, net of dividends(9,778)(4,854)
Recognition of losses for pension and postretirement plans2,494 2,490 
Stock-based compensation expense14,852 12,305 
Other, net(633)21 
Changes in assets and liabilities, net of effects from acquisitions:
Accounts receivable(30,238)(31,520)
Accounts payable48,306 24,874 
Retainages(37,114)(29,257)
Contracts in progress and advance billings on contracts(120,829)(38,217)
Income taxes15,654 (5,331)
Accrued and other current liabilities5,174 (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 ACTIVITIES131,548 141,937 
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, net203 (8,142)
NET CASH USED IN INVESTING ACTIVITIES(100,925)(104,987)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings of long-term debt396,800 332,000 
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, net2,954 (2,030)
Other, net409 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 PERIOD81,615 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 
(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.

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 equivalents2,962 2,858 
Accounts receivable – trade, net90,227 70,180 
Accounts receivable – other15,934 16,339 
Retainages92,295 55,181 
Contracts in progress661,248 533,155 
Other current assets84,761 64,322 
Total Current Assets982,949 817,801 
Property, Plant and Equipment, Net1,275,053 1,228,520 
Investments10,659 9,496 
Goodwill295,134 297,020 
Deferred Income Taxes12,118 16,332 
Investments in Unconsolidated Affiliates98,386 88,608 
Intangible Assets175,200 185,510 
Other Assets97,961 103,778 
TOTAL$2,947,460 $2,747,065 

(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.

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 payable172,206 126,651 
Accrued employee benefits53,438 64,544 
Accrued liabilities – other81,321 70,210 
Advance billings on contracts119,563 107,391 
Total Current Liabilities437,466 375,046 
Long-Term Debt1,220,583 1,203,422 
Accumulated Postretirement Benefit Obligation17,797 18,466 
Environmental Liabilities92,721 90,575 
Pension Liability74,347 82,786 
Other Liabilities45,875 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 value222,062 206,478 
Retained earnings2,238,437 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' Equity1,058,671 933,301 
TOTAL$2,947,460 $2,747,065 
(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.

BWX TECHNOLOGIES, INC.
BUSINESS SEGMENT INFORMATION
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
(Unaudited)
(In thousands)
REVENUES:
Government Operations$560,073 $477,855 $1,588,040 $1,429,708 
Commercial Operations113,112 112,359 371,641 342,203 
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 Operations6,728 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 Operations4,313 4,557 13,154 13,278 
Corporate1,672 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 Operations14,073 10,861 43,153 40,589 
Corporate3,799 431 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 Operations635,356 721,967 635,356 721,967 
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 Operations78,252 125,061 223,850 435,122 
TOTAL$518,398 $455,862 $1,340,430 $1,607,328 
(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.
v3.24.3
Document and Entity Information
Nov. 04, 2024
Cover [Abstract]  
Amendment Flag false
Entity Central Index Key 0001486957
Document Type 8-K
Document Period End Date Nov. 04, 2024
Entity Registrant Name BWX TECHNOLOGIES, INC.
Entity Incorporation, State or Country Code DE
Entity File Number 001-34658
Entity Tax Identification Number 80-0558025
Entity Address, Address Line One 800 Main Street, 4th Floor
Entity Address, City or Town Lynchburg,
Entity Address, State or Province VA
Entity Address, Postal Zip Code 24504
City Area Code 980
Local Phone Number 365-4300
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $0.01 par value
Trading Symbol BWXT
Security Exchange Name NYSE
Entity Emerging Growth Company false
Grafico Azioni BWX Technologies (NYSE:BWXT)
Storico
Da Nov 2024 a Dic 2024 Clicca qui per i Grafici di BWX Technologies
Grafico Azioni BWX Technologies (NYSE:BWXT)
Storico
Da Dic 2023 a Dic 2024 Clicca qui per i Grafici di BWX Technologies