- 1Q23 revenue of $568.4 million
- 1Q23 net income of $61.0 million, adjusted EBITDA(1) of $110.7
million
- 1Q23 diluted GAAP EPS of $0.67, non-GAAP(1) EPS of $0.70
- Awarded a $428 million, five-year contract by the National
Nuclear Security Administration (NNSA) to provide purification and
conversion services for highly enriched uranium.
- BWXT-led JV chosen to provide environmental management
operations for the DOE’s Hanford Integrated Tank Disposition
Contract
- Reaffirms 2023 guidance
BWX Technologies, Inc. (NYSE: BWXT) ("BWXT", "we", "us" or the
"Company") reported first quarter 2023 GAAP net income attributable
to BWXT of $61.1 million, or diluted earnings per share (EPS) of
$0.67, on revenue of $568.4 million. First quarter 2023 non-GAAP(1)
net income attributable to BWXT was $64.1 million, or $0.70 diluted
EPS. First quarter 2023 adjusted earnings before interest, taxes,
depreciation, and amortization (EBITDA)(1) was $110.7 million. A
reconciliation of non-GAAP results are detailed in Exhibit 1.
“BWXT had a solid start to 2023 with strong operational
performance and continued momentum toward achieving our
company-wide growth objectives,” said Rex. D. Geveden, president
and chief executive officer. “First quarter 2023 results were
seasonally stronger, driven by favorable timing and strong
execution in Government Operations, despite the ongoing and
industry-wide labor challenges.”
“There have been a number of exciting announcements in recent
months highlighting nuclear energy’s role in helping to address
some of the major challenges faced by our government and commercial
partners,” said Geveden. “On the national security front, our
government customers have called on us to support some of their
most important missions including the US Navy’s backing of the
AUKUS trilateral security agreement and NNSA’s management of the
Nation's legacy uranium reserve. In commercial nuclear, BWXT is
working with various SMR designers in engineering and building
advanced nuclear solutions that will help meet global clean energy
generation goals, while also enabling key nuclear medicine
innovators to find diagnostic and therapeutic healthcare solutions
that improve the lives of those with cancer.”
“BWXT is at the forefront of the nuclear industry, and we are
excited about the many growth opportunities we see in 2023 and
beyond. While we had a strong first quarter and are making progress
on our operational and financial goals for the year, we continue to
push to meet staffing levels to match the existing and expected
demand across our businesses. With that backdrop, we reaffirm our
2023 guidance ranges for revenue, EBITDA, EPS and cash flow,” said
Geveden.
Financial Results Summary
Three Months Ended March
31,
2023
2022
$ Change
% Change
(Unaudited)
(In millions, except per share
amounts)
Revenues
Government Operations
$
459.9
$
431.8
$
28.1
7%
Commercial Operations
$
108.9
$
100.0
$
9.0
9%
Consolidated
$
568.4
$
530.7
$
37.6
7%
Operating Income
Government Operations
$
90.6
$
72.2
$
18.3
25%
Commercial Operations
$
1.5
$
4.0
$
(2.4
)
(62)%
Unallocated Corporate (Expense)
$
(4.2
)
$
(4.6
)
$
0.4
NM
Consolidated
$
87.8
$
71.6
$
16.3
23%
Consolidated non-GAAP(1)
$
91.7
$
76.8
$
14.9
19%
EPS (Diluted)
GAAP
$
0.67
$
0.64
$
0.03
4%
Non-GAAP(1)
$
0.70
$
0.69
$
0.01
2%
Net Income
GAAP
$
61.0
$
59.1
$
1.9
3%
Non-GAAP(1)
$
64.0
$
63.1
$
1.0
2%
Adjusted EBITDA(1)
Government Operations
$
103.6
$
84.7
$
18.9
22%
Commercial Operations
$
8.9
$
10.7
$
(1.7
)
(16)%
Corporate
$
(1.8
)
$
(0.9
)
$
(0.9
)
NM
Consolidated
$
110.7
$
94.4
$
16.3
17%
Cash Flows
Operating Cash Flow(2)
$
(13.0
)
$
(5.4
)
$
(7.6
)
NM
Capital Expenditures(2)
$
29.8
$
52.4
$
(22.6
)
(43)%
Free Cash Flow(1)
$
(42.8
)
$
(57.8
)
$
15.0
NM
Share Repurchases(2)
$
—
$
20.0
$
(20.0
)
NM
Dividends Paid(2)
$
21.7
$
20.7
$
1.0
5%
NM = Not Meaningful
(2) Items named in the Financial Results Summary differ from names
in BWXT Financial Statement. Operating Cash Flow = Net Cash
Provided by Operating Activities; Capital Expenditures = Purchases
of Property, Plant and Equipment; Share Repurchases = Repurchases
of Common Stock; Dividends Paid = Dividends Paid to Common
Shareholders
Revenues
First quarter revenue increased in both operating segments. The
Government Operations increase was driven by higher naval nuclear
component production and microreactors volume, partially offset by
lower long-lead material production. The Commercial Operations
increase was driven by a higher volume of nuclear components
manufacturing as well as higher revenues from field services and
fuel handling and an increase in medical sales.
Operating Income and Adjusted EBITDA(1)
First quarter operating income increased, driven by higher
operating income in Government Operations that was partially offset
by lower operating income in Commercial Operations. The Government
Operations increase was driven by higher naval nuclear component
production volume and income from technical services joint
ventures, mitigated by decreased labor efficiencies and lower
long-lead material production. The Commercial Operations decrease
was due to a less favorable business mix.
First quarter total adjusted EBITDA(1) increased for the reasons
noted above as higher Government Operations adjusted EBITDA(1) was
partially offset by lower Commercial Operations adjusted
EBITDA(1).
EPS
The first quarter GAAP and non-GAAP EPS(1) increase was driven
primarily by higher operating income which was partially offset by
lower pension income and higher interest expense.
Cash Flows
Decreased operating cash flow was primarily driven by increased
working capital and higher cash taxes. Lower capital expenditures
were driven by lower spending on two major growth capital
campaigns, for U.S. naval nuclear reactors and medical
radioisotopes, that are nearing completion, partially offset by an
increase in capital expenditures for microreactors.
Dividend
BWXT paid $21.7 million in dividends to shareholders in first
quarter 2023. On May 2, 2023, the BWXT Board of Directors declared
a quarterly cash dividend of $0.23 per common share payable on June
8, 2023, to shareholders of record on May 19, 2023.
2023 Guidance
BWXT reaffirmed all components of 2023 financial guidance.
(In millions, except per share
amounts)
Year Ended
Year Ending
December 31, 2022
December 31, 2023
Results
Guidance
Revenue
$2,233
~$2,400
Adjusted EBITDA(1)
$439
~$475
Adjusted Pre-tax Income(1)
$378
~$350
Non-GAAP(1) Earnings Per Share
$3.13
$2.80 - $3.00
Free Cash Flow(1)
$46
~$200
Additional information can be found in the 2023 first quarter
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 2023 Results
Date:
Monday, May 8, 2023, at 5:00 p.m. EST
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/1Q2023-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, 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.
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.
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 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, including any such impacts of, or actions in response to
the COVID-19 health crisis; and our expectations and guidance for
2023 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; the lack of, or adverse changes in,
federal appropriations to government programs in which we
participate; 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
approval 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, 2022 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, Va. 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 7,0000
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. Follow us on Twitter at @BWXT and learn more at
www.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 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
)
Three Months Ended March 31,
2022
GAAP
Restructuring Costs
Acquisition- related
Costs
Non-GAAP
Operating Income
$
71.6
$
4.1
$
1.2
$
76.8
Other Income (Expense)
5.9
—
—
5.9
Income Before Provision for Income
Taxes
77.4
4.1
1.2
82.7
Provision for Income Taxes
(18.4
)
(1.0
)
(0.2
)
(19.6
)
Net Income
59.1
3.1
0.9
63.1
Net Income Attributable to Noncontrolling
Interest
(0.1
)
—
—
(0.1
)
Net Income Attributable to BWXT
$
59.0
$
3.1
$
0.9
$
63.0
Diluted Shares Outstanding
91.8
91.8
Diluted Earnings per Common Share
$
0.64
$
0.03
$
0.01
$
0.69
Effective Tax Rate
23.7
%
23.7
%
Government Operations Operating Income
$
72.2
$
1.2
$
—
$
73.5
Commercial Operations Operating Income
$
4.0
$
1.9
$
—
$
5.9
Unallocated Corporate Operating Income
$
(4.6
)
$
0.9
$
1.2
$
(2.5
)
EXHIBIT 1 (continued)
RECONCILIATION OF CONSOLIDATED
ADJUSTED EBITDA(1)(2)(3)
(In millions)
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
Three Months Ended March 31,
2022
GAAP
Restructuring Costs
Acquisition- related
Costs
Non-GAAP
Net Income
$
59.1
$
3.1
$
0.9
$
63.1
Provision for Income Taxes
18.4
1.0
0.2
19.6
Other – net
(12.8
)
—
—
(12.8
)
Interest Expense
7.1
—
—
7.1
Interest Income
(0.1
)
—
—
(0.1
)
Depreciation & Amortization
17.6
—
—
17.6
Adjusted EBITDA
$
89.2
$
4.1
$
1.2
$
94.4
RECONCILIATION OF REPORTING
SEGMENT ADJUSTED EBITDA(1)(2)(3)
(In millions)
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
Three Months Ended March 31,
2022
Operating Income
(GAAP)
Non-GAAP
Adjustments(4)
Depreciation &
Amortization
Adjusted EBITDA
Government Operations
$
72.2
$
1.2
$
11.2
$
84.7
Commercial Operations
$
4.0
$
1.9
$
4.8
$
10.7
EXHIBIT 1 (continued)
RECONCILIATION OF CONSOLIDATED
FREE CASH FLOW(1)(2)(3)
(In millions)
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
)
Three Months Ended March 31,
2022
Net Cash Used In Operating Activities
$
(5.4
)
Purchases of Property, Plant and
Equipment
(52.4
)
Free Cash Flow
$
(57.8
)
(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,
2023
2022
(Unaudited)
(In thousands, except share
and per share amounts)
Revenues
$
568,360
$
530,738
Costs and Expenses:
Cost of operations
431,130
404,827
Research and development costs
2,204
2,953
Losses (gains) on asset disposals and
impairments, net
(6
)
30
Selling, general and administrative
expenses
60,835
60,134
Total Costs and Expenses
494,163
467,944
Equity in Income of Investees
13,645
8,779
Operating Income
87,842
71,573
Other Income (Expense):
Interest income
463
117
Interest expense
(10,819
)
(7,051
)
Other – net
2,188
12,809
Total Other Income (Expense)
(8,168
)
5,875
Income before Provision for Income
Taxes
79,674
77,448
Provision for Income Taxes
18,681
18,374
Net Income
$
60,993
$
59,074
Net Loss (Income) Attributable to
Noncontrolling Interest
99
(64
)
Net Income Attributable to BWX
Technologies, Inc.
$
61,092
$
59,010
Earnings per Common Share:
Basic:
Net Income Attributable to BWX
Technologies, Inc.
$
0.67
$
0.64
Diluted:
Net Income Attributable to BWX
Technologies, Inc.
$
0.67
$
0.64
Shares used in the computation of earnings
per share:
Basic
91,503,988
91,563,598
Diluted
91,799,690
91,800,294
BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
Three Months Ended March
31,
2023
2022
(Unaudited) (In
thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income
$
60,993
$
59,074
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
19,020
17,620
Income of investees, net of dividends
(5,855
)
(2,975
)
Recognition of losses for pension and
postretirement plans
830
814
Stock-based compensation expense
3,893
3,958
Other, net
495
1,413
Changes in assets and liabilities, net of
effects from acquisitions:
Accounts receivable
(4,268
)
11,765
Accounts payable
8,135
(33,490
)
Retainages
(33,276
)
(26,148
)
Contracts in progress and advance billings
on contracts
(27,471
)
(18,014
)
Income taxes
3,096
11,958
Accrued and other current liabilities
(9,315
)
(5,283
)
Pension liabilities, accrued
postretirement benefit obligations and employee benefits
(23,097
)
(25,714
)
Other, net
(6,204
)
(362
)
NET CASH USED IN OPERATING ACTIVITIES
(13,024
)
(5,384
)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and
equipment
(29,780
)
(52,411
)
Purchases of securities
(1,431
)
(1,121
)
Sales and maturities of securities
1,425
1,126
Investments, net of return of capital, in
equity method investees
—
(13,600
)
Other, net
6
79
NET CASH USED IN INVESTING ACTIVITIES
(29,780
)
(65,927
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings of long-term debt
127,000
145,300
Repayments of long-term debt
(48,563
)
(35,300
)
Repurchases of common stock
—
(20,000
)
Dividends paid to common shareholders
(21,667
)
(20,666
)
Cash paid for shares withheld to satisfy
employee taxes
(6,903
)
(6,011
)
Settlements of forward contracts, net
(535
)
(2,690
)
Other, net
4
(59
)
NET CASH PROVIDED BY FINANCING
ACTIVITIES
49,336
60,574
EFFECTS OF EXCHANGE RATE CHANGES ON
CASH
7
277
TOTAL INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS
6,539
(10,460
)
CASH AND CASH EQUIVALENTS AND RESTRICTED
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
40,990
39,775
CASH AND CASH EQUIVALENTS AND RESTRICTED
CASH AND CASH EQUIVALENTS AT END OF PERIOD
$
47,529
$
29,315
SUPPLEMENTAL DISCLOSURES OF CASH FLOW
INFORMATION:
Cash paid during the period for:
Interest
$
8,174
$
1,900
Income taxes (net of refunds)
$
15,474
$
6,283
SCHEDULE OF NON-CASH INVESTING
ACTIVITY:
Accrued capital expenditures included in
accounts payable
$
11,824
$
11,785
BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
ASSETS
March 31, 2023
December 31,
2022
(Unaudited)
(In thousands)
Current Assets:
Cash and cash equivalents
$
42,051
$
35,244
Restricted cash and cash equivalents
2,955
2,928
Investments
3,847
3,804
Accounts receivable – trade, net
71,760
60,782
Accounts receivable – other
17,699
26,894
Retainages
81,842
48,566
Contracts in progress
567,069
538,365
Other current assets
64,506
55,036
Total Current Assets
851,729
771,619
Property, Plant and Equipment, Net
1,152,092
1,134,897
Investments
8,386
8,097
Goodwill
293,676
293,165
Deferred Income Taxes
21,349
20,585
Investments in Unconsolidated
Affiliates
106,052
100,198
Intangible Assets
191,344
193,612
Other Assets
94,280
96,766
TOTAL
$
2,718,908
$
2,618,939
BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
LIABILITIES AND STOCKHOLDERS'
EQUITY
March 31, 2023
December 31,
2022
(Unaudited)
(In thousands, except
share
and per share amounts)
Current Liabilities:
Current portion of long-term debt
$
6,250
$
6,250
Accounts payable
137,583
127,112
Accrued employee benefits
40,870
61,079
Accrued liabilities – other
74,601
84,693
Advance billings on contracts
89,553
88,726
Total Current Liabilities
348,857
367,860
Long-Term Debt
1,361,574
1,282,624
Accumulated Postretirement Benefit
Obligation
17,910
18,157
Environmental Liabilities
92,797
90,989
Pension Liability
55,602
57,832
Other Liabilities
54,160
53,122
Commitments and Contingencies
Stockholders' Equity:
Common stock, par value $0.01 per share,
authorized 325,000,000 shares; issued 127,968,717 and 127,671,756
shares at March 31, 2023 and December 31, 2022, respectively
1,280
1,277
Preferred stock, par value $0.01 per
share, authorized 75,000,000 shares; No shares issued
—
—
Capital in excess of par value
193,225
189,263
Retained earnings
1,972,831
1,932,970
Treasury stock at cost, 36,529,856 and
36,417,480 shares at March 31, 2023 and December 31, 2022,
respectively
(1,360,173
)
(1,353,270
)
Accumulated other comprehensive income
(loss)
(19,034
)
(21,930
)
Stockholders' Equity – BWX Technologies,
Inc.
788,129
748,310
Noncontrolling interest
(121
)
45
Total Stockholders' Equity
788,008
748,355
TOTAL
$
2,718,908
$
2,618,939
BWX TECHNOLOGIES, INC.
BUSINESS SEGMENT
INFORMATION
Three Months Ended March
31,
2023
2022
(Unaudited)
(In thousands)
REVENUES:
Government Operations
$
459,886
$
431,777
Commercial Operations
108,924
99,950
Eliminations
(450
)
(989
)
TOTAL
$
568,360
$
530,738
SEGMENT
INCOME:
Government Operations
$
90,560
$
72,231
Commercial Operations
1,513
3,962
SUBTOTAL
$
92,073
$
76,193
Unallocated Corporate
(4,231
)
(4,620
)
TOTAL
$
87,842
$
71,573
DEPRECIATION AND
AMORTIZATION:
Government Operations
$
12,795
$
11,208
Commercial Operations
4,359
4,829
Corporate
1,866
1,583
TOTAL
$
19,020
$
17,620
CAPITAL
EXPENDITURES:
Government Operations
$
15,268
$
27,581
Commercial Operations
13,951
24,100
Corporate
561
730
TOTAL
$
29,780
$
52,411
BACKLOG:
Government Operations
$
3,108,628
$
4,158,335
Commercial Operations
665,745
748,101
TOTAL
$
3,774,373
$
4,906,436
BOOKINGS:
Government Operations
$
52,737
$
57,019
Commercial Operations
145,686
204,119
TOTAL
$
198,423
$
261,138
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230508005515/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
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