- 2Q23 revenues of $612.4 million
- 2Q23 net income of $58.7 million, adjusted EBITDA(1) of $107.0
million
- 2Q23 diluted GAAP EPS of $0.64, non-GAAP(1) EPS of $0.65
- Selected to provide the nuclear system and fuel for DARPA's
DRACO project, the first nuclear powered spacecraft
- Shipped final missile tube of the Block II contract from our
Mount Vernon facility
- Narrowing 2023 non-GAAP(1) EPS guidance to $2.85-$3.00
BWX Technologies, Inc. (NYSE: BWXT) ("BWXT", "we", "us" or the
"Company") reported second quarter 2023 GAAP net income
attributable to BWXT of $58.6 million, or diluted earnings per
share (EPS) of $0.64, on second quarter revenues of $612.4 million.
Second quarter 2023 non-GAAP(1) net income attributable to BWXT was
$59.4 million, or non-GAAP(1) diluted EPS of $0.65. Second quarter
2023 adjusted earnings before interest, taxes, depreciation, and
amortization (EBITDA)(1) was $107.0 million. A reconciliation of
non-GAAP results are detailed in Exhibit 1.
“Our second quarter 2023 results were ahead of expectations,
driven largely by exceptional performance in Commercial Operations,
with solid execution in both our commercial nuclear and medical
businesses,” said Rex D. Geveden, president and chief executive
officer. “In the first half of the year we made significant
progress onboarding new team members. As expected, this contributed
to a sequential margin decline in our Government Operations
business, but positions us well for the future growth opportunities
we see materializing across our markets.”
“In June, we reached an important operational milestone by
delivering our final missile tube. While this business line has had
its challenges, I am proud of our team for its dedication to this
important Navy program,” said Geveden. “We continue to effectively
execute our growth strategy across multiple nuclear markets. In
that vein, we are excited to announce that NASA and DARPA selected
BWX Technologies to build a prototype nuclear rocket engine for
demonstration in space, highlighting our ability to address power
and propulsion applications in all domains including maritime,
terrestrial, and now space, with our best-in-class nuclear
solutions.”
“Looking forward, we continue to see momentum building for the
use of nuclear technologies in our national security, clean energy
and medical markets,” continued Geveden. “Given solid demand
trends, and our strong first half results, we are narrowing our
2023 adjusted EPS guidance to $2.85-$3.00.”
Financial Results Summary
Three Months Ended June
30,
2023
2022
$ Change
% Change
(Unaudited)
(In millions, except per share
amounts)
Revenues
Government Operations
$
492.0
$
436.5
$
55.4
13
%
Commercial Operations
$
120.9
$
118.5
$
2.4
2
%
Consolidated
$
612.4
$
554.2
$
58.2
11
%
Operating Income
Government Operations
$
82.2
$
83.8
$
(1.6
)
(2
)%
Commercial Operations
$
11.0
$
12.9
$
(1.8
)
(14
)%
Unallocated Corporate (Expense)
$
(6.6
)
$
(1.4
)
$
(5.1
)
NM
Consolidated
$
86.7
$
95.2
$
(8.6
)
(9
)%
Consolidated non-GAAP(1)
$
87.6
$
96.1
$
(8.5
)
(9
)%
EPS (Diluted)
GAAP
$
0.64
$
0.82
$
(0.18
)
(22
)%
Non-GAAP(1)
$
0.65
$
0.82
$
(0.17
)
(21
)%
Net Income
GAAP
$
58.7
$
74.7
$
(16.0
)
(21
)%
Non-GAAP(1)
$
59.5
$
75.5
$
(16.0
)
(21
)%
Adjusted EBITDA(1)
Government Operations
$
95.5
$
95.7
$
(0.2
)
—
%
Commercial Operations
$
15.8
$
18.2
$
(2.4
)
(13
)%
Corporate
$
(4.3
)
$
0.9
$
(5.2
)
NM
Consolidated
$
107.0
$
114.7
$
(7.7
)
(7
)%
Cash Flows
Operating Cash Flow(2)
$
80.6
$
77.4
$
3.2
4
%
Capital Expenditures(2)
$
39.8
$
42.5
$
(2.7
)
(6
)%
Free Cash Flow(1)
$
40.8
$
34.9
$
5.9
17
%
Dividends Paid(2)
$
21.1
$
20.1
$
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
Second 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 procurement. The Commercial Operations
increase was driven by an increase in medical sales as well as
higher revenue associated with commercial nuclear field services,
which was partially offset by lower fuel fabrication and nuclear
component volumes.
Operating Income and Adjusted EBITDA(1)
Second quarter operating income decreased in both operating
segments. The Government Operations decrease was mainly due to
higher costs associated with the increase in staffing levels and
associated training and related inefficiencies, as well as mix, due
to higher advanced technologies revenue. The Commercial Operations
decrease was largely due to a less favorable business mix that was
weighted toward refurbishment and life extension field services,
compared to a greater mix of outage work in the second quarter of
2022, and mitigated by higher profitability in medical.
Second quarter total adjusted EBITDA(1) decreased for the
reasons noted above.
EPS
The second quarter GAAP and non-GAAP EPS(1) decrease was driven
primarily by lower operating income as well as higher interest
expense and lower pension income.
Cash Flows
Operating cash flow increased as lower net income was offset by
improving working capital management. 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 $21.1 million in dividends to shareholders in second
quarter 2023. On August 2, 2023, the BWXT Board of Directors
declared a quarterly cash dividend of $0.23 per common share
payable on September 7, 2023, to shareholders of record on August
17, 2023.
2023 Guidance
BWXT reaffirmed its 2023 guidance for increased adjusted EBITDA
and free cash flow, and narrowed its guidance range for non-GAAP(1)
EPS.
(In millions, except per share
amounts)
Year Ended
Year Ending
Year Ending
December 31, 2022
December 31, 2023
December 31, 2023
Results
Current Guidance
Prior Guidance
Revenue
$2,233
>$2,400
~$2,400
Adjusted EBITDA(1)
$439
~$475
~$475
Adjusted Pre-tax Income(1)
$378
~$350
~$350
Non-GAAP(1) Earnings Per Share
$3.13
$2.85 - $3.00
$2.80 - $3.00
Free Cash Flow(1)
$46
~$200
~$200
Additional information can be found in the 2023 second 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 Second Quarter 2023
Results
Date: Thursday, August 3, 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/2Q2023-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 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 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
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, 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, 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 approximately 7,000 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 June 30,
2023
GAAP
Restructuring Costs
Acquisition- related
Costs
Non-GAAP
Operating Income
$
86.7
$
0.9
$
0.1
$
87.6
Other Income (Expense)
(8.7
)
—
—
(8.7
)
Income Before Provision for Income
Taxes
77.9
0.9
0.1
78.9
Provision for Income Taxes
(19.3
)
(0.1
)
(0.0
)
(19.4
)
Net Income
58.7
0.8
0.1
59.5
Net Income Attributable to Noncontrolling
Interest
(0.1
)
—
—
(0.1
)
Net Income Attributable to BWXT
$
58.6
$
0.8
$
0.1
$
59.4
Diluted Shares Outstanding
91.8
91.8
Diluted Earnings per Common Share
$
0.64
$
0.01
$
0.00
$
0.65
Effective Tax Rate
24.7
%
24.6
%
Government Operations Operating Income
$
82.2
$
0.2
$
—
$
82.4
Commercial Operations Operating Income
$
11.0
$
0.4
$
—
$
11.5
Unallocated Corporate Operating Income
$
(6.6
)
$
0.3
$
0.1
$
(6.2
)
Three Months Ended June 30,
2022
GAAP
Restructuring Costs
Acquisition- related
Costs
Non-GAAP
Operating Income
$
95.2
$
0.3
$
0.6
$
96.1
Other Income (Expense)
2.9
—
—
2.9
Income Before Provision for Income
Taxes
98.1
0.3
0.6
99.0
Provision for Income Taxes
(23.4
)
(0.1
)
(0.0
)
(23.5
)
Net Income
74.7
0.2
0.6
75.5
Net Income Attributable to Noncontrolling
Interest
(0.1
)
—
—
(0.1
)
Net Income Attributable to BWXT
$
74.6
$
0.2
$
0.6
$
75.4
Diluted Shares Outstanding
91.5
91.5
Diluted Earnings per Common Share
$
0.82
$
0.00
$
0.01
$
0.82
Effective Tax Rate
23.9
%
23.7
%
Government Operations Operating Income
$
83.8
$
—
$
—
$
83.8
Commercial Operations Operating Income
$
12.9
$
0.3
$
—
$
13.1
Unallocated Corporate Operating Income
$
(1.4
)
$
0.0
$
0.6
$
(0.8
)
EXHIBIT 1 (continued)
RECONCILIATION OF CONSOLIDATED
ADJUSTED EBITDA(1)(2)(3)
(In millions)
Three Months Ended June 30,
2023
GAAP
Restructuring Costs
Acquisition- related
Costs
Non-GAAP
Net Income
$
58.7
$
0.8
$
0.1
$
59.5
Provision for Income Taxes
19.3
0.1
0.0
19.4
Other – net
(3.0
)
—
—
(3.0
)
Interest Expense
12.2
—
—
12.2
Interest Income
(0.5
)
—
—
(0.5
)
Depreciation & Amortization
19.4
—
—
19.4
Adjusted EBITDA
$
106.1
$
0.9
$
0.1
$
107.0
Three Months Ended June 30,
2022
GAAP
Restructuring Costs
Acquisition- related
Costs
Non-GAAP
Net Income
$
74.7
$
0.2
$
0.6
$
75.5
Provision for Income Taxes
23.4
0.1
0.0
23.5
Other – net
(11.1
)
—
—
(11.1
)
Interest Expense
8.3
—
—
8.3
Interest Income
(0.1
)
—
—
(0.1
)
Depreciation & Amortization
18.6
—
—
18.6
Adjusted EBITDA
$
113.8
$
0.3
$
0.6
$
114.7
RECONCILIATION OF REPORTING
SEGMENT ADJUSTED EBITDA(1)(2)(3)
(In millions)
Three Months Ended June 30,
2023
Operating Income
(GAAP)
Non-GAAP
Adjustments(4)
Depreciation &
Amortization
Adjusted EBITDA
Government Operations
$
82.2
$
0.2
$
13.1
$
95.5
Commercial Operations
$
11.0
$
0.4
$
4.4
$
15.8
Three Months Ended June 30,
2022
Operating Income
(GAAP)
Non-GAAP
Adjustments(4)
Depreciation &
Amortization
Adjusted EBITDA
Government Operations
$
83.8
$
—
$
11.9
$
95.7
Commercial Operations
$
12.9
$
0.3
$
5.0
$
18.2
EXHIBIT 1
(continued)
RECONCILIATION OF CONSOLIDATED
FREE CASH FLOW(1)(2)(3)
(In millions)
Three Months Ended June 30,
2023
Net Cash Provided By Operating
Activities
$
80.6
Purchases of Property, Plant and
Equipment
(39.8
)
Free Cash Flow
$
40.8
Three Months Ended June 30,
2022
Net Cash Provided By Operating
Activities
$
77.4
Purchases of Property, Plant and
Equipment
(42.5
)
Free Cash Flow
$
34.9
(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 June
30,
Six Months Ended June
30,
2023
2022
2023
2022
(Unaudited)
(In thousands, except share
and per share amounts)
Revenues
$
612,445
$
554,208
$
1,180,805
$
1,084,946
Costs and Expenses:
Cost of operations
471,324
413,000
902,454
817,827
Research and development costs
2,595
2,611
4,799
5,564
Losses (gains) on asset disposals and
impairments, net
(9
)
(1
)
(15
)
29
Selling, general and administrative
expenses
64,437
54,680
125,272
114,814
Total Costs and Expenses
538,347
470,290
1,032,510
938,234
Equity in Income of Investees
12,568
11,319
26,213
20,098
Operating Income
86,666
95,237
174,508
166,810
Other Income (Expense):
Interest income
517
73
980
190
Interest expense
(12,206
)
(8,307
)
(23,025
)
(15,358
)
Other – net
2,962
11,096
5,150
23,905
Total Other Income (Expense)
(8,727
)
2,862
(16,895
)
8,737
Income before Provision for Income
Taxes
77,939
98,099
157,613
175,547
Provision for Income Taxes
19,274
23,418
37,955
41,792
Net Income
$
58,665
$
74,681
$
119,658
$
133,755
Net Loss (Income) Attributable to
Noncontrolling Interest
(68
)
(68
)
31
(132
)
Net Income Attributable to BWX
Technologies, Inc.
$
58,597
$
74,613
$
119,689
$
133,623
Earnings per Common Share:
Basic:
Net Income Attributable to BWX
Technologies, Inc.
$
0.64
$
0.82
$
1.31
$
1.46
Diluted:
Net Income Attributable to BWX
Technologies, Inc.
$
0.64
$
0.82
$
1.30
$
1.46
Shares used in the computation of earnings
per share:
Basic
91,626,846
91,394,853
91,565,417
91,479,226
Diluted
91,805,179
91,540,319
91,802,435
91,670,307
BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
Six Months Ended June
30,
2023
2022
(Unaudited) (In
thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income
$
119,658
$
133,755
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
38,404
36,216
Income of investees, net of dividends
(4,113
)
(5,616
)
Recognition of losses for pension and
postretirement plans
1,660
1,627
Stock-based compensation expense
8,669
8,966
Other, net
131
2,921
Changes in assets and liabilities, net of
effects from acquisitions:
Accounts receivable
(4,936
)
(1,925
)
Accounts payable
7,071
(22,571
)
Retainages
(5,808
)
(92
)
Contracts in progress and advance billings
on contracts
(47,278
)
(38,703
)
Income taxes
(10,830
)
(4,897
)
Accrued and other current liabilities
(13,158
)
(8,045
)
Pension liabilities, accrued
postretirement benefit obligations and employee benefits
(17,865
)
(29,798
)
Other, net
(4,016
)
200
NET CASH PROVIDED BY OPERATING
ACTIVITIES
67,589
72,038
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and
equipment
(69,582
)
(94,946
)
Acquisition of business, net of cash
acquired
—
(47,328
)
Purchases of securities
(2,343
)
(1,975
)
Sales and maturities of securities
5,996
1,981
Investments, net of return of capital, in
equity method investees
—
(22,554
)
Other, net
15
71
NET CASH USED IN INVESTING ACTIVITIES
(65,914
)
(164,751
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings of long-term debt
210,900
322,400
Repayments of long-term debt
(164,025
)
(132,400
)
Repurchases of common stock
—
(20,000
)
Dividends paid to common shareholders
(42,735
)
(40,758
)
Cash paid for shares withheld to satisfy
employee taxes
(6,948
)
(6,044
)
Settlements of forward contracts, net
(520
)
1,976
Other, net
46
(128
)
NET CASH (USED IN) PROVIDED BY FINANCING
ACTIVITIES
(3,282
)
125,046
EFFECTS OF EXCHANGE RATE CHANGES ON
CASH
196
977
TOTAL (DECREASE) INCREASE IN CASH AND CASH
EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS
(1,411
)
33,310
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
$
39,579
$
73,085
SUPPLEMENTAL DISCLOSURES OF CASH FLOW
INFORMATION:
Cash paid during the period for:
Interest
$
34,602
$
21,732
Income taxes (net of refunds)
$
48,315
$
45,187
SCHEDULE OF NON-CASH INVESTING
ACTIVITY:
Accrued capital expenditures included in
accounts payable
$
10,694
$
10,072
BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
ASSETS
June 30, 2023
December 31,
2022
(Unaudited)
(In thousands)
Current Assets:
Cash and cash equivalents
$
33,861
$
35,244
Restricted cash and cash equivalents
2,987
2,928
Investments
—
3,804
Accounts receivable – trade, net
64,299
60,782
Accounts receivable – other
30,522
26,894
Retainages
54,374
48,566
Contracts in progress
590,369
538,365
Other current assets
62,789
55,036
Total Current Assets
839,201
771,619
Property, Plant and Equipment, Net
1,183,403
1,134,897
Investments
9,000
8,097
Goodwill
297,079
293,165
Deferred Income Taxes
20,175
20,585
Investments in Unconsolidated
Affiliates
104,311
100,198
Intangible Assets
191,353
193,612
Other Assets
96,052
96,766
TOTAL
$
2,740,574
$
2,618,939
BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
LIABILITIES AND STOCKHOLDERS'
EQUITY
June 30, 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
144,437
127,112
Accrued employee benefits
49,025
61,079
Accrued liabilities – other
60,577
84,693
Advance billings on contracts
87,772
88,726
Total Current Liabilities
348,061
367,860
Long-Term Debt
1,330,523
1,282,624
Accumulated Postretirement Benefit
Obligation
17,927
18,157
Environmental Liabilities
94,866
90,989
Pension Liability
53,766
57,832
Other Liabilities
53,903
53,122
Commitments and Contingencies
Stockholders' Equity:
Common stock, par value $0.01 per share,
authorized 325,000,000 shares; issued 127,986,101 and 127,671,756
shares at June 30, 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
198,106
189,263
Retained earnings
2,010,212
1,932,970
Treasury stock at cost, 36,530,126 and
36,417,480 shares at June 30, 2023 and December 31, 2022,
respectively
(1,360,219
)
(1,353,270
)
Accumulated other comprehensive income
(loss)
(7,720
)
(21,930
)
Stockholders' Equity – BWX Technologies,
Inc.
841,659
748,310
Noncontrolling interest
(131
)
45
Total Stockholders' Equity
841,528
748,355
TOTAL
$
2,740,574
$
2,618,939
BWX TECHNOLOGIES, INC.
BUSINESS SEGMENT
INFORMATION
Three Months Ended June
30,
Six Months Ended June
30,
2023
2022
2023
2022
(Unaudited)
(In thousands)
REVENUES:
Government Operations
$
491,967
$
436,537
$
951,853
$
868,314
Commercial Operations
120,920
118,522
229,844
218,472
Eliminations
(442
)
(851
)
(892
)
(1,840
)
TOTAL
$
612,445
$
554,208
$
1,180,805
$
1,084,946
SEGMENT
INCOME:
Government Operations
$
82,208
$
83,783
$
172,768
$
156,014
Commercial Operations
11,017
12,864
12,530
16,826
SUBTOTAL
$
93,225
$
96,647
$
185,298
$
172,840
Unallocated Corporate
(6,559
)
(1,410
)
(10,790
)
(6,030
)
TOTAL
$
86,666
$
95,237
$
174,508
$
166,810
DEPRECIATION AND
AMORTIZATION:
Government Operations
$
13,141
$
11,913
$
25,936
$
23,121
Commercial Operations
4,362
5,033
8,721
9,862
Corporate
1,881
1,650
3,747
3,233
TOTAL
$
19,384
$
18,596
$
38,404
$
36,216
CAPITAL
EXPENDITURES:
Government Operations
$
23,223
$
19,488
$
38,491
$
47,069
Commercial Operations
15,777
21,644
29,728
45,744
Corporate
802
1,403
1,363
2,133
TOTAL
$
39,802
$
42,535
$
69,582
$
94,946
BACKLOG:
Government Operations
$
3,405,716
$
3,989,300
$
3,405,716
$
3,989,300
Commercial Operations
709,254
731,420
709,254
731,420
TOTAL
$
4,114,970
$
4,720,720
$
4,114,970
$
4,720,720
BOOKINGS:
Government Operations
$
788,668
$
222,127
$
841,405
$
279,146
Commercial Operations
164,375
101,840
310,061
305,960
TOTAL
$
953,043
$
323,967
$
1,151,466
$
585,106
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230803472796/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 hjsimmons@bwxt.com
BWX Technologies (NYSE:BWXT)
Historical Stock Chart
From Sep 2024 to Oct 2024
BWX Technologies (NYSE:BWXT)
Historical Stock Chart
From Oct 2023 to Oct 2024