Latest news with #BWXTechnologies
Yahoo
4 days ago
- Business
- Yahoo
Here's What Became a Catalyst for BWX Technologies' (BWXT) Growth
Artisan Partners, an investment management company, released its 'Artisan Mid Cap Fund' second-quarter 2025 investor letter. A copy of the letter can be downloaded here. In the second quarter, the fund's Investor Class fund ARTMX returned 14.40%, Advisor Class fund APDMX posted a return of 14.45%, and Institutional Class fund APHMX returned 14.50%, compared to a 18.20% return for the Russell Midcap Growth Index. Global markets experienced a significant but volatile Q2, rotating from double-digit declines to double-digit gains. In addition, please check the fund's top five holdings to know its best picks in 2025. In its second-quarter 2025 investor letter, Artisan Mid Cap Fund highlighted stocks such as BWX Technologies, Inc. (NYSE:BWXT). Headquartered in Lynchburg, Virginia, BWX Technologies, Inc. (NYSE:BWXT) is a nuclear component manufacturing and distributing company. The one-month return of BWX Technologies, Inc. (NYSE:BWXT) was 31.73%, and its shares gained 84.22% of their value over the last 52 weeks. On August 7, 2025, BWX Technologies, Inc. (NYSE:BWXT) stock closed at $179.74 per share, with a market capitalization of $16.428 billion. Artisan Mid Cap Fund stated the following regarding BWX Technologies, Inc. (NYSE:BWXT) in its second quarter 2025 investor letter: "During the quarter, we initiated new GardenSM positions in RBC Bearings, BWX Technologies, Inc. (NYSE:BWXT) and Duolingo. BWX Technologies designs and manufactures nuclear reactor vessels and components for the US Navy and commercial markets. It has the only Nuclear Regulatory Commission Category 1-licensed facilities permitted to handle, store and process highly enriched uranium in the US. This exclusivity gives it a dominant position across both business segments. It maintains a monopoly on nuclear reactors and fuel for US submarines and aircraft carriers, and it offers a differentiated portfolio of heavy nuclear components. The build schedule for US Navy submarines and aircraft carriers provides long-term visible growth, which we expect to be enhanced by upcoming investments by Canada into refurbishing, expanding and building nuclear power plants. In addition, the Trump administration's stated desire to accelerate US nuclear energy development could become a catalyst for growth." An aerial view of a nuclear plant, its domes casting a unique shadow. BWX Technologies, Inc. (NYSE:BWXT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 52 hedge fund portfolios held BWX Technologies, Inc. (NYSE:BWXT) at the end of the first quarter, which was 55 in the previous quarter. BWX Technologies, Inc. (NYSE: BWXT) reported second quarter revenue of $764 million, reflecting a 12% increase, driven by growth in both of its segments. While we acknowledge the potential of BWX Technologies, Inc. (NYSE:BWXT) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. In another article, we covered BWX Technologies, Inc. (NYSE:BWXT) and shared the list of top nuclear energy stocks to invest in for the next decade. In addition, please check out our hedge fund investor letters Q2 2025 page for more investor letters from hedge funds and other leading investors. READ NEXT: The Best and Worst Dow Stocks for the Next 12 Months and 10 Unstoppable Stocks That Could Double Your Money. Disclosure: None. This article is originally published at Insider Monkey. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
6 days ago
- Business
- Yahoo
Why Oklo Stock Is Soaring Higher Today
Key Points Oklo stock is rising today despite a lack of news from the company. BWX Technologies reported strong financial results yesterday, which Oklo investors are seeing as a positive sign for the nuclear energy industry. An investment in Oklo requires a high threshold for risk, so investors shoulda act accordingly. 10 stocks we like better than Oklo › Rebuffing the general bearing sentiment that is driving the S&P 500 (SNPINDEX: ^GSPC) and Dow Jones Industrial Average (DJINDICES: ^DJI) lower today, investors are powered up about nuclear energy stock Oklo (NYSE: OKLO). Although the company hasn't reported any developments to substantiate the stock's rise, there is industry news that investors are interpreting as positive for the small modular reactor (SMR) developer. As of 12:41 a.m. ET, shares of Oklo have risen 8.7%. BWX Technologies just proved that the state of the nuclear energy industry remains strong It's not just speculation that the nuclear energy will soon grow that's driving investor interest into SMR stocks like Oklo. BWX Technologies (NYSE: BWXT) is seeing tangible benefits in its financials. Providing manufacturing and engineering services for the nuclear energy industry, BWXT reported second-quarter 2025 financial results yesterday. Oklo investors are likely giving weight to commentary from Rex Geveden, BWX Technologies president and CEO, who recognized that "demand for nuclear solutions in the global security, clean energy, and medical markets continues to accelerate." Is now the time to buy Oklo stock? The financial results that BWX Technologies reported are certainly encouraging; however, it hardly seems sufficient for investors to predicate an Oklo investment on right now. Nonetheless, Oklo stock is certainly a worthy consideration for those interested in gaining exposure to SMR technology and the growth of the nuclear energy industry. Buying growth stocks such as Oklo -- stocks that aren't generating revenue -- require extremely high tolerances for risk, so investors should act accordingly. Of course, buying a nuclear energy ETF provides another option that helps to gain industry exposure while limiting risk. Should you buy stock in Oklo right now? Before you buy stock in Oklo, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Oklo wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $631,505!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,103,313!* Now, it's worth noting Stock Advisor's total average return is 1,039% — a market-crushing outperformance compared to 181% for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of August 4, 2025 Scott Levine has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends BWX Technologies. The Motley Fool has a disclosure policy. Why Oklo Stock Is Soaring Higher Today was originally published by The Motley Fool Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Globe and Mail
6 days ago
- Business
- Globe and Mail
BWXT (BWXT) Revenue Jumps 12%
Key Points Revenue (GAAP) reached $764.0 million for Q2 2025, exceeding the $711.1 million GAAP estimate and up 12% compared to Q2 2024. Non-GAAP EPS was $1.02 for Q2 2025, above the $0.79 non-GAAP estimate and a 24% increase year over year. Record order backlog grew 70.2% year-over-year in Q2 2025, with management raising full-year 2025 revenue and non-GAAP earnings guidance. These 10 stocks could mint the next wave of millionaires › BWX Technologies (NYSE:BWXT), a key supplier of nuclear components to the U.S. government and commercial markets, reported its Q2 2025 results on August 4, 2025. Revenue (GAAP) was $764.0 million, handily beating analysts' GAAP estimates of $711.1 million. Non-GAAP earnings per share reached $1.02, outperforming the $0.79 non-GAAP consensus. The company's backlog grew sharply, reaching $6.0 billion, supporting a raised revenue and non-GAAP earnings forecast for 2025. Overall, the quarter delivered strong growth and operational results, though ongoing challenges in commercial profit margins were noted. Metric Q2 2025 Q2 2025 Estimate Q2 2024 Y/Y Change EPS (Non-GAAP) $1.02 $0.79 $0.82 24% Revenue (GAAP) $764.0 million $711.06 million $681.5 million 12% Adjusted EBITDA $145.9 million $126.2 million 16% Operating Income (GAAP) $102.4 million $98.8 million 4% Free Cash Flow $126.3 million $35.5 million 256.1% Source: Analyst estimates provided by FactSet. Management expectations based on management's guidance, as provided in Q1 2025 earnings report. Business Overview and Key Success Factors BWX Technologies operates in two main segments: Government Operations and Commercial Operations. The Government segment designs and manufactures nuclear components for the U.S. Navy and Department of Energy, including propulsion systems for submarines and aircraft carriers. The Commercial segment supplies nuclear power components, life-extension services for nuclear plants, and medical isotopes used in healthcare imaging and treatments. The company's growth depends on demand from the U.S. government, which usually provides steady, multi-year contracts. Its commercial business responds to global demand for nuclear power and medical isotopes. Strategic investments and acquisitions, such as the recent purchase of Kinectrics, help expand BWXT's technical capabilities and address new markets. Notable Developments in the Quarter The quarter saw a sharp rise in revenue, driven by outperformance in both core segments. Government Operations produced $589.0 million in GAAP revenue, up 9% from the prior-year quarter, with operating income (GAAP) rising 18%. A highlight was a record backlog of $4.44 billion in this segment, up over 54% compared to Q2 2024. Key contract wins included new pricing agreements for naval reactors—a core business anchored in federal defense spending priorities. Management noted, "exceptionally strong second quarter 2025 financial results driven by solid operational performance and pacing of work, particularly in Government Operations," Commercial Operations delivered revenue of $176.1 million, representing 24% growth compared to Q2 2024, but the segment's operating income (GAAP) dropped 59%. The decline resulted from unfavorable project mix and increased costs, especially raw material inflation in products like nuclear fuel tubing. Import cost pressures, most notably zirconium, affected profitability. Management expects relief in the second half of 2025 as cost pass-through mechanisms kick in under existing contracts. The commercial backlog more than doubled from $669 million in Q2 2024 to $1.58 billion, reflecting demand in nuclear and medical markets. The company closed its acquisition of Kinectrics in May 2025. This move aims to grow BWXT's capacity in nuclear lifecycle services and radiopharmaceuticals, contributing to the Commercial segment. Both recent acquisitions—Kinectrics and Aerojet Ordnance Tennessee—added to revenue during the quarter and contributed to the consolidated order backlog reaching a record $6.0 billion at quarter end. Alongside this, the company kept pace with expansion plans, including scaled-up manufacturing at its Cambridge facility in Canada. On a consolidated basis, adjusted EBITDA rose 16% to $145.9 million. Operating income (GAAP) was up 4%, reflecting gains in Government Operations mostly offset by lower profits in Commercial. Free cash flow (non-GAAP) improved significantly, rising to $126.3 million from $35.5 million in Q2 2024, aided by improved working capital discipline and contract award timing. BWXT paid $23.1 million in dividends during the quarter, reflecting a steady $0.25 per share payout. Financial Outlook and What to Watch Next Management raised its financial outlook for 2025, increasing guidance for adjusted EBITDA, non-GAAP EPS, and free cash flow, now projecting revenue near $3.1 billion (previously ~$3.0 billion) and non-GAAP EPS of $3.65–$3.75 (up from $3.40–$3.55). Adjusted EBITDA is now expected between $565 million and $575 million, while free cash flow guidance climbed to $275–$285 million. This enhanced forecast is backed by the strong backlog and robust first-half order trends. The company's CEO stated, ""Based on our strong year-to-date results, robust bookings, and favorable market outlook, we are increasing our 2025 financial guidance metrics,"" Investors will want to watch margin recovery in Commercial Operations as cost pass-through protections are implemented, and how well BWXT integrates newly acquired businesses. The company's exposure to U.S. government budgets remains a central factor—any major changes in defense spending or procurement could affect financial results in future periods. Raw material costs and progress in expanding medical radioisotopes capability are also key variables. Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted. Where to invest $1,000 right now When our analyst team has a stock tip, it can pay to listen. After all, Stock Advisor's total average return is 1,019%* — a market-crushing outperformance compared to 178% for the S&P 500. They just revealed what they believe are the 10 best stocks for investors to buy right now, available when you join Stock Advisor. See the stocks » *Stock Advisor returns as of August 4, 2025
Yahoo
6 days ago
- Business
- Yahoo
BWX Technologies (BWXT) Q2 Earnings and Revenues Top Estimates
BWX Technologies (BWXT) came out with quarterly earnings of $1.02 per share, beating the Zacks Consensus Estimate of $0.79 per share. This compares to earnings of $0.82 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +29.11%. A quarter ago, it was expected that this supplier of nuclear fuel and components to the U.S. government would post earnings of $0.73 per share when it actually produced earnings of $0.91, delivering a surprise of +24.66%. Over the last four quarters, the company has surpassed consensus EPS estimates four times. BWX, which belongs to the Zacks Aerospace - Defense Equipment industry, posted revenues of $764.04 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 6.73%. This compares to year-ago revenues of $681.47 million. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. BWX shares have added about 34.2% since the beginning of the year versus the S&P 500's gain of 6.1%. What's Next for BWX? While BWX has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for BWX was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.87 on $786.52 million in revenues for the coming quarter and $3.55 on $3.05 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Aerospace - Defense Equipment is currently in the bottom 41% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Sky Harbour Group Corporation (SKYH), another stock in the same industry, has yet to report results for the quarter ended June 2025. This company is expected to post quarterly loss of $0.12 per share in its upcoming report, which represents a year-over-year change of -300%. The consensus EPS estimate for the quarter has been revised 13.3% higher over the last 30 days to the current level. Sky Harbour Group Corporation's revenues are expected to be $6.63 million, up 83.2% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report BWX Technologies, Inc. (BWXT) : Free Stock Analysis Report Sky Harbour Group Corporation (SKYH) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
Business Wire
6 days ago
- Business
- Business Wire
BWX Technologies Reports Second Quarter 2025 Results
LYNCHBURG, Va.--(BUSINESS WIRE)--BWX Technologies, Inc. (NYSE: BWXT) ("BWXT", "we", "us" or the "Company") reported second quarter 2025 results. A reconciliation of non-GAAP results is detailed in Exhibit 1. 'We had exceptionally strong second quarter 2025 financial results driven by solid operational performance and pacing of work, particularly in Government Operations, which was complemented by robust bookings in both segments, leading to record backlog,' said Rex D. Geveden, president and chief executive officer. 'The demand for nuclear solutions in the global security, clean energy, and medical markets continues to accelerate,' continued Geveden. 'In our ten years as a standalone public company, BWXT has built significant industrial scale, leading to one of the broadest and highest quality portfolios in the nuclear market. Our robust manufacturing, processing, and servicing capabilities stem from decades of real nuclear experience and our strategic investments in innovation and efficiency; these are underpinned by our technical depth and long history of successfully delivering nuclear solutions to our customers. We remain focused on growth, operational excellence, and strategic investments to create value for our customers, and ultimately our shareholders.' 'Based on our strong year-to-date results, robust bookings, and favorable market outlook, we are increasing our 2025 financial guidance metrics,' said Geveden. 'We now expect adjusted EBITDA of $565 million to $575 million, adjusted EPS of $3.65 to $3.75, and free cash flow of $275 million to $285 million.' Three Months Ended June 30, Revenues Government Operations $ 589.0 $ 540.8 $ 48.1 9% Commercial Operations $ 176.1 $ 141.5 $ 34.6 24% Consolidated $ 764.0 $ 681.5 $ 82.6 12% Operating Income Government Operations $ 109.4 $ 92.5 $ 16.9 18% Commercial Operations $ 6.9 $ 16.6 $ (9.8 ) (59)% Unallocated Corporate (Expense) $ (13.9 ) $ (10.3 ) $ (3.5 ) NM Consolidated $ 102.4 $ 98.8 $ 3.6 4% Consolidated non-GAAP (1) $ 118.6 $ 104.6 $ 14.0 13% EPS (Diluted) GAAP $ 0.85 $ 0.79 $ 0.06 8% Non-GAAP (1) $ 1.02 $ 0.82 $ 0.20 24% Net Income GAAP $ 78.5 $ 73.0 $ 5.4 7% Non-GAAP (1) $ 93.2 $ 75.4 $ 17.8 24% Adjusted EBITDA (1) Government Operations $ 133.0 $ 108.2 $ 24.8 23% Commercial Operations $ 16.2 $ 22.5 $ (6.3 ) (28)% Unallocated Corporate $ (3.3 ) $ (4.5 ) $ 1.2 NM Consolidated $ 145.9 $ 126.2 $ 19.7 16% Cash Flows Operating Cash Flow (2) $ 159.0 $ 65.9 $ 93.1 141% Capital Expenditures (2) $ 32.7 $ 30.4 $ 2.3 8% Free Cash Flow (1) $ 126.3 $ 35.5 $ 90.8 256% Dividends Paid (2) $ 23.1 $ 22.0 $ 1.2 5% NM = Not Meaningful (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 (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 Expand Revenues Second quarter revenue increased in both operating segments. The Government Operations increase was driven by higher naval nuclear component production, special materials processing, and contribution from the acquisition of A.O.T., partially offset by lower microreactor volumes. The Commercial Operations increase was driven by higher revenue associated with commercial nuclear components, higher medical sales, and contribution from the acquisition of Kinectrics, partially offset by lower field services activity due to the timing of life-extension and outage projects, as well as lower fuel handling revenue. Operating Income and Adjusted EBITDA (1) Second quarter GAAP operating income increased as an increase in Government Operations was partially offset by lower Commercial Operations and higher corporate expense, as well as restructuring and transformation, and acquisition related costs. Second quarter non-GAAP (1) operating income increased as an increase in Government Operations and lower corporate expense was partially offset by lower Commercial Operations. The Government Operations increase was driven by higher revenue and solid operational performance. The decrease in Commercial Operations was mainly due to revenue mix, related to the timing of life-extension and outage projects mentioned above, and growth investments. Second quarter adjusted EBITDA (1) increased for the reasons noted above. EPS Second quarter GAAP EPS increased as higher operating income, higher other income and a lower tax rate, were partially offset by higher interest expense. Non-GAAP EPS (1) increased as higher operating income, higher other income and a lower tax rate were partially offset by higher interest expense. Cash Flows Second quarter operating cash flow increased driven by higher net income, working capital management, and timing of awards. Capital expenditures increased slightly 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 $23.1 million, or $0.25 per common share, to shareholders in the second quarter of 2025. On July 30, 2025, the BWXT Board of Directors declared a quarterly cash dividend of $0.25 per common share payable on September 5, 2025, to shareholders of record on August 18, 2025. 2025 Guidance BWXT raised its 2025 guidance for revenue, adjusted EBITDA (1) and non-GAAP EPS (1), and increased the low-end its free cash flow guidance. Additional information can be found in the second quarter 2025 earnings call presentation on the BWXT investor relations website at 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 2025 Results Date: Monday, August 4, 2025, at 5:00 p.m. EDT Live Webcast: Investor Relations section of website at Expand Full Earnings Release Available on BWXT Website A full version of this earnings release is available on our Investor Relations website at BWXT may use its website ( 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 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, acquisition-related costs, and acquisition-related amortization. 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 2025 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, 2024 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 nearly 10,000 employees, BWXT and its affiliated companies have 20 major operating sites in the U.S., Canada and the U.K. BWXT and its industry partners support the U.S. Department of Energy and National Nuclear Security Administration across more than a dozen major contracts in North America. For more information, visit Follow us on LinkedIn, X, Facebook and Instagram. EXHIBIT 1 Three Months Ended June 30, 2024 Government Operations Operating Income $ 92.5 $ 0.3 $ — $ — $ 92.8 Commercial Operations Operating Income $ 16.6 $ 1.5 $ — $ — $ 18.1 Unallocated Corporate Operating Income $ (10.3 ) $ 4.0 $ 0.1 $ — $ (6.3 ) Operating Income $ 98.8 $ 5.8 $ 0.1 $ — $ 104.6 Other Income (Expense) (7.2 ) — — — (7.2 ) Income Before Provision for Income Taxes 91.6 5.8 0.1 — 97.4 Provision for Income Taxes (18.6 ) (1.3 ) (0.0 ) (2.2 ) (22.1 ) Net Income 73.0 4.4 — (2.2 ) 75.4 Net Income Attributable to Noncontrolling Interest (0.1 ) — — — (0.1 ) Net Income Attributable to BWXT $ 73.0 $ 4.4 $ — $ (2.2 ) $ 75.3 Diluted Shares Outstanding 91.8 91.8 Diluted Earnings per Common Share $ 0.79 $ 0.05 $ 0.00 $ (0.02 ) $ 0.82 Effective Tax Rate 20.3 % 22.7 % Expand EXHIBIT 1 (continued) (In millions) Three Months Ended June 30, 2025 Net Income $ 78.5 $ 7.6 $ 5.3 $ 1.9 $ 93.2 Provision for Income Taxes 19.3 1.4 2.0 0.6 23.3 Other – net (6.5 ) — — — (6.5 ) Interest Expense 11.7 — — — 11.7 Interest Income (0.6 ) — — — (0.6 ) Depreciation & Amortization 27.3 — — (2.5 ) 24.8 Adjusted EBITDA $ 129.7 $ 9.0 $ 7.2 $ — $ 145.9 Expand Three Months Ended June 30, 2024 Net Income $ 73.0 $ 4.4 $ 0.0 $ (2.2 ) $ 75.4 Provision for Income Taxes 18.6 1.3 0.0 2.2 22.1 Other – net (3.0 ) — — — (3.0 ) Interest Expense 10.7 — — — 10.7 Interest Income (0.5 ) — — — (0.5 ) Depreciation & Amortization 21.6 — — — 21.6 Adjusted EBITDA $ 120.4 $ 5.8 $ 0.1 $ — $ 126.2 Expand Three Months Ended June 30, 2024 Government Operations $ 92.5 $ 0.3 $ 15.4 $ 108.2 Commercial Operations $ 16.6 $ 1.5 $ 4.4 $ 22.5 Unallocated Corporate $ (13.9 ) $ 4.0 $ 1.8 $ (4.5 ) Expand EXHIBIT 1 (continued) RECONCILIATION OF CONSOLIDATED FREE CASH FLOW (1)(2)(3) (In millions) Three Months Ended June 30, 2025 Net Cash Provided By Operating Activities $ 159.0 Purchases of Property, Plant and Equipment (32.7 ) Free Cash Flow $ 126.3 Expand Three Months Ended June 30, 2024 Net Cash Provided By Operating Activities $ 65.9 Purchases of Property, Plant and Equipment (30.4 ) Free Cash Flow $ 35.5 Expand (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. (4) Excludes acquisition-related amortization Expand BWX TECHNOLOGIES, INC. Three Months Ended June 30, Six Months Ended June 30, (Unaudited) (In thousands, except share and per share amounts) Costs and Expenses: Cost of operations 572,642 513,196 1,089,707 968,553 Research and development costs 4,565 1,271 6,578 2,761 (Gains) Losses on asset disposals and impairments, net 13 (4 ) (4,418 ) (4 ) Selling, general and administrative expenses 102,940 79,780 190,509 147,141 Total Costs and Expenses 680,160 594,243 1,282,376 1,118,451 Equity in Income of Investees 18,545 11,584 35,133 24,787 Operating Income 102,424 98,806 199,054 191,767 Other Income (Expense): Interest income 551 540 1,273 1,386 Interest expense (11,741 ) (10,688 ) (19,735 ) (20,283 ) Other – net 6,525 2,971 8,984 7,136 Total Other Income (Expense) (4,665 ) (7,177 ) (9,478 ) (11,761 ) Income before Provision for Income Taxes 97,759 91,629 189,576 180,006 Provision for Income Taxes 19,297 18,584 35,588 38,427 Net Income $ 78,462 $ 73,045 $ 153,988 $ 141,579 Net Income Attributable to Noncontrolling Interest (74 ) (73 ) (138 ) (139 ) Net Income Attributable to BWX Technologies, Inc. $ 78,388 $ 72,972 $ 153,850 $ 141,440 Earnings per Common Share: Basic: Net Income Attributable to BWX Technologies, Inc. $ 0.86 $ 0.80 $ 1.68 $ 1.54 Diluted: Shares used in the computation of earnings per share: Basic 91,542,967 91,564,263 91,568,526 91,559,824 Expand BWX TECHNOLOGIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Six Months Ended June 30, 2025 2024 (Unaudited) (In thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net Income $ 153,988 $ 141,579 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 51,171 42,160 Income of investees, net of dividends (2,700 ) (3,301 ) (Gains) Losses on asset disposals and impairments - net (4,418 ) (4 ) Recognition of losses for pension and postretirement plans 1,627 1,663 Stock-based compensation expense 13,735 10,279 Other, net (9,366 ) (28 ) Changes in assets and liabilities, net of effects from acquisitions: Accounts receivable (465 ) (20,319 ) Accounts payable 6,875 47,018 Retainages (7,045 ) 587 Contracts in progress and advance billings on contracts 7,754 (78,722 ) Income taxes 22,558 (6,741 ) Accrued and other current liabilities 19,382 (328 ) Pension liabilities, accrued postretirement benefit obligations and employee benefits (33,656 ) (23,625 ) Other, net (9,747 ) (11,298 ) NET CASH PROVIDED BY OPERATING ACTIVITIES 209,693 98,920 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property, plant and equipment (66,098 ) (60,827 ) Acquisition of businesses, net of cash acquired (538,184 ) — Sales and maturities of securities 3,397 — Investments, net of return of capital, in equity method investees (33,000 ) — Other, net 4,405 203 NET CASH USED IN INVESTING ACTIVITIES (629,480 ) (60,624 ) CASH FLOWS FROM FINANCING ACTIVITIES: Borrowings of long-term debt 758,400 241,400 Repayments of long-term debt (284,650 ) (239,525 ) Repurchases of common stock (30,000 ) (20,000 ) Dividends paid to common shareholders (46,798 ) (44,373 ) Cash paid for shares withheld to satisfy employee taxes (12,883 ) (6,941 ) Settlements of forward contracts, net 1,657 4,543 Other, net 100 (108 ) NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 385,826 (65,004 ) EFFECTS OF EXCHANGE RATE CHANGES ON CASH (2,475 ) (308 ) (36,436 ) (27,016 ) CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 80,571 81,615 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 44,135 $ 54,599 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid during the period for: Interest $ 30,036 $ 32,181 Income taxes (net of refunds) $ 11,890 $ 45,382 SCHEDULE OF NON-CASH INVESTING ACTIVITY: Accrued capital expenditures included in accounts payable $ 15,575 $ 9,273 Expand BWX TECHNOLOGIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS ASSETS June 30, 2025 December 31, 2024 (Unaudited) (In thousands) Current Assets: Cash and cash equivalents $ 36,984 $ 74,109 Restricted cash and cash equivalents 3,049 2,785 Accounts receivable – trade, net 148,756 99,112 Accounts receivable – other 24,508 53,199 Retainages 40,712 33,667 Contracts in progress 639,601 577,745 Inventories 51,560 40,288 Other current assets 51,715 49,092 Total Current Assets 996,885 929,997 Property, Plant and Equipment, Net 1,537,771 1,278,161 Investments 7,572 10,609 Goodwill 512,602 287,362 Deferred Income Taxes 4,727 6,569 Investments in Unconsolidated Affiliates 175,635 99,403 Intangible Assets 324,533 165,325 Other Assets 139,347 92,498 TOTAL ASSETS $ 3,699,072 $ 2,869,924 Expand BWX TECHNOLOGIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS LIABILITIES AND STOCKHOLDERS' EQUITY June 30, 2025 December 31, 2024 (Unaudited) (In thousands, except share and per share amounts) Current Liabilities: Current portion of long-term debt $ 12,500 $ 12,500 Accounts payable 191,500 158,077 Accrued employee benefits 83,274 77,234 Accrued liabilities – other 104,576 65,100 Advance billings on contracts 198,336 161,290 Total Current Liabilities 590,186 474,201 Long-Term Debt 1,519,728 1,042,970 Accumulated Postretirement Benefit Obligation 77,490 16,515 Environmental Liabilities 96,620 94,225 Pension Liability 108,215 82,602 Other Liabilities 122,927 79,007 Commitments and Contingencies Stockholders' Equity: Common stock, par value $0.01 per share, authorized 325,000,000 shares; issued 128,680,180 and 128,320,295 shares at June 30, 2025 and December 31, 2024, respectively 1,286 1,283 Preferred stock, par value $0.01 per share, authorized 75,000,000 shares; No shares issued — — Capital in excess of par value 243,068 228,889 Retained earnings 2,394,737 2,287,151 Treasury stock at cost, 37,281,441 and 36,869,498 shares at June 30, 2025 and December 31, 2024, respectively (1,431,542 ) (1,388,432 ) Accumulated other comprehensive income (loss) (23,385 ) (48,211 ) Stockholders' Equity – BWX Technologies, Inc. 1,184,164 1,080,680 Noncontrolling interest (258 ) (276 ) Total Stockholders' Equity 1,183,906 1,080,404 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 3,699,072 $ 2,869,924 Expand
