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Business Wire
04-08-2025
- 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
Business Wire
05-05-2025
- Business
- Business Wire
BWX Technologies Reports First Quarter 2025 Results
LYNCHBURG, Va.--(BUSINESS WIRE)--BWX Technologies, Inc. (NYSE: BWXT) ("BWXT", "we", "us" or the "Company") reported first quarter 2025 results. A reconciliation of non-GAAP results is detailed in Exhibit 1. 'We had a solid start to 2025 with financial results that were ahead of expectations, driven by an increased pace of work and good operational performance," said Rex D. Geveden, president and chief executive officer. "We had another quarter of strong Commercial backlog growth and see robust opportunities for growth in our Government markets, highlighted by our recent land purchase to support the National Nuclear Security Administration's domestic uranium enrichment program." "BWXT's foundation is providing our customers with mission critical nuclear products and solutions, and I am proud of the diversified and resilient portfolio we have built over our nearly ten years as a standalone company,' continued Geveden. 'Our vertically integrated nuclear capabilities, unique infrastructure, and highly-skilled workforce enable our customers to put their trust in BWXT to support their most important programs through all economic cycles in the global security, clean energy, and nuclear medicine markets.' 'Our robust backlog, strong demand in our end-markets, operational excellence programs, and recent acquisitions, including the pending Kinectrics acquisition, provide confidence in our near and medium-term outlook,' said Geveden. 'As such, we are reaffirming our 2025 financial guidance.' Revenues Government Operations $ 555.3 $ 487.1 $ 68.2 14% Commercial Operations $ 128.3 $ 117.0 $ 11.3 10% Consolidated $ 682.3 $ 604.0 $ 78.3 13% Operating Income Government Operations $ 97.7 $ 85.7 $ 12.1 14% Commercial Operations $ 6.5 $ 8.6 $ (2.1 ) (25)% Unallocated Corporate (Expense) $ (7.6 ) $ (1.3 ) $ (6.3 ) NM Consolidated $ 96.6 $ 93.0 $ 3.7 4% Consolidated non-GAAP (1) $ 105.8 $ 94.6 $ 11.2 12% EPS (Diluted) GAAP $ 0.82 $ 0.75 $ 0.07 9% Non-GAAP (1) $ 0.91 $ 0.76 $ 0.15 20% Net Income GAAP $ 75.5 $ 68.5 $ 7.0 10% Non-GAAP (1) $ 84.0 $ 69.8 $ 14.2 20% Adjusted EBITDA (1) Government Operations $ 116.9 $ 99.9 $ 17.0 17% Commercial Operations $ 14.0 $ 13.9 $ 0.1 —% Unallocated Corporate $ (1.1 ) $ 1.3 $ (2.5 ) NM Consolidated $ 129.8 $ 115.2 $ 14.6 13% Cash Flows Operating Cash Flow (2) $ 50.7 $ 33.0 $ 17.6 53% Capital Expenditures (2) $ 33.4 $ 30.4 $ 2.9 10% Free Cash Flow (1) $ 17.3 $ 2.6 $ 14.7 565% Dividends Paid (2) $ 23.7 $ 22.4 $ 1.3 6% 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 First 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 and fuel handling, as well as higher medical sales, partially offset by lower field services activity due to timing on life-extension and outage projects. Operating Income and Adjusted EBITDA (1) First 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. First quarter non-GAAP (1) operating income increased as increases in both operating segments were partially offset by higher corporate expense. The Government Operations increase was driven by higher revenue and solid operational performance. The Commercial Operations increase was driven by higher revenue and partially offset by revenue mix, material procurement costs, and growth investment. First quarter adjusted EBITDA (1) increased for the reasons noted above. EPS First quarter GAAP EPS increased as higher operating income, a lower tax rate, and slightly lower interest expense, were partially offset by lower other income. Non-GAAP EPS (1) increased driven by the items noted above. Cash Flows First 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 $23.7 million, or $0.25 per common share, to shareholders in the first quarter of 2025. On May 1, 2025, the BWXT Board of Directors declared a quarterly cash dividend of $0.25 per common share payable on June 5, 2025, to shareholders of record on May 19, 2025. 2025 Guidance BWXT reaffirmed all components of its 2025 financial guidance. Additional information can be found in the first 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 First Quarter 2025 Results 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 approximately 8,700 employees, BWXT has 15 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 Follow us on LinkedIn, X, Facebook and Instagram. EXHIBIT 1 Three Months Ended March 31, 2024 GAAP Restructuring Costs Acquisition- related Costs Non-GAAP Government Operations Operating Income $ 85.7 $ — $ — $ 85.7 Commercial Operations Operating Income $ 8.6 $ 0.9 $ — $ 9.4 Unallocated Corporate Operating Income $ (1.3 ) $ 0.7 $ 0.1 $ (0.5 ) Operating Income $ 93.0 $ 1.6 $ 0.1 $ 94.6 Other Income (Expense) (4.6 ) — — (4.6 ) Income Before Provision for Income Taxes 88.4 1.6 0.1 90.0 Provision for Income Taxes (19.8 ) (0.4 ) (0.0 ) (20.2 ) Net Income 68.5 1.2 — 69.8 Net Income Attributable to Noncontrolling Interest (0.1 ) — — (0.1 ) Net Income Attributable to BWXT $ 68.5 $ 1.2 $ — $ 69.7 Diluted Shares Outstanding 91.9 91.9 Diluted Earnings per Common Share $ 0.75 $ 0.01 $ 0.00 $ 0.76 Effective Tax Rate 22.5 % 22.5 % Expand EXHIBIT 1 (continued) RECONCILIATION OF CONSOLIDATED ADJUSTED EBITDA (1)(2)(3) (In millions) Three Months Ended March 31, 2025 Net Income $ 75.5 $ 3.7 $ 3.4 $ 1.4 $ 84.0 Provision for Income Taxes 16.3 1.1 1.0 0.4 18.8 Other – net (2.5 ) — — (2.5 ) Interest Expense 8.0 — — 8.0 Interest Income (0.7 ) — — (0.7 ) Depreciation & Amortization 23.9 — — (1.8 ) 22.1 Adjusted EBITDA $ 120.5 $ 4.8 $ 4.4 $ — $ 129.8 Expand Three Months Ended March 31, 2024 Net Income $ 68.5 $ 1.2 $ — $ 69.8 Provision for Income Taxes 19.8 0.4 0.0 20.2 Other – net (4.2 ) — — (4.2 ) Interest Expense 9.6 — — 9.6 Interest Income (0.8 ) — — (0.8 ) Depreciation & Amortization 20.6 — — 20.6 Adjusted EBITDA $ 113.5 $ 1.6 $ 0.1 $ 115.2 Expand (In millions) Three Months Ended March 31, 2025 Government Operations $ 97.7 $ 1.1 $ 1.8 $ 16.3 $ 116.9 Commercial Operations $ 6.5 $ 3.5 $ — $ 4.0 $ 14.0 Unallocated Corporate $ (7.6 ) $ 4.6 $ — $ 1.8 $ (1.1 ) Expand Three Months Ended March 31, 2024 Operating Income (GAAP) Non-GAAP Adjustments (3) Depreciation & Amortization Adjusted EBITDA Government Operations $ 85.7 $ — $ 14.2 $ 99.9 Commercial Operations $ 8.6 $ 0.9 $ 4.4 $ 13.9 Unallocated Corporate $ (7.6 ) $ 0.8 $ 1.9 $ 1.3 Expand EXHIBIT 1 (continued) RECONCILIATION OF CONSOLIDATED FREE CASH FLOW (1)(2)(3) (In millions) Three Months Ended March 31, 2025 Net Cash Provided By Operating Activities $ 50.7 Purchases of Property, Plant and Equipment (33.4 ) Free Cash Flow $ 17.3 Expand Three Months Ended March 31, 2024 Net Cash Provided By Operating Activities $ 33.0 Purchases of Property, Plant and Equipment (30.4 ) Free Cash Flow $ 2.6 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. CONDENSED CONSOLIDATED STATEMENTS OF INCOME Three Months Ended March 31, 2025 2024 (Unaudited) (In thousands, except share and per share amounts) Revenues $ 682,258 $ 603,966 Costs and Expenses: Cost of operations 517,065 455,357 Research and development costs 2,013 1,490 Gains on asset disposals and impairments, net (4,431 ) — Selling, general and administrative expenses 87,569 67,361 Total Costs and Expenses 602,216 524,208 Equity in Income of Investees 16,588 13,203 Operating Income 96,630 92,961 Other Income (Expense): Interest income 722 846 Interest expense (7,994 ) (9,595 ) Other – net 2,459 4,165 Total Other Income (Expense) (4,813 ) (4,584 ) Income before Provision for Income Taxes 91,817 88,377 Provision for Income Taxes 16,291 19,843 Net Income $ 75,526 $ 68,534 Net Income Attributable to Noncontrolling Interest (64 ) (66 ) Net Income Attributable to BWX Technologies, Inc. $ 75,462 $ 68,468 Earnings per Common Share: Basic: Net Income Attributable to BWX Technologies, Inc. $ 0.82 $ 0.75 Diluted: Net Income Attributable to BWX Technologies, Inc. $ 0.82 $ 0.75 Shares used in the computation of earnings per share: Basic 91,594,084 91,555,384 Diluted 91,873,702 91,860,923 Expand BWX TECHNOLOGIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Three Months Ended March 31, 2025 2024 (Unaudited) (In thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net Income $ 75,526 $ 68,534 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 23,912 20,552 Income of investees, net of dividends 1,781 (2,400 ) Gains on asset disposals and impairments - net (4,431 ) — Recognition of losses for pension and postretirement plans 797 831 Stock-based compensation expense 5,047 4,297 Other, net (1,075 ) 129 Changes in assets and liabilities, net of effects from acquisitions: Accounts receivable 19,440 (15,493 ) Accounts payable 5,340 32,832 Retainages (11,743 ) (26,325 ) Contracts in progress and advance billings on contracts (26,236 ) (17,174 ) Income taxes 6,427 17,820 Accrued and other current liabilities 9,387 (2,025 ) Pension liabilities, accrued postretirement benefit obligations and employee benefits (38,808 ) (27,687 ) Other, net (14,714 ) (20,865 ) NET CASH PROVIDED BY OPERATING ACTIVITIES 50,650 33,026 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property, plant and equipment (33,369 ) (30,422 ) Acquisition of business (103,345 ) — Sales and maturities of securities 1,859 — Investments, net of return of capital, in equity method investees (26,400 ) — Other, net 4,905 99 NET CASH USED IN INVESTING ACTIVITIES (156,350 ) (30,323 ) CASH FLOWS FROM FINANCING ACTIVITIES: Borrowings of long-term debt 204,500 120,700 Repayments of long-term debt (62,625 ) (102,263 ) Repurchases of common stock (30,000 ) (20,000 ) Dividends paid to common shareholders (23,660 ) (22,396 ) Cash paid for shares withheld to satisfy employee taxes (12,883 ) (6,907 ) Settlements of forward contracts, net 8,438 (1,337 ) Other, net 1,021 47 NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 84,791 (32,156 ) EFFECTS OF EXCHANGE RATE CHANGES ON CASH 2,294 (171 ) (18,615 ) (29,624 ) 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 $ 61,956 $ 51,991 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid during the period for: Interest $ 5,331 $ 15,461 Income taxes (net of refunds) $ 10,049 $ 2,161 SCHEDULE OF NON-CASH INVESTING ACTIVITY: Accrued capital expenditures included in accounts payable $ 10,469 $ 6,612 Expand BWX TECHNOLOGIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS March 31, 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 161,625 158,077 Accrued employee benefits 43,473 77,234 Accrued liabilities – other 72,252 65,100 Advance billings on contracts 194,095 161,290 Total Current Liabilities 483,945 474,201 Long-Term Debt 1,185,356 1,042,970 Accumulated Postretirement Benefit Obligation 16,432 16,515 Environmental Liabilities 96,124 94,225 Pension Liability 78,666 82,602 Other Liabilities 93,450 79,007 Commitments and Contingencies Stockholders' Equity: Common stock, par value $0.01 per share, authorized 325,000,000 shares; issued 128,644,088 and 128,320,295 shares at March 31, 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 234,321 228,889 Retained earnings 2,339,531 2,287,151 Treasury stock at cost, 37,283,582 and 36,869,498 shares at March 31, 2025 and December 31, 2024, respectively (1,431,532 ) (1,388,432 ) Accumulated other comprehensive income (loss) (43,314 ) (48,211 ) Stockholders' Equity – BWX Technologies, Inc. 1,100,292 1,080,680 Noncontrolling interest (257 ) (276 ) Total Stockholders' Equity 1,100,035 1,080,404 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 3,054,008 $ 2,869,924 Expand
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24-02-2025
- Business
- Yahoo
BWX Technologies Reports Fourth Quarter and Full Year 2024 Results, Initiates 2025 Guidance
4Q24 diluted GAAP EPS of $0.77, diluted non-GAAP(1) EPS of $0.92, on revenue of $746.3 million 4Q24 net income of $71.1 million, adjusted EBITDA(1) of $130.3 million 2024 diluted GAAP EPS of $3.07, diluted non-GAAP(1) EPS of $3.33, on revenue of $2.7 billion 2024 net income of $282.3 million, adjusted EBITDA(1) of $498.7 million 2024 operating cash flow of $408.4 million, free cash flow(1) of $254.8 million Closed acquisition of A.O.T on January 3, 2025; Announced agreement to acquire Kinectrics, Inc. on January 7, 2025 Initiates 2025 guidance for non-GAAP EPS of $3.40-$3.55, adjusted EBITDA(1) of $550 million-$570 million LYNCHBURG, Va., February 24, 2025--(BUSINESS WIRE)--BWX Technologies, Inc. (NYSE: BWXT) ("BWXT", "we", "us" or the "Company") reported fourth quarter and full year 2024 results. A reconciliation of non-GAAP results is detailed in Exhibit 1. "We closed out the year with better-than-expected fourth quarter financial results and are poised for another strong year in 2025," said Rex D. Geveden, president and chief executive officer. "Throughout 2024 we captured significant new awards, including a record level of bookings in Commercial Operations driven by critical equipment for North America's first small modular reactor project and power plant refurbishments, as well as robust bookings in Government Operations for naval propulsion components, special materials and multiple long-term technical services contracts." "Demand in our national security, clean energy, and medical end-markets continues to build, and we are investing both organically and inorganically to enhance our portfolio of high-quality nuclear solutions," continued Geveden. "I am grateful for our entire workforce and their steadfast commitment to our critical missions." "BWXT is benefitting from our strategic growth efforts and our focus on driving performance and shareholder value. We are driving operational excellence throughout the organization – from the shop floor and supply chain optimization to working capital management to tax planning to digital transformation, and those efforts contributed to the strong financial performance we delivered in 2024," said Geveden. "That momentum continues into 2025, and we are therefore initiating strong 2025 guidance calling for $3.40-$3.55 of non-GAAP EPS, $550-$570 million of adjusted EBITDA and $265-$285 million of free cash flow." Financial Results Summary Three Months Ended December 31, Year Ended December 31, 2024 2023 $ Change % Change 2024 2023 $ Change % Change (Unaudited) (In millions, except per share amounts) Revenue Government Operations $ 595.0 $ 601.6 $ (6.6 ) (1 )% $ 2,183.0 $ 2,031.3 $ 151.7 7 % Commercial Operations $ 152.3 $ 124.1 $ 28.2 23 % $ 524.0 $ 466.3 $ 57.6 12 % Consolidated $ 746.3 $ 725.5 $ 20.8 3 % $ 2,703.7 $ 2,496.3 $ 207.3 8 % Operating Income Government Operations $ 98.1 $ 116.3 $ (18.2 ) (16 )% $ 377.9 $ 374.7 $ 3.2 1 % Commercial Operations $ 14.9 $ 15.9 $ (1.1 ) (7 )% $ 46.8 $ 37.5 $ 9.3 25 % Unallocated Corporate (Expense) $ (20.7 ) $ (9.0 ) $ (11.7 ) NM $ (44.1 ) $ (29.2 ) $ (14.9 ) NM Consolidated $ 92.3 $ 123.2 $ (30.9 ) (25 )% $ 380.6 $ 383.1 $ (2.5 ) (1 )% Non-GAAP Operating Income Government Operations $ 100.6 $ 117.2 $ (16.6 ) (14 )% $ 380.9 $ 376.1 $ 4.8 1 % Commercial Operations $ 19.1 $ 16.9 $ 2.3 14 % $ 55.9 $ 42.2 $ 13.7 32 % Unallocated Corporate (Expense) $ (11.9 ) $ (6.8 ) $ (5.1 ) NM $ (24.0 ) $ (25.0 ) $ 1.0 NM Consolidated $ 107.9 $ 127.3 $ (19.4 ) (15 )% $ 412.8 $ 393.3 $ 19.5 5 % EPS (Diluted) GAAP $ 0.77 $ 0.72 $ 0.05 7 % $ 3.07 $ 2.68 $ 0.39 15 % Non-GAAP(1) $ 0.92 $ 1.01 $ (0.09 ) (9 )% $ 3.33 $ 3.02 $ 0.31 10 % Net Income GAAP $ 71.1 $ 66.3 $ 4.8 7 % $ 282.3 $ 246.3 $ 36.0 15 % Non-GAAP(1) $ 84.8 $ 93.3 $ (8.5 ) (9 )% $ 306.6 $ 278.4 $ 28.3 10 % Adjusted EBITDA(1) Government Operations $ 116.7 $ 131.3 $ (14.6 ) (11 )% $ 441.9 $ 429.4 $ 12.4 3 % Commercial Operations $ 23.7 $ 21.3 $ 2.4 11 % $ 73.6 $ 60.0 $ 13.6 23 % Corporate $ (10.1 ) $ (5.0 ) $ (5.1 ) NM $ (16.9 ) $ (17.5 ) $ 0.7 NM Consolidated $ 130.3 $ 147.6 $ (17.3 ) (12 )% $ 498.7 $ 471.9 $ 26.8 6 % Cash Flows Operating Cash Flow(2) $ 276.9 $ 221.8 $ 55.1 25 % $ 408.4 $ 363.7 $ 44.7 12 % Capital Expenditures(2) $ 52.5 $ 50.8 $ 1.7 3 % $ 153.6 $ 151.3 $ 2.4 2 % Free Cash Flow(1) $ 224.4 $ 171.0 $ 53.4 31 % $ 254.8 $ 212.4 $ 42.4 20 % Share Repurchases(2) $ — $ — $ — NM $ 20.0 $ — $ 20.0 NM Dividends Paid(2) $ 22.0 $ 21.1 $ 0.9 4 % $ 88.3 $ 85.0 $ 3.4 4 % 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; Share Repurchases = Repurchases of Common Stock; Dividends Paid = Dividends Paid to Common Shareholders Revenues Fourth quarter consolidated revenue increased as slightly lower Government Operations revenue was offset by higher Commercial Operations revenue. Government Operations revenue decreased slightly as higher naval nuclear component production and microreactors were offset by lower long-lead material procurement and favorable contract adjustments in the fourth quarter of 2023, that did not occur this year. The Commercial Operations increase was driven by higher revenue associated with commercial nuclear components, fuel and fuel handling, as well as higher medical sales, which was partially offset by lower field services revenue. Full year consolidated revenue increased, driven by growth in both operating segments. The Government Operations increase was driven by higher naval nuclear component production, microreactors volume and higher special materials revenue. The Commercial Operations increase was driven by higher revenue associated with nuclear components, fuel and fuel handling, and medical sales, partially offset by lower field services activity. Operating Income and Adjusted EBITDA(1) Fourth quarter GAAP operating income decreased due to lower operating income in both segments and higher corporate expense, as well as increased costs associated with restructuring and transformation, acquisitions, and losses on asset disposals. Fourth quarter non-GAAP(1) operating income decreased as lower Government Operations operating income and higher corporate expense were partially offset by higher Commercial Operations operating income. The Government Operations decline was mainly due to a favorable contract adjustment in the fourth quarter of 2023, that did not occur this year, as well as business mix, which was partially offset by higher volumes of naval nuclear components, and the higher microreactors volumes noted above. The Commercial Operations increase was due to higher revenue as noted above, partially offset by mix within commercial power. Corporate expense increased, mainly due to timing of certain corporate costs, and higher stock compensation expense. Full year GAAP and non-GAAP(1) operating income increased in both segments. The Government Operations increase was due to the higher revenue noted above as well as higher technical services income. The Commercial Operations increase was due to the revenue increases noted above, as well as better profitability in medical, and mix within commercial power. Corporate expense was flat compared to 2023. Fourth quarter and full year total adjusted EBITDA(1) changes are in-line with the reasons noted above. EPS Fourth quarter 2024 GAAP EPS increased as lower operating income was offset by lower interest expense, slightly higher pension income, a lower effective tax rate, and a lower mark-to-market loss on the pension compared to fourth quarter 2023. Fourth quarter 2024 non-GAAP(1) EPS decreased as lower operating income, was partially offset by lower interest expense, slightly higher pension income, and a lower effective tax rate, excluding mark-to-market pension losses, restructuring costs, and other one-time items. Full year 2024 GAAP EPS increased due to higher operating and pension income, lower interest expense and effective tax rate, and a lower mark-to-market loss on the pension compared to 2023. Full year 2024 non-GAAP EPS(1) increased driven by the items noted above, excluding market-to-market pension losses, restructuring and acquisition-related costs, and other one-time items. Cash Flows Fourth quarter and full year 2024 operating cash flow increased due to higher net income and improved working capital management. Capital expenditures increased modestly, mainly due to growth investment in the expansion of our Cambridge, Ontario commercial nuclear power equipment manufacturing plant. Dividend BWXT paid $22.0 million, or $0.24 per common share, to shareholders in the fourth quarter 2024 and paid $88.3 million to shareholders for the full year 2024. On February 20, 2025, the BWXT Board of Directors declared a quarterly cash dividend of $0.25 per common share payable on March 28, 2025, to shareholders of record on March 11, 2025. 2025 Guidance BWXT announced its expectations for fiscal year 2025 financial results, providing the following guidance: (In millions, except per share amounts) Year Ended Year Ending December 31, 2024 December 31, 2025 Results Guidance(2) Revenue $2,704 ~$3,000 Adjusted EBITDA(1) $499 $550 - $570 Non-GAAP(1) Earnings Per Share $3.33 $3.40 - $3.55 Free Cash Flow(1) $255 $265 - $285 (2) BWXT has not included a reconciliation of provided non-GAAP guidance to 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. Additional information can be found in the 2024 fourth quarter 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 Fourth Quarter 2024 Results Date: Monday, February 24, 2025, at 5:00 p.m. EST Live Webcast: BWXT Investor Relations website at 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, 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 related 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 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. 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 more than 8,700 employees, BWXT has 15 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 Follow us on LinkedIn, X, Facebook and Instagram. EXHIBIT 1 BWX TECHNOLOGIES, INC. RECONCILIATION OF NON-GAAP OPERATING INCOME AND EARNINGS PER SHARE(1)(2)(3) (In millions, except per share amounts) Three Months Ended December 31, 2024 GAAP Pension &OPEB MTM(Gain) / Loss Restructuring&TransformationCosts Acquisition-related Costs Loss on AssetDisposal Non-GAAP Operating Income $ 92.3 $ — $ 7.8 $ 4.2 $ 3.6 $ 107.9 Interest Income (Expense), net (8.8 ) — — — — (8.8 ) Other - net (5.4 ) 10.9 — $ — $ — $ 5.5 Income before Provision for Income Taxes 78.1 10.9 7.8 $ 4.2 $ 3.6 104.6 Provision for Income Taxes (7.0 ) (2.4 ) (8.5 ) (0.9 ) (0.9 ) (19.8 ) Net Income 71.1 8.4 (0.7 ) $ 3.3 $ 2.7 84.8 Net Income Attributable to Noncontrolling Interest (0.1 ) — — — — (0.1 ) Net Income Attributable to BWXT $ 71.0 $ 8.4 $ (0.7 ) $ 3.3 $ 2.7 $ 84.7 Diluted Shares Outstanding 91.9 91.9 Diluted Earnings per Common Share $ 0.77 $ 0.09 $ (0.01 ) $ 0.04 $ 0.03 $ 0.92 Effective Tax Rate 9.0 % 18.9 % Government Operations Operating Income $ 98.1 $ — $ 0.7 $ 0.2 $ 1.7 $ 100.6 Commercial Operations Operating Income $ 14.9 $ — $ 2.7 $ 1.6 $ — $ 19.1 Unallocated Corporate Operating Income $ (20.7 ) $ — $ 4.5 $ 2.4 $ 1.9 $ (11.9 ) Three Months Ended December 31, 2023 GAAP Pension &OPEB MTM(Gain) / Loss RestructuringCosts Acquisition-related Costs Loss on AssetDisposal Non-GAAP ... Operating Income $ 123.2 $ — $ 4.0 $ — $ — $ 127.3 Interest Income (Expense), net (11.1 ) — — — — $ (11.1 ) Other - net (26.5 ) 30.8 $ — $ — $ — $ 4.3 Income before Provision for Income Taxes 85.6 30.8 4.0 — — 120.5 Provision for Income Taxes (19.3 ) (7.1 ) (0.7 ) (0.0 ) — (27.2 ) Net Income 66.3 23.7 3.3 — — 93.3 Net Income Attributable to Noncontrolling Interest (0.4 ) — Net Income Attributable to BWXT $ 65.9 $ 23.7 $ 3.3 $ — $ — $ 92.9 Diluted Shares Outstanding 92.0 92.0 Diluted Earnings per Common Share $ 0.72 $ 0.26 $ 0.04 $ 0.00 $ — $ 1.01 Effective Tax Rate 22.6 % 22.5 % Government Operations Operating Income $ 116.3 $ — $ 1.0 $ — $ — $ 117.2 Commercial Operations Operating Income $ 15.9 $ — $ 0.9 $ — $ — $ 16.9 Unallocated Corporate Operating Income $ (9.0 ) $ — $ 2.2 $ 0.0 $ — $ (6.8 ) EXHIBIT 1 (continued) BWX TECHNOLOGIES, INC. RECONCILIATION OF NON-GAAP OPERATING INCOME AND EARNINGS PER SHARE(1)(2)(3) (In millions, except per share amounts) Year Ended December 31, 2024 GAAP Pension& OPEB MTM(Gain) / Loss Restructuring&TransformationCosts Acquisition-related Costs Loss on AssetDisposal Non-GAAP Operating Income $ 380.6 $ — $ 21.2 $ 7.4 $ 3.6 $ 412.8 Interest Income (Expense), net (36.9 ) — — — — $ (36.9 ) Other - net 5.0 10.9 — $ — $ — 15.9 Income before Provision for Income Taxes 348.7 10.9 21.2 7.4 3.6 391.8 Provision for Income Taxes (66.4 ) (2.4 ) (13.8 ) (1.7 ) (0.9 ) (85.1 ) Net Income 282.3 8.4 7.4 5.8 2.7 306.6 Net Income Attributable to Noncontrolling Interest (0.4 ) — — — — (0.4 ) Net Income Attributable to BWXT $ 281.9 $ 8.4 $ 7.4 $ 5.8 $ 2.7 $ 306.3 Diluted Shares Outstanding 91.9 91.9 Diluted Earnings per Common Share $ 3.07 $ 0.09 $ 0.08 $ 0.06 $ 0.03 $ 3.33 Effective Tax Rate 19.0 % 21.7 % Government Operations Operating Income $ 377.9 $ — $ 1.1 $ 0.2 $ 1.7 $ 380.9 Commercial Operations Operating Income $ 46.8 $ — $ 6.7 $ 2.4 $ — $ 55.9 Unallocated Corporate Operating Income $ (44.1 ) $ — $ 13.4 $ 4.8 $ 1.9 $ (24.0 ) Year Ended December 31, 2023 GAAP Pension &OPEB MTM(Gain) / Loss RestructuringCosts Acquisition-related Costs Loss on AssetDisposal Non-GAAP Operating Income $ 383.1 $ — $ 9.6 $ 0.7 $ — $ 393.3 Interest Income (Expense), net (44.6 ) — — — — $ (44.6 ) Other - net (17.0 ) 30.8 — $ — — 13.8 Income before Provision for Income Taxes 321.4 30.8 9.6 0.7 — 362.4 Provision for Income Taxes (75.1 ) (7.1 ) (1.7 ) (0.2 ) — (84.1 ) Net Income 246.3 23.7 7.8 0.5 — 278.4 Net Income Attributable to Noncontrolling Interest (0.5 ) — — — — (0.5 ) Net Income Attributable to BWXT $ 245.8 $ 23.7 $ 7.8 $ 0.5 $ — $ 277.9 Diluted Shares Outstanding 91.9 91.9 Diluted Earnings per Common Share $ 2.68 $ 0.26 $ 0.09 $ 0.01 $ — $ 3.02 Effective Tax Rate 23.4 % 23.2 % Government Operations Operating Income $ 374.7 $ — $ 1.1 $ 0.3 $ — $ 376.1 Commercial Operations Operating Income $ 37.5 $ — $ 4.6 $ 0.1 $ — $ 42.2 Unallocated Corporate Operating Income $ (29.2 ) $ — $ 3.9 $ 0.3 $ — $ (25.0 ) (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. EXHIBIT 1 (continued) RECONCILIATION OF CONSOLIDATED ADJUSTED EBITDA(1)(2)(3) (In millions) Three Months Ended December 31, 2024 GAAP Pension &OPEB MTM(Gain) / Loss Restructuring & TransformationCosts Acquisition-related Costs Loss on AssetDisposal Non-GAAP Net Income $ 71.1 $ 8.4 $ (0.7 ) $ 3.3 2.7 $ 84.8 Provision for Income Taxes 7.0 2.4 8.5 0.9 0.9 19.8 Other – net 5.4 (10.9 ) — — (5.5 ) Interest Expense 9.3 — — — 9.3 Interest Income (0.5 ) — — — (0.5 ) Depreciation & Amortization 22.4 — — — 22.4 Adjusted EBITDA $ 114.7 $ — $ 7.8 $ 4.2 3.6 $ 130.3 Three Months Ended December 31, 2023 GAAP Pension & OPEB MTM(Gain) / Loss RestructuringCosts Acquisition-related Costs Loss on AssetDisposal Non-GAAP Net Income $ 66.3 $ 23.7 $ 3.3 $ — $ — $ 93.3 Provision for Income Taxes 19.3 7.1 0.7 0.0 0.0 27.2 Other – net 26.5 (30.8 ) — — — (4.3 ) Interest Expense 11.8 — 0.0 — — 11.8 Interest Income (0.7 ) — — — — (0.7 ) Depreciation & Amortization 20.4 — — — — 20.4 Adjusted EBITDA $ 143.6 $ — $ 4.0 $ — $ — $ 147.6 Year Ended December 31, 2024 GAAP Pension &OPEB MTM(Gain) / Loss Restructuring&TransformationCosts Acquisition-related Costs Loss on AssetDisposal Non-GAAP Net Income $ 282.3 $ 8.4 $ 7.4 $ 5.8 2.7 $ 306.6 Provision for Income Taxes 66.4 2.4 13.8 1.7 0.9 85.1 Other – net (5.0 ) (10.9 ) — — (15.9 ) Interest Expense 39.5 — — — 39.5 Interest Income (2.6 ) — — — (2.6 ) Depreciation & Amortization 85.9 — — — 85.9 Adjusted EBITDA $ 466.5 $ — $ 21.2 $ 7.4 3.6 $ 498.7 Year Ended December 31, 2023 GAAP Pension &OPEB MTM(Gain) / Loss RestructuringCosts Acquisition-related Costs Loss on Asset Disposal Non-GAAP Net Income $ 246.3 $ 23.7 $ 7.8 $ 0.5 $ — $ 278.4 Provision for Income Taxes 75.1 7.1 1.7 0.2 0.0 84.1 Other – net 17.0 (30.8 ) — — — (13.8 ) Interest Expense 47.0 — 0.0 — — 47.0 Interest Income (2.4 ) — — — — (2.4 ) Depreciation & Amortization 78.6 — — — — 78.6 Adjusted EBITDA $ 461.6 $ — $ 9.6 $ 0.7 $ — $ 471.9 EXHIBIT 1 (continued) RECONCILIATION OF REPORTING SEGMENT ADJUSTED EBITDA(1)(2)(3) (In millions) Three Months Ended December 31, 2024 Operating Income(GAAP) Non-GAAPAdjustments(4) Depreciation &Amortization Adjusted EBITDA Government Operations $ 98.1 $ 2.6 $ 16.1 $ 116.7 Commercial Operations $ 14.9 $ 4.3 $ 4.6 $ 23.7 Three Months Ended December 31, 2023 Operating Income(GAAP) Non-GAAPAdjustments(4) Depreciation &Amortization Adjusted EBITDA Government Operations $ 116.3 $ 1.0 $ 14.0 $ 131.3 Commercial Operations $ 15.9 $ 0.9 $ 4.5 $ 21.3 Year Ended December 31, 2024 Operating Income(GAAP) Non-GAAPAdjustments(4) Depreciation &Amortization Adjusted EBITDA Government Operations $ 377.9 $ 3.0 $ 61.0 $ 441.9 Commercial Operations $ 46.8 $ 9.1 $ 17.7 $ 73.6 Year Ended December 31, 2023 Operating Income(GAAP) Non-GAAPAdjustments(4) Depreciation &Amortization Adjusted EBITDA Government Operations $ 374.7 $ 1.4 $ 53.4 $ 429.4 Commercial Operations $ 37.5 $ 4.7 $ 17.7 $ 60.0 RECONCILIATION OF CONSOLIDATED FREE CASH FLOW(1)(2)(3) (In millions) Three Months Ended December 31, 2024 2023 Net Cash Provided By Operating Activities $ 276.9 $ 221.8 Purchases of Property, Plant and Equipment (52.5 ) (50.8 ) Free Cash Flow $ 224.4 $ 171.0 Year Ended December 31, 2024 2023 Net Cash Provided By Operating Activities $ 408.4 $ 363.7 Purchases of Property, Plant and Equipment (153.6 ) (151.3 ) Free Cash Flow $ 254.8 $ 212.4 (1) Tables may not foot due to rounding. (2) BWXT is providing non-GAAP information regarding certain of its historical results and guidance on future earnings per share to supplement the results provided in accordance with GAAP and it should not be considered superior to, or as a substitute for, the comparable GAAP measures. BWXT believes the non-GAAP measures provide meaningful insight and transparency into the Company's operational performance and provides these measures to investors to help facilitate comparisons of operating results with prior periods and to assist them in understanding BWXT's ongoing operations. (3) For Non-GAAP adjustment details, see reconciliation of non-GAAP operating income and earnings per share. BWX TECHNOLOGIES, INC. CONSOLIDATED STATEMENTS OF INCOME Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 (Unaudited) (In thousands, except share and per share amounts) Revenues $ 746,267 $ 725,515 $ 2,703,654 $ 2,496,309 Costs and Expenses: Cost of operations 571,894 536,966 2,048,447 1,875,716 Research and development costs 2,636 1,658 7,478 7,613 Losses on asset disposals and impairments, net 4,394 1,049 4,390 1,034 Selling, general and administrative expenses 90,693 74,594 318,663 279,694 Total Costs and Expenses 669,617 614,267 2,378,978 2,164,057 Equity in Income of Investees 15,612 11,945 55,931 50,807 Operating Income 92,262 123,193 380,607 383,059 Other Income (Expense): Interest income 505 736 2,554 2,359 Interest expense (9,285 ) (11,836 ) (39,475 ) (47,036 ) Other – net (5,392 ) (26,472 ) 5,034 (16,982 ) Total Other Income (Expense) (14,172 ) (37,572 ) (31,887 ) (61,659 ) Income before Provision for Income Taxes 78,090 85,621 348,720 321,400 Provision for Income Taxes 7,012 19,310 66,422 75,079 Net Income $ 71,078 $ 66,311 $ 282,298 $ 246,321 Net Income Attributable to Noncontrolling Interest (60 ) (424 ) (357 ) (472 ) Net Income Attributable to BWX Technologies, Inc. $ 71,018 $ 65,887 $ 281,941 $ 245,849 Earnings per Common Share: Basic: Net Income Attributable to BWX Technologies, Inc. $ 0.78 $ 0.72 $ 3.08 $ 2.68 Diluted: Net Income Attributable to BWX Technologies, Inc. $ 0.77 $ 0.72 $ 3.07 $ 2.68 Shares used in the computation of earnings per share: Basic 91,596,519 91,686,671 91,572,674 91,619,156 Diluted 91,889,756 91,997,796 91,859,732 91,874,537 BWX TECHNOLOGIES, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS Year Ended December 31, 2024 2023 CASH FLOWS FROM OPERATING ACTIVITIES: (In thousands) Net Income $ 282,298 $ 246,321 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 85,862 78,566 Income of investees, net of dividends (10,598 ) 11,130 Losses on asset disposals and impairments - net 4,390 1,034 Provision for deferred taxes 19,845 (5,128 ) Recognition of (gains) losses for pension and postretirement plans 14,147 34,087 Stock-based compensation expense 21,680 15,896 Other, net (83 ) (1,530 ) Changes in assets and liabilities, net of effects from acquisitions: Accounts receivable (47,571 ) 462 Accounts payable 34,532 (9,025 ) Retainages 21,514 (6,615 ) Contracts in progress and advance billings on contracts (7,155 ) 28,868 Income taxes 1,650 (4,786 ) Accrued and other current liabilities 865 (9,754 ) Pension liabilities, accrued postretirement benefit obligations and employee benefits 881 (6,964 ) Other, net (13,829 ) (8,861 ) NET CASH PROVIDED BY OPERATING ACTIVITIES 408,428 363,701 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property, plant and equipment (153,647 ) (151,286 ) Acquisition of businesses — — Purchases of securities — (2,343 ) Sales and maturities of securities — 5,996 Investments, net of return of capital, in equity method investees (197 ) — Other, net (717 ) (8,009 ) NET CASH USED IN INVESTING ACTIVITIES (154,561 ) (155,642 ) CASH FLOWS FROM FINANCING ACTIVITIES: Borrowings of long-term debt 456,000 353,100 Repayments of long-term debt (612,250 ) (434,350 ) Payment of debt issuance costs — — Repurchases of common stock (20,000 ) — Dividends paid to common shareholders (88,349 ) (84,974 ) Cash paid for shares withheld to satisfy employee taxes (7,570 ) (7,592 ) Settlements of forward contracts, net 19,591 3,689 Other, net (207 ) 756 NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES (252,785 ) (169,371 ) EFFECTS OF EXCHANGE RATE CHANGES ON CASH (2,126 ) 1,937 TOTAL (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS (1,044 ) 40,625 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 81,615 40,990 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 80,571 $ 81,615 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid during the period for: Interest $ 72,426 $ 63,216 Income taxes (net of refunds) $ 45,508 $ 84,478 SCHEDULE OF NON-CASH INVESTING ACTIVITY: Accrued capital expenditures included in accounts payable $ 17,537 $ 7,105 BWX TECHNOLOGIES, INC. CONSOLIDATED BALANCE SHEETS ASSETS December 31, 2024 2023 (In thousands) Current Assets: Cash and cash equivalents $ 74,109 $ 75,766 Restricted cash and cash equivalents 2,785 2,858 Investments — — Accounts receivable – trade, net 99,112 70,180 Accounts receivable – other 53,199 16,339 Retainages 33,667 55,181 Contracts in progress 577,745 533,155 Other current assets 89,380 64,322 Total Current Assets 929,997 817,801 Property, Plant and Equipment, Net 1,278,161 1,228,520 Investments 10,609 9,496 Goodwill 287,362 297,020 Deferred Income Taxes 6,569 16,332 Investments in Unconsolidated Affiliates 99,403 88,608 Intangible Assets 165,325 185,510 Other Assets 92,498 103,778 TOTAL $ 2,869,924 $ 2,747,065 BWX TECHNOLOGIES, INC. CONSOLIDATED BALANCE SHEETS LIABILITIES AND STOCKHOLDERS' EQUITY December 31, 2024 2023 (In thousands, except shareand per share amounts) Current Liabilities: Current maturities of long-term debt $ 12,500 $ 6,250 Accounts payable 158,077 126,651 Accrued employee benefits 77,234 64,544 Accrued liabilities – other 65,100 70,210 Advance billings on contracts 161,290 107,391 Total Current Liabilities 474,201 375,046 Long-Term Debt 1,042,970 1,203,422 Accumulated Postretirement Benefit Obligation 16,515 18,466 Environmental Liabilities 94,225 90,575 Pension Liability 82,602 82,786 Other Liabilities 79,007 43,469 Commitments and Contingencies Stockholders' Equity: Common stock, par value $0.01 per share, authorized 325,000,000 shares; issued 128,320,295 and 128,065,521 shares at December 31, 2024 and 2023, respectively 1,283 1,281 Preferred stock, par value $0.01 per share, authorized 75,000,000 shares; no shares issued — — Capital in excess of par value 228,889 206,478 Retained earnings 2,287,151 2,093,917 Treasury stock at cost, 36,869,498 and 36,537,695 shares at December 31, 2024 and 2023, respectively (1,388,432 ) (1,360,862 ) Accumulated other comprehensive income (loss) (48,211 ) (7,463 ) Stockholders' Equity – BWX Technologies, Inc. 1,080,680 933,351 Noncontrolling interest (276 ) (50 ) Total Stockholders' Equity 1,080,404 933,301 TOTAL $ 2,869,924 $ 2,747,065 BWX TECHNOLOGIES, INC. BUSINESS SEGMENT INFORMATION Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 (Unaudited) (In thousands) REVENUES: Government Operations $ 595,000 $ 601,629 $ 2,183,040 $ 2,031,337 Commercial Operations 152,331 124,141 523,972 466,344 Eliminations (1,065 ) (255 ) (3,358 ) (1,372 ) TOTAL $ 746,266 $ 725,515 $ 2,703,654 $ 2,496,309 SEGMENT INCOME: Government Operations $ 98,059 $ 116,282 $ 377,875 $ 374,682 Commercial Operations 14,868 15,919 46,816 37,532 SUBTOTAL $ 112,927 $ 132,201 $ 424,691 $ 412,214 Unallocated Corporate (20,666 ) (9,008 ) (44,084 ) (29,155 ) TOTAL $ 92,261 $ 123,193 $ 380,607 $ 383,059 DEPRECIATION AND AMORTIZATION: Government Operations $ 16,079 $ 14,035 $ 61,027 $ 53,388 Commercial Operations 4,554 4,467 17,708 17,745 Corporate 1,800 1,859 7,127 7,433 TOTAL $ 22,433 $ 20,361 $ 85,862 $ 78,566 CAPITAL EXPENDITURES: Government Operations $ 28,050 $ 33,584 $ 81,063 $ 91,699 Commercial Operations 19,620 12,769 62,773 53,358 Corporate 4,850 4,435 9,811 6,229 TOTAL $ 52,520 $ 50,788 $ 153,647 $ 151,286 BACKLOG: Government Operations $ 3,912,580 $ 3,216,673 $ 3,912,580 $ 3,216,673 Commercial Operations 929,880 780,974 929,880 780,974 TOTAL $ 4,842,460 $ 3,997,647 $ 4,842,460 $ 3,997,647 BOOKINGS: Government Operations $ 1,762,228 $ 559,412 $ 2,878,808 $ 1,731,618 Commercial Operations 446,438 182,906 670,288 618,029 TOTAL $ 2,208,666 $ 742,318 $ 3,549,096 $ 2,349,647 View source version on Contacts Investor Contact: Chase JacobsonVice President, Investor Relations980-365-4300Investors@ Media Contact: John DobkenSenior Manager, Media & Public Relations202-428-6913jcdobken@ Sign in to access your portfolio
