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BWX Technologies Reports Second Quarter 2025 Results
2Q25 revenues of $764.0 million 2Q25 net income of $78.5 million, adjusted EBITDA(1) of $145.9 million 2Q25 diluted GAAP EPS of $0.85, non-GAAP(1) EPS of $1.02 Closed acquisition of Kinectrics, Inc. on May 20, 2025 Signed pricing agreement for naval reactors and components; booked over $1.0 billion of $2.6 billion total contract value Record backlog of $6.0 billion, up 70.2% year-over-year Raising 2025 adjusted EBITDA(1) guidance to $565 million-$575 million and non-GAAP EPS(1) guidance to $3.65-$3.75; free cash flow guidance increased to $275 million-$285 million LYNCHBURG, Va., August 04, 2025--(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." Financial Results Summary Three Months Ended June 30, 2025 2024 $ Change % Change (Unaudited) (In millions, except per share amounts) 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 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. (In millions, except per share amounts) Year Ended Year Ending Year Ending December 31, 2024 December 31, 2025 December 31, 2025 Results Current Guidance Prior Guidance Revenue $2,704 ~$3,100 ~$3,000 Adjusted EBITDA(1) $499 ~$565 - $575 ~$550 - $570 Non-GAAP(1) Earnings Per Share $3.33 ~$3.65 - $3.75 ~$3.40 - $3.55 Free Cash Flow(1) $255 $275 - $285 $265 - $285 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 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. (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 EXHIBIT 1 BWX TECHNOLOGIES, INC. RECONCILIATION OF NON-GAAP OPERATING INCOME AND EARNINGS PER SHARE(1)(2)(3) (In millions, except per share amounts) Three Months Ended June 30, 2025 GAAP Restructuring & Transformation Costs Acquisition- Related Costs Acquisition- Related Amortization Non-GAAP Government Operations Operating Income $ 109.4 $ 0.9 $ 3.5 $ 1.8 $ 115.6 Commercial Operations Operating Income $ 6.9 $ 1.0 $ 2.1 $ 0.7 $ 10.7 Unallocated Corporate Operating Income $ (13.9 ) $ 7.1 $ 1.7 $ — $ (5.1 ) Operating Income $ 102.4 $ 9.0 $ 7.2 $ 2.5 $ 121.1 Other Income (Expense) (4.7 ) — — — (4.7 ) Income Before Provision for Income Taxes 97.8 9.0 7.2 2.5 116.5 Provision for Income Taxes (19.3 ) (1.4 ) (2.0 ) (0.6 ) (23.3 ) Net Income 78.5 7.6 5.3 1.9 93.2 Net Income Attributable to Noncontrolling Interest (0.1 ) — — — (0.1 ) Net Income Attributable to BWXT $ 78.4 $ 7.6 $ 5.3 $ 1.9 $ 93.1 Diluted Shares Outstanding 91.7 91.7 Diluted Earnings per Common Share $ 0.85 $ 0.08 $ 0.06 $ 0.02 $ 1.02 Effective Tax Rate 19.7 % 20.0 % Three Months Ended June 30, 2024 GAAP Restructuring Costs Acquisition- Related Costs One-Time Tax Benefit Non-GAAP 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 % EXHIBIT 1 (continued) RECONCILIATION OF CONSOLIDATED ADJUSTED EBITDA(1)(2)(3) (In millions) Three Months Ended June 30, 2025 GAAP Restructuring & Transformation Costs Acquisition- related Costs Acquisition- related Amortization Non-GAAP 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 Three Months Ended June 30, 2024 GAAP Restructuring Costs Acquisition- related Costs One-Time Tax Benefit Non-GAAP 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 RECONCILIATION OF REPORTING SEGMENT ADJUSTED EBITDA(1)(2)(3)(4) (In millions) Three Months Ended June 30, 2025 Operating Income (GAAP) Non-GAAP Adjustments(3,4) Acquisition- related Amortization Depreciation & Amortization Adjusted EBITDA Government Operations $ 109.4 $ 4.4 $ 1.8 $ 17.4 $ 133.0 Commercial Operations $ 6.9 $ 3.1 $ 0.7 $ 5.6 $ 16.2 Unallocated Corporate $ (13.9 ) $ 8.8 $ — $ 1.8 $ (3.3 ) Three Months Ended June 30, 2024 Operating Income (GAAP) Non-GAAP Adjustments(3) Depreciation & Amortization Adjusted EBITDA 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 ) 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 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 (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 BWX TECHNOLOGIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 (Unaudited) (In thousands, except share and per share amounts) Revenues $ 764,039 $ 681,465 $ 1,446,297 $ 1,285,431 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: Net Income Attributable to BWX Technologies, Inc. $ 0.85 $ 0.79 $ 1.68 $ 1.54 Shares used in the computation of earnings per share: Basic 91,542,967 91,564,263 91,568,526 91,559,824 Diluted 91,702,703 91,801,539 91,788,204 91,831,232 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 ) TOTAL DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS (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 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 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 BWX TECHNOLOGIES, INC. BUSINESS SEGMENT INFORMATION Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 (Unaudited) (In thousands) REVENUES: Government Operations $ 588,959 $ 540,846 $ 1,144,246 $ 1,027,967 Commercial Operations 176,139 141,491 304,449 258,529 Eliminations (1,059 ) (872 ) (2,398 ) (1,065 ) TOTAL $ 764,039 $ 681,465 $ 1,446,297 $ 1,285,431 SEGMENT INCOME: Government Operations $ 109,417 $ 92,520 $ 207,163 $ 178,206 Commercial Operations 6,877 16,628 13,342 25,219 SUBTOTAL $ 116,294 $ 109,148 $ 220,505 $ 203,425 Unallocated Corporate (13,870 ) (10,342 ) (21,451 ) (11,658 ) TOTAL $ 102,424 $ 98,806 $ 199,054 $ 191,767 DEPRECIATION AND AMORTIZATION: Government Operations $ 19,222 $ 15,431 $ 37,318 $ 29,664 Commercial Operations 6,243 4,397 10,262 8,841 Corporate 1,794 1,781 3,591 3,655 TOTAL $ 27,259 $ 21,609 $ 51,171 $ 42,160 CAPITAL EXPENDITURES: Government Operations $ 15,770 $ 14,201 $ 34,270 $ 30,584 Commercial Operations 16,701 15,736 29,910 29,080 Corporate 258 468 1,918 1,163 TOTAL $ 32,729 $ 30,405 $ 66,098 $ 60,827 BACKLOG: Government Operations $ 4,435,593 $ 2,865,193 $ 4,435,593 $ 2,865,193 Commercial Operations 1,579,598 669,054 1,579,598 669,054 TOTAL $ 6,015,191 $ 3,534,247 $ 6,015,191 $ 3,534,247 BOOKINGS: Government Operations $ 1,412,286 $ 497,021 $ 1,638,683 $ 676,434 Commercial Operations 228,195 83,183 721,615 145,597 TOTAL $ 1,640,481 $ 580,204 $ 2,360,298 $ 822,031 View source version on Contacts Investor Contact: Chase JacobsonVice President, Investor Relations980-365-4300Investors@ Media Contact: John DobkenSenior Manager, Media & Public Relations202-428-6913jcdobken@
Yahoo
03-07-2025
- Business
- Yahoo
BWX Technologies (BWXT) Subsidiary Kinectrics Expands HV Cable Testing Capacity
BWX Technologies, Inc. (NYSE:BWXT) is . On June 5, Kinectrics Inc., a subsidiary of BWX Technologies, signed a contract with HIGHVOLT, a supplier of high-voltage testing systems. According to the announcement, the agreement is designed to increase Kinectrics' high-voltage (HV) cable testing capacity in the field. Specifically, Kinectrics will purchase an additional 10 mobile resonant test systems (RTS) from HIGHVOLT. The 'multi-million-dollar investment' solidifies Kinectrics as the largest independent global provider of on-site HV cable testing services, the statement said. It stated further that the expansion is a strategic response to the anticipated growth in the HV cables market, which is 'expected to quadruple' due to the increase in renewable energy construction projects. This growth is leading to a higher demand for reliable commissioning services for newly installed subsea and underground transmission networks. David Harris, Kinectrics' President and CEO, emphasized that while dependable HV testing tools are essential, the knowledge gained from years of field experience is equally vital. Harris highlighted that Kinectrics remains a technical leader in the sector through ongoing innovations in diagnostic methods, the frequent publication of research and technical papers, and active participation in international standards organizations such as IEC, CIGRE, and IEEE. BWX Technologies, Inc. (NYSE:BWXT) is a specialty manufacturer and service provider in the nuclear sector. It produces nuclear components, fuels, and reactors for both government and commercial clients, including the U.S. Department of Energy and Department of Defense. While we acknowledge the potential of 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. READ NEXT: 10 Best Healthcare Penny Stocks to Buy According to Analysts and Goldman Sachs Energy Stocks: 10 Stocks to Buy. Disclosure: None.
Yahoo
17-06-2025
- Business
- Yahoo
BWX Technologies (BWXT) Hits an All-Time High on Canadian Nuclear Deal
BWX Technologies, Inc. (NYSE:BWXT) is among the Best Nuclear Energy Stocks to Buy Right Now. BWX Technologies, Inc. (NYSE:BWXT) closed at its all-time high this week after it was announced that a joint venture led by the company has secured a high-value contract to manage Canadian Nuclear Laboratories. Valued at an average of C$1.2 billion annually, the contract is for six years, with possible extensions reaching up to 20 years. An aerial view of a nuclear plant, its domes casting a unique shadow. Moreover, BWX Technologies, Inc. (NYSE:BWXT) continues to expand its footprint and completed the acquisition of Kinectrics last month. The strategic move is aimed at expanding the company's capabilities, including lifecycle management, specialized plant services, and engineering, along with nearly doubling its workforce. John MacQuarrie, President of Commercial Operations of BWX Technologies, Inc. (NYSE:BWXT), stated: 'Since we announced our intention to acquire Kinectrics in January, we have been looking forward to this day, when the complementary nature of our organizations begins to take shape. From the commercial nuclear power market to medical isotopes, we are enhancing our capabilities across the board, supporting a growing nuclear new build and life extension industry in Canada and strengthening BWXT's position in the global nuclear market.' The share price of BWX Technologies, Inc. (NYSE:BWXT) has surged by over 23% since the beginning of 2025. BWX Technologies, Inc. (NYSE:BWXT) is a leading supplier of nuclear components and fuel to the US government, including the manufacturing of nuclear reactor components for US Navy submarines and aircraft carriers, and other nuclear and non-nuclear R&D and component production. While we acknowledge the potential of 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. READ NEXT: 10 Cheap Energy Stocks to Buy Now and Disclosure: None.
Yahoo
17-06-2025
- Business
- Yahoo
BWX Technologies (BWXT) Hits an All-Time High on Canadian Nuclear Deal
BWX Technologies, Inc. (NYSE:BWXT) is among the Best Nuclear Energy Stocks to Buy Right Now. BWX Technologies, Inc. (NYSE:BWXT) closed at its all-time high this week after it was announced that a joint venture led by the company has secured a high-value contract to manage Canadian Nuclear Laboratories. Valued at an average of C$1.2 billion annually, the contract is for six years, with possible extensions reaching up to 20 years. An aerial view of a nuclear plant, its domes casting a unique shadow. Moreover, BWX Technologies, Inc. (NYSE:BWXT) continues to expand its footprint and completed the acquisition of Kinectrics last month. The strategic move is aimed at expanding the company's capabilities, including lifecycle management, specialized plant services, and engineering, along with nearly doubling its workforce. John MacQuarrie, President of Commercial Operations of BWX Technologies, Inc. (NYSE:BWXT), stated: 'Since we announced our intention to acquire Kinectrics in January, we have been looking forward to this day, when the complementary nature of our organizations begins to take shape. From the commercial nuclear power market to medical isotopes, we are enhancing our capabilities across the board, supporting a growing nuclear new build and life extension industry in Canada and strengthening BWXT's position in the global nuclear market.' The share price of BWX Technologies, Inc. (NYSE:BWXT) has surged by over 23% since the beginning of 2025. BWX Technologies, Inc. (NYSE:BWXT) is a leading supplier of nuclear components and fuel to the US government, including the manufacturing of nuclear reactor components for US Navy submarines and aircraft carriers, and other nuclear and non-nuclear R&D and component production. While we acknowledge the potential of 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. READ NEXT: 10 Cheap Energy Stocks to Buy Now and Disclosure: None. Sign in to access your portfolio
National Post
12-06-2025
- Business
- National Post
BWXT-Led Team Awarded Canadian Nuclear Laboratories Contract from Atomic Energy of Canada Limited
Article content Article content LYNCHBURG, Va. — BWX Technologies, Inc. (NYSE: BWXT) announced today an Atomic Energy of Canada Limited award for the management and operation of Canadian Nuclear Laboratories Ltd. (CNL). Article content Nuclear Laboratory Partners of Canada Inc. ( NLPC) is a Canadian joint venture that has been selected as the preferred bidder for managing CNL after a competitive procurement process that began in 2023. The NLPC team is led by three primary joint venture partners, BWXT, Kinectrics, and Amentum, and a key subcontractor, Battelle. Nuclear Laboratories Partners of Canada Inc. will assume responsibility of CNL, with Dennis Carr as president and CEO, on Sept. 13, 2025, following a transition period that will commence in the coming weeks. The contract, valued at C$1.2 billion per year on average, is for six years with extension periods that can be exercised based on performance for up to a total of 20 years. Article content BWXT's Canadian operations include operating sites in Ontario and British Columbia, employing more than 1,800 people who support the nuclear energy industry. The company is also a certified PAIR-Committed organization supporting Indigenous communities. 'BWXT is honored to lead a dedicated team that will build on decades of impressive work accomplished by the employees of CNL,' said Heatherly Dukes, president, BWXT Technical Services Group, Inc. 'Our management team looks forward to meeting the employees and union leadership of CNL when we begin our transition activities. We are also looking forward to being part of the community and getting to know local leaders and rightsholders.' Article content As Canada's premier nuclear science and technology organization, CNL is a world leader in developing nuclear technology for peaceful and innovative applications. The laboratory maintains a critical portfolio of work that includes development of clean energy sources, innovations in nuclear medicine, and restoration and protection of Canada's environment. Article content Under this new contract, CNL will specifically focus on science and technology, decommissioning and waste management, and Chalk River revitalization missions. The Chalk River Laboratories represent the largest single complex within Canada's science and technology infrastructure. The site contains several licensed nuclear facilities and more than 50 other unique facilities and laboratories. Article content Forward-Looking Statements Article content BWXT cautions that this release contains forward-looking statements, including statements relating to the performance, timing, impact and value, to the extent contract value can be viewed as an indicator of future revenues, of the contract to manage and operate Canadian Nuclear Laboratories, Ltd., future work at Canadian Nuclear Laboratories, Ltd., and the award or exercise of any contract options or orders. These forward-looking statements involve a number of risks and uncertainties, including, among other things, modification or termination of the contract and delays. If one or more of these or other risks materialize, actual results may vary materially from those expressed. For a more complete discussion of these and other risk factors, please see BWXT's annual report on Form 10-K for the year ended December 31, 2024, and subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission. 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. Article content About BWXT Article content At BWX Technologies, Inc. (NYSE: BWXT), we are People Strong, Innovation Driven. 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. In addition, BWXT joint ventures provide management and operations at more than a dozen U.S. Department of Energy and NASA facilities. For more information, visit Article content , Article content X Article content , Article content Facebook Article content and Article content Instagram Article content . Article content Article content Article content Article content Article content Contacts Article content Media Contact Article content Article content John Dobken Article content Article content Senior Manager, Media & Public Relations Article content Article content 202.428.6913 Article content jcdobken@ Article content Investor Contact Article content Article content Chase Jacobson Article content Article content Article content Article content
