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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
Yahoo
20-05-2025
- Business
- Yahoo
Q1 Earnings Roundup: BWX (NYSE:BWXT) And The Rest Of The Defense Contractors Segment
The end of the earnings season is always a good time to take a step back and see who shined (and who not so much). Let's take a look at how defense contractors stocks fared in Q1, starting with BWX (NYSE:BWXT). Defense contractors typically require technical expertise and government clearance. Companies in this sector can also enjoy long-term contracts with government bodies, leading to more predictable revenues. Combined, these factors create high barriers to entry and can lead to limited competition. Lately, geopolitical tensions–whether it be Russia's invasion of Ukraine or China's aggression towards Taiwan–highlight the need for defense spending. On the other hand, demand for these products can ebb and flow with defense budgets and even who is president, as different administrations can have vastly different ideas of how to allocate federal funds. The 13 defense contractors stocks we track reported a strong Q1. As a group, revenues beat analysts' consensus estimates by 1.6% while next quarter's revenue guidance was in line. In light of this news, share prices of the companies have held steady as they are up 2.8% on average since the latest earnings results. Contributing components and materials to the famous Manhattan Project in the 1940s, BWX (NYSE:BWXT) is a manufacturer and service provider of nuclear components and fuel for government and commercial industries. BWX reported revenues of $682.3 million, up 13% year on year. This print exceeded analysts' expectations by 5.1%. Overall, it was a very strong quarter for the company with a solid beat of analysts' EBITDA estimates. '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. BWX delivered the weakest full-year guidance update of the whole group. Unsurprisingly, the stock is down 1.8% since reporting and currently trades at $109.99. Is now the time to buy BWX? Access our full analysis of the earnings results here, it's free. Formed through the split of IT services company SAIC, Leidos (NYSE:LDOS) offers technology and engineering solutions such as military training systems for the defense, civil, and health markets. Leidos reported revenues of $4.25 billion, up 6.8% year on year, outperforming analysts' expectations by 3.6%. The business had a very strong quarter with a solid beat of analysts' backlog and EBITDA estimates. The market seems happy with the results as the stock is up 7.9% since reporting. It currently trades at $159.50. Is now the time to buy Leidos? Access our full analysis of the earnings results here, it's free. Responsible for the development of the first stealth bomber, Northrop Grumman (NYSE:NOC) specializes in providing aerospace, defense, and security solutions for various industry applications. Northrop Grumman reported revenues of $9.47 billion, down 6.6% year on year, falling short of analysts' expectations by 4.7%. It was a disappointing quarter as it posted full-year EPS guidance missing analysts' expectations. Northrop Grumman delivered the weakest performance against analyst estimates and slowest revenue growth in the group. As expected, the stock is down 11.3% since the results and currently trades at $471.12. Read our full analysis of Northrop Grumman's results here. Delivering aerospace technology during the Cold War-era, Parsons (NYSE:PSN) offers engineering, construction, and cybersecurity solutions for the infrastructure and defense sectors. Parsons reported revenues of $1.55 billion, up 1.2% year on year. This number missed analysts' expectations by 3.1%. Aside from that, it was a satisfactory quarter as it also recorded an impressive beat of analysts' adjusted operating income estimates but a slight miss of analysts' backlog estimates. Parsons pulled off the highest full-year guidance raise among its peers. The stock is flat since reporting and currently trades at $69. Read our full, actionable report on Parsons here, it's free. Known for projects like the construction of Guantanamo Bay, KBR provides professional services and technologies, specializing in engineering, construction, and government services sectors. KBR reported revenues of $2.06 billion, up 13% year on year. This print lagged analysts' expectations by 1.4%. Aside from that, it was a strong quarter as it produced a solid beat of analysts' EBITDA estimates. The stock is up 7.5% since reporting and currently trades at $55.45. Read our full, actionable report on KBR here, it's free. In response to the Fed's rate hikes in 2022 and 2023, inflation has been gradually trending down from its post-pandemic peak, trending closer to the Fed's 2% target. Despite higher borrowing costs, the economy has avoided flashing recessionary signals. This is the much-desired soft landing that many investors hoped for. The recent rate cuts (0.5% in September and 0.25% in November 2024) have bolstered the stock market, making 2024 a strong year for equities. Donald Trump's presidential win in November sparked additional market gains, sending indices to record highs in the days following his victory. However, debates continue over possible tariffs and corporate tax adjustments, raising questions about economic stability in 2025. Want to invest in winners with rock-solid fundamentals? Check out our 9 Best Market-Beating Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate. Join Paid Stock Investor Research Help us make StockStory more helpful to investors like yourself. Join our paid user research session and receive a $50 Amazon gift card for your opinions. Sign up here.
Yahoo
05-05-2025
- Business
- Yahoo
BWX (NYSE:BWXT) Beats Expectations in Strong Q1
Aerospace and defense company BWX (NYSE:BWXT) reported Q1 CY2025 results topping the market's revenue expectations , with sales up 13% year on year to $682.3 million. On the other hand, the company's full-year revenue guidance of $3 billion at the midpoint came in 0.9% below analysts' estimates. Its non-GAAP profit of $0.91 per share was 19% above analysts' consensus estimates. Is now the time to buy BWX? Find out in our full research report. Revenue: $682.3 million vs analyst estimates of $648.9 million (13% year-on-year growth, 5.1% beat) Adjusted EPS: $0.91 vs analyst estimates of $0.76 (19% beat) Adjusted EBITDA: $129.8 million vs analyst estimates of $118.6 million (19% margin, 9.4% beat) The company reconfirmed its revenue guidance for the full year of $3 billion at the midpoint Management reiterated its full-year Adjusted EPS guidance of $3.47 at the midpoint EBITDA guidance for the full year is $560 million at the midpoint, in line with analyst expectations Operating Margin: 14.2%, down from 15.4% in the same quarter last year Free Cash Flow Margin: 2.5%, up from 0.4% in the same quarter last year Backlog: $4.88 billion at quarter end Market Capitalization: $10.29 billion '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. Contributing components and materials to the famous Manhattan Project in the 1940s, BWX (NYSE:BWXT) is a manufacturer and service provider of nuclear components and fuel for government and commercial industries. A company's long-term sales performance can indicate its overall quality. Any business can put up a good quarter or two, but many enduring ones grow for years. Over the last five years, BWX grew its sales at a mediocre 6.6% compounded annual growth rate. This fell short of our benchmark for the industrials sector and is a poor baseline for our analysis. Long-term growth is the most important, but within industrials, a half-decade historical view may miss new industry trends or demand cycles. BWX's annualized revenue growth of 10.7% over the last two years is above its five-year trend, suggesting its demand recently accelerated. BWX also breaks out the revenue for its most important segments, Government Operations and Commercial Operations, which are 0.1% and 0% of revenue. Over the last two years, BWX's Government Operations revenue (public sector sales) averaged 3.2% year-on-year declines while its Commercial Operations revenue (private sector sales) averaged 3% declines. This quarter, BWX reported year-on-year revenue growth of 13%, and its $682.3 million of revenue exceeded Wall Street's estimates by 5.1%. Looking ahead, sell-side analysts expect revenue to grow 12.7% over the next 12 months, an improvement versus the last two years. This projection is noteworthy and implies its newer products and services will fuel better top-line performance. Software is eating the world and there is virtually no industry left that has been untouched by it. That drives increasing demand for tools helping software developers do their jobs, whether it be monitoring critical cloud infrastructure, integrating audio and video functionality, or ensuring smooth content streaming. Click here to access a free report on our 3 favorite stocks to play this generational megatrend. BWX has been an efficient company over the last five years. It was one of the more profitable businesses in the industrials sector, boasting an average operating margin of 15.4%. Looking at the trend in its profitability, BWX's operating margin decreased by 2.4 percentage points over the last five years. This raises questions about the company's expense base because its revenue growth should have given it leverage on its fixed costs, resulting in better economies of scale and profitability. In Q1, BWX generated an operating profit margin of 14.2%, down 1.2 percentage points year on year. This reduction is quite minuscule and indicates the company's overall cost structure has been relatively stable. We track the long-term change in earnings per share (EPS) for the same reason as long-term revenue growth. Compared to revenue, however, EPS highlights whether a company's growth is profitable. BWX's EPS grew at a weak 3.7% compounded annual growth rate over the last five years, lower than its 6.6% annualized revenue growth. This tells us the company became less profitable on a per-share basis as it expanded due to non-fundamental factors such as interest expenses and taxes. Diving into the nuances of BWX's earnings can give us a better understanding of its performance. As we mentioned earlier, BWX's operating margin declined by 2.4 percentage points over the last five years. This was the most relevant factor (aside from the revenue impact) behind its lower earnings; taxes and interest expenses can also affect EPS but don't tell us as much about a company's fundamentals. Like with revenue, we analyze EPS over a more recent period because it can provide insight into an emerging theme or development for the business. For BWX, its two-year annual EPS growth of 5.3% was higher than its five-year trend. Accelerating earnings growth is almost always an encouraging data point. In Q1, BWX reported EPS at $0.91, up from $0.76 in the same quarter last year. This print easily cleared analysts' estimates, and shareholders should be content with the results. Over the next 12 months, Wall Street expects BWX's full-year EPS of $3.49 to grow 3.3%. We were impressed by how significantly BWX blew past analysts' EBITDA expectations this quarter. We were also excited its revenue outperformed Wall Street's estimates by a wide margin. On the other hand, its Government Operations revenue missed and its full-year revenue guidance fell slightly short of Wall Street's estimates. Overall, we think this was still a solid quarter with some key areas of upside. The stock traded up 2.9% to $115.25 immediately after reporting. BWX put up rock-solid earnings, but one quarter doesn't necessarily make the stock a buy. Let's see if this is a good investment. What happened in the latest quarter matters, but not as much as longer-term business quality and valuation, when deciding whether to invest in this stock. We cover that in our actionable full research report which you can read here, it's free. Sign in to access your portfolio
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
Yahoo
31-03-2025
- Business
- Yahoo
Reflecting On Defense Contractors Stocks' Q4 Earnings: BWX (NYSE:BWXT)
As the Q4 earnings season comes to a close, it's time to take stock of this quarter's best and worst performers in the defense contractors industry, including BWX (NYSE:BWXT) and its peers. Defense contractors typically require technical expertise and government clearance. Companies in this sector can also enjoy long-term contracts with government bodies, leading to more predictable revenues. Combined, these factors create high barriers to entry and can lead to limited competition. Lately, geopolitical tensions–whether it be Russia's invasion of Ukraine or China's aggression towards Taiwan–highlight the need for defense spending. On the other hand, demand for these products can ebb and flow with defense budgets and even who is president, as different administrations can have vastly different ideas of how to allocate federal funds. The 14 defense contractors stocks we track reported a mixed Q4. As a group, revenues beat analysts' consensus estimates by 2.6% while next quarter's revenue guidance was 3.9% above. While some defense contractors stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 2% since the latest earnings results. Contributing components and materials to the famous Manhattan Project in the 1940s, BWX (NYSE:BWXT) is a manufacturer and service provider of nuclear components and fuel for government and commercial industries. BWX reported revenues of $746.3 million, up 2.9% year on year. This print exceeded analysts' expectations by 2.4%. Overall, it was a strong quarter for the company with full-year revenue guidance exceeding analysts' expectations and an impressive beat of analysts' Commercial Operations revenue estimates. '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. BWX achieved the highest full-year guidance raise of the whole group. Investor expectations, however, were likely higher than Wall Street's published projections, leaving some wishing for even better results (analysts' consensus estimates are those published by big banks and advisory firms, not the investors who make buy and sell decisions). The stock is down 1.8% since reporting and currently trades at $98. Is now the time to buy BWX? Access our full analysis of the earnings results here, it's free. Founded in 1981, Mercury Systems (NASDAQ:MRCY) specializes in providing processing subsystems and components for primarily defense applications. Mercury Systems reported revenues of $223.1 million, up 13% year on year, outperforming analysts' expectations by 23.9%. The business had an incredible quarter with an impressive beat of analysts' organic revenue estimates and a solid beat of analysts' EPS estimates. Mercury Systems pulled off the biggest analyst estimates beat among its peers. The market seems content with the results as the stock is up 1.4% since reporting. It currently trades at $42.69. Is now the time to buy Mercury Systems? Access our full analysis of the earnings results here, it's free. Focused on the future of autonomous military combat, AeroVironment (NASDAQ:AVAV) specializes in advanced unmanned aircraft systems and electric vehicle charging solutions. AeroVironment reported revenues of $167.6 million, down 10.2% year on year, falling short of analysts' expectations by 10.9%. It was a disappointing quarter as it posted full-year revenue and EBITDA guidance missing analysts' expectations. AeroVironment delivered the weakest performance against analyst estimates, slowest revenue growth, and weakest full-year guidance update in the group. As expected, the stock is down 15.4% since the results and currently trades at $120.20. Read our full analysis of AeroVironment's results here. Known for projects like the construction of Guantanamo Bay, KBR provides professional services and technologies, specializing in engineering, construction, and government services sectors. KBR reported revenues of $2.12 billion, up 22.7% year on year. This result beat analysts' expectations by 6.7%. Zooming out, it was a satisfactory quarter as it also logged a solid beat of analysts' adjusted operating income estimates but a significant miss of analysts' backlog estimates. KBR pulled off the fastest revenue growth among its peers. The stock is flat since reporting and currently trades at $49.73. Read our full, actionable report on KBR here, it's free. Originally focused on refrigeration technology, Raytheon (NSYE:RTX) provides a variety of products and services to the aerospace and defense industries. RTX reported revenues of $21.62 billion, up 8.5% year on year. This print surpassed analysts' expectations by 5.8%. It was a very strong quarter as it also logged a solid beat of analysts' organic revenue and EBITDA estimates. The stock is up 5.2% since reporting and currently trades at $131.57. Read our full, actionable report on RTX here, it's free. Want to invest in winners with rock-solid fundamentals? Check out our Hidden Gem Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate. Join Paid Stock Investor Research Help us make StockStory more helpful to investors like yourself. Join our paid user research session and receive a $50 Amazon gift card for your opinions. Sign up here. Sign in to access your portfolio
