- 3Q23 revenues of $590.0 million
- 3Q23 net income of $60.4 million, adjusted EBITDA(1) of $106.5
million
- 3Q23 diluted GAAP EPS of $0.66, non-GAAP(1) EPS of $0.67
- Multiple agreements signed to progress microreactor development
for commercial applications
- Narrowing 2023 non-GAAP(1) EPS guidance to $2.90-$2.95
- Preliminary 2024 guidance for non-GAAP EPS(1) and adjusted
EBITDA(1) to grow mid-single-digits
BWX Technologies, Inc. (NYSE: BWXT) ("BWXT", "we", "us" or the
"Company") reported third quarter 2023 GAAP net income attributable
to BWXT of $60.3 million, or diluted earnings per share (EPS) of
$0.66, on third quarter revenues of $590.0 million. Third quarter
2023 non-GAAP(1) net income attributable to BWXT was $61.5 million,
or non-GAAP(1) diluted EPS of $0.67. Third quarter 2023 adjusted
earnings before interest, taxes, depreciation, and amortization
(EBITDA)(1) was $106.5 million. A reconciliation of non-GAAP
results are detailed in Exhibit 1.
“We reported solid third quarter 2023 results with double-digit
organic revenue growth, good operational performance and
significantly improved free cash flow,” said Rex D. Geveden,
president and chief executive officer. “Importantly, as expected,
the benefits of our streamlined talent acquisition and onboarding
processes, especially in our Government Operations segment,
manifested through sequential margin improvement in the
quarter.”
“2023 has been an exciting year for BWXT with significant
program wins and competitive gains in the global security, clean
energy and medical markets that we serve,” said Geveden. “Demand in
our markets continues to build, and we are postured for growth
where our power and propulsion capabilities set us apart from our
competition. Further, our intense focus on operational performance
and continuous improvement at all levels in the organization is
bearing fruit.”
“With better visibility into the remainder of the year, we are
narrowing our 2023 guidance range, with a mid-point slightly above
our initial guidance. Looking to 2024, the lower naval propulsion
volumes we have been expecting from the aircraft carrier ordering
cadence gap in 2024 and 2025 will be more than offset by new
program growth in Government Operations, expanding opportunities in
commercial nuclear power and accelerating growth in nuclear
medicine. Accordingly, we forecast mid-single-digit adjusted EBITDA
and Non-GAAP EPS growth in 2024, consistent with the strong
operational organic growth rates we have seen the past couple
years.”
Financial Results Summary
Three Months Ended September
30,
2023
2022
$ Change
% Change
(Unaudited)
(In millions, except per share
amounts)
Revenues
Government Operations
$
477.9
$
422.5
$
55.3
13
%
Commercial Operations
$
112.4
$
101.8
$
10.6
10
%
Consolidated
$
590.0
$
523.7
$
66.3
13
%
Operating Income
Government Operations
$
85.6
$
77.7
$
7.9
10
%
Commercial Operations
$
9.1
$
6.8
$
2.2
33
%
Unallocated Corporate (Expense)
$
(9.4
)
$
(4.7
)
$
(4.7
)
NM
Consolidated
$
85.4
$
79.9
$
5.5
7
%
Consolidated non-GAAP(1)
$
86.7
$
81.5
$
5.2
6
%
EPS (Diluted)
GAAP
$
0.66
$
0.67
$
(0.01
)
(1
)%
Non-GAAP(1)
$
0.67
$
0.69
$
(0.02
)
(3
)%
Net Income
GAAP
$
60.4
$
61.8
$
(1.5
)
(2
)%
Non-GAAP(1)
$
61.5
$
63.2
$
(1.7
)
(3
)%
Adjusted EBITDA(1)
Government Operations
$
99.0
$
90.4
$
8.7
10
%
Commercial Operations
$
13.9
$
11.5
$
2.5
22
%
Corporate
$
(6.4
)
$
(1.7
)
$
(4.7
)
NM
Consolidated
$
106.5
$
100.1
$
6.4
6
%
Cash Flows
Operating Cash Flow(2)
$
74.3
$
65.0
$
9.4
14
%
Capital Expenditures(2)
$
30.9
$
39.6
$
(8.7
)
(22
)%
Free Cash Flow(1)
$
43.4
$
25.4
$
18.1
71
%
Dividends Paid(2)
$
21.1
$
20.1
$
1.0
5
%
NM = Not Meaningful
(2) Items named in the Financial Results
Summary differ from names in BWXT Financial Statement. Operating
Cash Flow = Net Cash Provided by Operating Activities; Capital
Expenditures = Purchases of Property, Plant and Equipment; Share
Repurchases = Repurchases of Common Stock; Dividends Paid =
Dividends Paid to Common Shareholders
Revenues
Third quarter revenue increased in both operating segments. The
Government Operations increase was driven by higher naval nuclear
component production and microreactors volume, partially offset by
lower long-lead material procurement. The Commercial Operations
increase was driven by an increase in medical sales as well as
higher revenue associated with commercial nuclear field services,
which was partially offset by lower fuel handling volumes.
Operating Income and Adjusted EBITDA(1)
Third quarter operating income increased in both operating
segments. The Government Operations increase was due to higher
revenue, but partially offset by costs associated with the increase
in staffing levels and associated training and related
inefficiencies, as well as mix, due to higher advanced technologies
revenue. The Commercial Operations increase was due to improved
profitability in medical, and partially offset by less favorable
commercial nuclear business mix that was weighted toward
refurbishment and life extension field services, compared to a
greater mix of outage work in the third quarter of 2022.
Third quarter total adjusted EBITDA(1) increased for the reasons
noted above.
EPS
Third quarter GAAP and non-GAAP EPS(1) decreased as higher
operating income was offset by higher interest expense and lower
pension income.
Cash Flows
Operating cash flow increased as lower net income was offset by
better working capital management. Lower capital expenditures were
driven by lower spending on two major growth capital campaigns for
U.S. naval nuclear reactors and medical radioisotopes, both of
which are nearing completion, partially offset by an increase in
capital expenditures for microreactors.
Dividend
BWXT paid $21.1 million in dividends to shareholders in third
quarter 2023. On October 30, 2023, the BWXT Board of Directors
declared a quarterly cash dividend of $0.23 per common share
payable on December 12, 2023, to shareholders of record on November
21, 2023.
2023 Guidance
BWXT reaffirmed its 2023 guidance for increased adjusted EBITDA
and free cash flow, and narrowed its guidance range for non-GAAP(1)
EPS.
(In millions, except per share
amounts)
Year Ended
Year Ending
Year Ending
December 31, 2022
December 31, 2023
December 31, 2023
Results
Current Guidance
Prior Guidance
Revenue
$2,233
>$2,400
>$2,400
Adjusted EBITDA(1)
$439
~$475
~$475
Adjusted Pre-tax Income(1)
$378
~$350
~$350
Non-GAAP(1) Earnings Per Share
$3.13
$2.90 - $2.95
$2.85 - $3.00
Free Cash Flow(1)
$46
~$200
~$200
Additional information can be found in the 2023 third quarter
earnings call presentation on the BWXT investor relations website
at www.bwxt.com/investors. The Company
does not provide GAAP guidance because it is unable to reliably
forecast most of the items that are excluded from GAAP to calculate
non-GAAP results. These items could cause GAAP results to differ
materially from non-GAAP results.
Conference Call to Discuss Third Quarter 2023 Results
Date: Wednesday, November 1, 2023, at 5:00 p.m. EST
Live Webcast: Investor Relations section of website at
www.bwxt.com
Full Earnings Release Available on BWXT Website
A full version of this earnings release is available on our
Investor Relations website at http://investors.bwxt.com/3Q2023-release.
BWXT may use its website (www.bwxt.com) as a channel of
distribution of material Company information. Financial and other
important information regarding BWXT is routinely accessible
through and posted on our website. In addition, you may elect to
automatically receive e-mail alerts and other information about
BWXT by enrolling through the “Email Alerts” section of our website
at http://investors.bwxt.com.
Non-GAAP Measures
BWXT uses and makes reference to adjusted EBITDA, free cash flow
and free cash flow conversion, which are not recognized measures
under GAAP. BWXT is providing these non-GAAP measures to supplement
the results provided in accordance with GAAP and it should not be
considered superior to, or as a substitute for, the comparable GAAP
measures. BWXT believes the non-GAAP measures provide meaningful
insight and transparency into the Company’s operational performance
and provides these measures to investors to help facilitate
comparisons of operating results with prior periods and to assist
them in understanding BWXT's ongoing operations. Definitions for
the non-GAAP measures are provided below and reconciliations are
detailed in Exhibit 1, except that reconciliations of
forward-looking GAAP measures are not provided because the company
is unable to reliably forecast most of the items that are excluded
from GAAP to calculate non-GAAP results. Other companies may define
these measures differently or may utilize different non-GAAP
measures, thus impacting comparability.
Adjusted Earnings Before Interest, Taxes, Depreciation and
Amortization (EBITDA) is calculated using non-GAAP net income, plus
provision for income taxes, less other – net, less interest income,
plus interest expense, plus depreciation and amortization.
Adjusted pre-tax income is non-GAAP income before provision for
income taxes.
Free Cash Flow (FCF) is calculated using net income to derive
net cash provided by (used in) operating activities less purchases
of property, plant and equipment.
Free Cash Flow conversion is free cash flow divided by net
income.
Non-GAAP Adjustments
Our GAAP financial results detailed in Exhibit 1 have been
adjusted for the following items:
Restructuring and Transformation Costs: Restructuring and
transformation related costs include restructuring charges as well
as costs associated with our efforts to optimize underlying
business processes through investments in information technology,
process improvements and the implementation of strategic actions
and initiatives which we deem to be incremental and non-recurring
in nature.
Acquisition-related Costs: Acquisition-related costs relate to
third-party professional service costs and one-time incremental
costs associated with efforts to integrate the acquired business
with our legacy operations.
Forward-Looking Statements
BWXT cautions that this release contains forward-looking
statements, including, without limitation, statements relating to
backlog, to the extent they may be viewed as an indicator of future
revenues; our plans and expectations for each of our reportable
segments, including growth opportunities and the expectations,
timing and revenue of our strategic initiatives, such as medical
radioisotopes, SMR components and recent acquisitions; disruptions
to our supply chain and/or operations, changes in government
regulations and other factors; and our expectations and guidance
for 2023 and beyond. These forward-looking statements are based on
management’s current expectations and involve a number of risks and
uncertainties, including, among other things, our ability to
execute contracts in backlog; 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, 2022 and subsequent Form
10-Q filings. BWXT cautions not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
release, and undertakes no obligation to update or revise any
forward-looking statement, except to the extent required by
applicable law.
About BWXT
At BWX Technologies, Inc. (NYSE: BWXT), we are People Strong,
Innovation Driven. Headquartered in Lynchburg, Virginia, BWXT is a
Defense News Top 100 manufacturing and engineering innovator that
provides safe and effective nuclear solutions for global security,
clean energy, environmental restoration, nuclear medicine and space
exploration. With more than 7,000 employees, BWXT has 14 major
operating sites in the U.S., Canada and the U.K. In addition, BWXT
joint ventures provide management and operations at a dozen U.S.
Department of Energy and NASA facilities. For more information,
visit www.bwxt.com. 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 www.bwxt.com/investors.
EXHIBIT
1
BWX TECHNOLOGIES, INC.
RECONCILIATION OF NON-GAAP
OPERATING INCOME AND EARNINGS PER SHARE(1)(2)(3)
(In millions, except per share
amounts)
Three Months Ended September
30, 2023
GAAP
Restructuring &
Transformation Costs
Acquisition-related
Costs
Non-GAAP
Operating Income
$
85.4
$
1.1
$
0.3
$
86.7
Other Income (Expense)
(7.2
)
—
—
(7.2
)
Income Before Provision for Income
Taxes
78.2
1.1
0.3
79.5
Provision for Income Taxes
(17.8
)
(0.1
)
(0.1
)
(18.0
)
Net Income
60.4
1.0
0.2
61.5
Net Income Attributable to Noncontrolling
Interest
(0.1
)
—
—
(0.1
)
Net Income Attributable to BWXT
$
60.3
$
1.0
$
0.2
$
61.5
Diluted Shares Outstanding
91.9
91.9
Diluted Earnings per Common Share
$
0.66
$
0.01
$
0.00
$
0.67
Effective Tax Rate
22.8
%
22.6
%
Government Operations Operating Income
$
85.6
$
—
$
—
$
85.6
Commercial Operations Operating Income
$
9.1
$
0.1
$
0.1
$
9.4
Unallocated Corporate Operating Income
$
(9.4
)
$
1.0
$
0.1
$
(8.3
)
Three Months Ended September
30, 2022
GAAP
Restructuring Costs
Acquisition-related
Costs
Non-GAAP
Operating Income
$
79.9
$
1.2
$
0.5
$
81.5
Other Income (Expense)
2.1
—
—
2.1
Income Before Provision for Income
Taxes
82.0
1.2
0.5
83.7
Provision for Income Taxes
(20.2
)
(0.2
)
(0.1
)
(20.5
)
Net Income
61.8
1.0
0.4
63.2
Net Income Attributable to Noncontrolling
Interest
(0.2
)
—
—
(0.2
)
Net Income Attributable to BWXT
$
61.6
$
1.0
$
0.4
$
63.0
Diluted Shares Outstanding
91.7
91.7
Diluted Earnings per Common Share
$
0.67
$
0.01
$
0.00
$
0.69
Effective Tax Rate
24.6
%
24.5
%
Government Operations Operating Income
$
77.7
$
—
$
0.5
$
78.2
Commercial Operations Operating Income
$
6.8
$
—
$
—
$
6.8
Unallocated Corporate Operating Income
$
(4.7
)
$
1.2
$
—
$
(3.5
)
EXHIBIT 1
(continued)
RECONCILIATION OF CONSOLIDATED
ADJUSTED EBITDA(1)(2)(3)
(In millions)
Three Months Ended September
30, 2023
GAAP
Restructuring &
Transformation Costs
Acquisition-related
Costs
Non-GAAP
Net Income
$
60.4
$
1.0
$
0.2
$
61.5
Provision for Income Taxes
17.8
0.1
0.1
18.0
Other – net
(4.3
)
—
—
(4.3
)
Interest Expense
12.2
—
—
12.2
Interest Income
(0.6
)
—
—
(0.6
)
Depreciation & Amortization
19.8
—
—
19.8
Adjusted EBITDA
$
105.2
$
1.1
$
0.3
$
106.5
Three Months Ended September
30, 2022
GAAP
Restructuring Costs
Acquisition-related
Costs
Non-GAAP
Net Income
$
61.8
$
1.0
$
0.4
$
63.2
Provision for Income Taxes
20.2
0.2
0.1
20.5
Other – net
(11.5
)
—
—
(11.5
)
Interest Expense
9.6
—
—
9.6
Interest Income
(0.3
)
—
—
(0.3
)
Depreciation & Amortization
18.6
—
—
18.6
Adjusted EBITDA
$
98.5
$
1.2
$
0.5
$
100.1
RECONCILIATION OF REPORTING
SEGMENT ADJUSTED EBITDA(1)(2)(3)
(In millions)
Three Months Ended September
30, 2023
Operating Income
(GAAP)
Non-GAAP
Adjustments(4)
Depreciation &
Amortization
Adjusted EBITDA
Government Operations
$
85.6
$
—
$
13.4
$
99.0
Commercial Operations
$
9.1
$
0.3
$
4.6
$
13.9
Three Months Ended September
30, 2022
Operating Income
(GAAP)
Non-GAAP
Adjustments(4)
Depreciation &
Amortization
Adjusted EBITDA
Government Operations
$
77.7
$
0.5
$
12.1
$
90.4
Commercial Operations
$
6.8
$
—
$
4.6
$
11.5
EXHIBIT 1
(continued)
RECONCILIATION OF CONSOLIDATED
FREE CASH FLOW(1)(2)(3)
(In millions)
Three Months Ended September
30, 2023
Net Cash Provided By Operating
Activities
$
74.3
Purchases of Property, Plant and
Equipment
(30.9
)
Free Cash Flow
$
43.4
Three Months Ended September
30, 2022
Net Cash Provided By Operating
Activities
$
65.0
Purchases of Property, Plant and
Equipment
(39.6
)
Free Cash Flow
$
25.4
(1)
Tables may not foot due to rounding.
(2)
BWXT is providing non-GAAP information
regarding certain of its historical results and guidance on future
earnings per share to supplement the results provided in accordance
with GAAP and it should not be considered superior to, or as a
substitute for, the comparable GAAP measures. BWXT believes the
non-GAAP measures provide meaningful insight and transparency into
the Company’s operational performance and provides these measures
to investors to help facilitate comparisons of operating results
with prior periods and to assist them in understanding BWXT's
ongoing operations.
(3)
BWXT has not included a reconciliation of
provided non-GAAP guidance to the comparable GAAP measures due to
the difficulty of estimating any mark-to-market adjustments for
pension and post-retirement benefits, which are determined at the
end of the year.
(4)
For Non-GAAP adjustment details, see
reconciliation of non-GAAP operating income and earnings per
share.
BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
(Unaudited)
(In thousands, except share
and per share amounts)
Revenues
$
589,989
$
523,711
$
1,770,794
$
1,608,657
Costs and Expenses:
Cost of operations
436,296
399,281
1,338,750
1,217,108
Research and development costs
1,156
1,426
5,955
6,990
Losses (gains) on asset disposals and
impairments, net
—
(251
)
(15
)
(222
)
Selling, general and administrative
expenses
79,828
58,160
205,100
172,974
Total Costs and Expenses
517,280
458,616
1,549,790
1,396,850
Equity in Income of Investees
12,649
14,783
38,862
34,881
Operating Income
85,358
79,878
259,866
246,688
Other Income (Expense):
Interest income
643
273
1,623
463
Interest expense
(12,175
)
(9,625
)
(35,200
)
(24,983
)
Other – net
4,340
11,496
9,490
35,401
Total Other Income (Expense)
(7,192
)
2,144
(24,087
)
10,881
Income before Provision for Income
Taxes
78,166
82,022
235,779
257,569
Provision for Income Taxes
17,814
20,185
55,769
61,977
Net Income
$
60,352
$
61,837
$
180,010
$
195,592
Net Loss (Income) Attributable to
Noncontrolling Interest
(79
)
(234
)
(48
)
(366
)
Net Income Attributable to BWX
Technologies, Inc.
$
60,273
$
61,603
$
179,962
$
195,226
Earnings per Common Share:
Basic:
Net Income Attributable to BWX
Technologies, Inc.
$
0.66
$
0.67
$
1.96
$
2.13
Diluted:
Net Income Attributable to BWX
Technologies, Inc.
$
0.66
$
0.67
$
1.96
$
2.13
Shares used in the computation of earnings
per share:
Basic
91,659,117
91,407,599
91,596,650
91,455,350
Diluted
91,895,480
91,655,536
91,833,450
91,665,383
BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
Nine Months Ended September
30,
2023
2022
(Unaudited) (In
thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income
$
180,010
$
195,592
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
58,205
54,808
Income of investees, net of dividends
(4,854
)
(10,733
)
Recognition of losses for pension and
postretirement plans
2,490
2,441
Stock-based compensation expense
12,305
12,047
Other, net
21
1,966
Changes in assets and liabilities, net of
effects from acquisitions:
Accounts receivable
(31,520
)
10,518
Accounts payable
24,874
(17,996
)
Retainages
(29,257
)
(24,684
)
Contracts in progress and advance billings
on contracts
(38,217
)
(42,824
)
Income taxes
(5,331
)
(4,019
)
Accrued and other current liabilities
(10,231
)
(8,487
)
Pension liabilities, accrued
postretirement benefit obligations and employee benefits
(10,874
)
(34,994
)
Other, net
(5,684
)
3,400
NET CASH PROVIDED BY OPERATING
ACTIVITIES
141,937
137,035
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and
equipment
(100,498
)
(134,591
)
Acquisition of business, net of cash
acquired
—
(47,328
)
Purchases of securities
(2,343
)
(2,700
)
Sales and maturities of securities
5,996
2,667
Investments, net of return of capital, in
equity method investees
—
(11,450
)
Other, net
(8,142
)
324
NET CASH USED IN INVESTING ACTIVITIES
(104,987
)
(193,078
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings of long-term debt
332,000
373,700
Repayments of long-term debt
(281,688
)
(223,700
)
Repurchases of common stock
—
(20,000
)
Dividends paid to common shareholders
(63,870
)
(60,894
)
Cash paid for shares withheld to satisfy
employee taxes
(7,505
)
(6,588
)
Settlements of forward contracts, net
(2,030
)
13,917
Other, net
902
(147
)
NET CASH (USED IN) PROVIDED BY FINANCING
ACTIVITIES
(22,191
)
76,288
EFFECTS OF EXCHANGE RATE CHANGES ON
CASH
414
(3,093
)
TOTAL INCREASE IN CASH AND CASH
EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS
15,173
17,152
CASH AND CASH EQUIVALENTS AND RESTRICTED
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
40,990
39,775
CASH AND CASH EQUIVALENTS AND RESTRICTED
CASH AND CASH EQUIVALENTS AT END OF PERIOD
$
56,163
$
56,927
SUPPLEMENTAL DISCLOSURES OF CASH FLOW
INFORMATION:
Cash paid during the period for:
Interest
$
44,745
$
26,809
Income taxes (net of refunds)
$
59,947
$
67,555
SCHEDULE OF NON-CASH INVESTING
ACTIVITY:
Accrued capital expenditures included in
accounts payable
$
9,239
$
7,427
BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
ASSETS
September 30,
2023
December 31,
2022
(Unaudited)
(In thousands)
Current Assets:
Cash and cash equivalents
$
50,201
$
35,244
Restricted cash and cash equivalents
3,022
2,928
Investments
—
3,804
Accounts receivable – trade, net
100,570
60,782
Accounts receivable – other
21,447
26,894
Retainages
77,823
48,566
Contracts in progress
558,979
538,365
Other current assets
65,839
55,036
Total Current Assets
877,881
771,619
Property, Plant and Equipment, Net
1,186,065
1,134,897
Investments
8,806
8,097
Goodwill
293,603
293,165
Deferred Income Taxes
18,216
20,585
Investments in Unconsolidated
Affiliates
105,050
100,198
Intangible Assets
184,990
193,612
Other Assets
102,228
96,766
TOTAL
$
2,776,839
$
2,618,939
BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
LIABILITIES AND STOCKHOLDERS'
EQUITY
September 30,
2023
December 31,
2022
(Unaudited)
(In thousands, except
share
and per share amounts)
Current Liabilities:
Current portion of long-term debt
$
6,250
$
6,250
Accounts payable
151,433
127,112
Accrued employee benefits
58,421
61,079
Accrued liabilities – other
63,075
84,693
Advance billings on contracts
71,990
88,726
Total Current Liabilities
351,169
367,860
Long-Term Debt
1,334,473
1,282,624
Accumulated Postretirement Benefit
Obligation
17,437
18,157
Environmental Liabilities
96,257
90,989
Pension Liability
51,159
57,832
Other Liabilities
54,433
53,122
Commitments and Contingencies
Stockholders' Equity:
Common stock, par value $0.01 per share,
authorized 325,000,000 shares; issued 128,048,653 and 127,671,756
shares at September 30, 2023 and December 31, 2022,
respectively
1,280
1,277
Preferred stock, par value $0.01 per
share, authorized 75,000,000 shares; No shares issued
—
—
Capital in excess of par value
202,674
189,263
Retained earnings
2,049,254
1,932,970
Treasury stock at cost, 36,537,831 and
36,417,480 shares at September 30, 2023 and December 31, 2022,
respectively
(1,360,777
)
(1,353,270
)
Accumulated other comprehensive income
(loss)
(20,395
)
(21,930
)
Stockholders' Equity – BWX Technologies,
Inc.
872,036
748,310
Noncontrolling interest
(125
)
45
Total Stockholders' Equity
871,911
748,355
TOTAL
$
2,776,839
$
2,618,939
BWX TECHNOLOGIES, INC.
BUSINESS SEGMENT
INFORMATION
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
(Unaudited)
(In thousands)
REVENUES:
Government Operations
$
477,855
$
422,521
$
1,429,708
$
1,290,835
Commercial Operations
112,359
101,794
342,203
320,266
Eliminations
(225
)
(604
)
(1,117
)
(2,444
)
TOTAL
$
589,989
$
523,711
$
1,770,794
$
1,608,657
SEGMENT
INCOME:
Government Operations
$
85,632
$
77,735
$
258,400
$
233,749
Commercial Operations
9,083
6,847
21,613
23,673
SUBTOTAL
$
94,715
$
84,582
$
280,013
$
257,422
Unallocated Corporate
(9,357
)
(4,704
)
(20,147
)
(10,734
)
TOTAL
$
85,358
$
79,878
$
259,866
$
246,688
DEPRECIATION AND
AMORTIZATION:
Government Operations
$
13,417
$
12,137
$
39,353
$
35,258
Commercial Operations
4,557
4,603
13,278
14,465
Corporate
1,827
1,852
5,574
5,085
TOTAL
$
19,801
$
18,592
$
58,205
$
54,808
CAPITAL
EXPENDITURES:
Government Operations
$
19,624
$
19,126
$
58,115
$
66,195
Commercial Operations
10,861
17,815
40,589
63,559
Corporate
431
2,704
1,794
4,837
TOTAL
$
30,916
$
39,645
$
100,498
$
134,591
BACKLOG:
Government Operations
$
3,258,877
$
3,686,469
$
3,258,877
$
3,686,469
Commercial Operations
721,967
632,416
721,967
632,416
TOTAL
$
3,980,844
$
4,318,885
$
3,980,844
$
4,318,885
BOOKINGS:
Government Operations
$
330,801
$
119,086
$
1,172,206
$
398,232
Commercial Operations
125,061
2,790
435,122
308,750
TOTAL
$
455,862
$
121,876
$
1,607,328
$
706,982
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231101623550/en/
Investor Contact: Chase Jacobson Vice President, Investor
Relations 980-365-4300 Investors@bwxt.com Media Contact: Jud
Simmons Senior Director, Media and Public Relations 434-522-6462
hjsimmons@bwxt.com
BWX Technologies (NYSE:BWXT)
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BWX Technologies (NYSE:BWXT)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024