- 4Q24 diluted GAAP EPS of $0.77, diluted non-GAAP(1) EPS of
$0.92, on revenue of $746.3 million
- 4Q24 net income of $71.1 million, adjusted EBITDA(1) of $130.3
million
- 2024 diluted GAAP EPS of $3.07, diluted non-GAAP(1) EPS of
$3.33, on revenue of $2.7 billion
- 2024 net income of $282.3 million, adjusted EBITDA(1) of $498.7
million
- 2024 operating cash flow of $408.4 million, free cash flow(1)
of $254.8 million
- Closed acquisition of A.O.T on January 3, 2025; Announced
agreement to acquire Kinectrics, Inc. on January 7, 2025
- Initiates 2025 guidance for non-GAAP EPS of $3.40-$3.55,
adjusted EBITDA(1) of $550 million-$570 million
BWX Technologies, Inc. (NYSE: BWXT) ("BWXT", "we", "us" or the
"Company") reported fourth quarter and full year 2024 results. A
reconciliation of non-GAAP results is detailed in Exhibit 1.
“We closed out the year with better-than-expected fourth quarter
financial results and are poised for another strong year in 2025,”
said Rex D. Geveden, president and chief executive officer.
“Throughout 2024 we captured significant new awards, including a
record level of bookings in Commercial Operations driven by
critical equipment for North America’s first small modular reactor
project and power plant refurbishments, as well as robust bookings
in Government Operations for naval propulsion components, special
materials and multiple long-term technical services contracts.”
“Demand in our national security, clean energy, and medical
end-markets continues to build, and we are investing both
organically and inorganically to enhance our portfolio of
high-quality nuclear solutions,” continued Geveden. “I am grateful
for our entire workforce and their steadfast commitment to our
critical missions.”
“BWXT is benefitting from our strategic growth efforts and our
focus on driving performance and shareholder value. We are driving
operational excellence throughout the organization – from the shop
floor and supply chain optimization to working capital management
to tax planning to digital transformation, and those efforts
contributed to the strong financial performance we delivered in
2024,” said Geveden. “That momentum continues into 2025, and we are
therefore initiating strong 2025 guidance calling for $3.40-$3.55
of non-GAAP EPS, $550-$570 million of adjusted EBITDA and $265-$285
million of free cash flow.”
Financial Results Summary
Three Months Ended December
31,
Year Ended December
31,
2024
2023
$ Change
% Change
2024
2023
$ Change
% Change
(Unaudited)
(In millions, except per share
amounts)
Revenue
Government Operations
$
595.0
$
601.6
$
(6.6
)
(1
)%
$
2,183.0
$
2,031.3
$
151.7
7
%
Commercial Operations
$
152.3
$
124.1
$
28.2
23
%
$
524.0
$
466.3
$
57.6
12
%
Consolidated
$
746.3
$
725.5
$
20.8
3
%
$
2,703.7
$
2,496.3
$
207.3
8
%
Operating Income
Government Operations
$
98.1
$
116.3
$
(18.2
)
(16
)%
$
377.9
$
374.7
$
3.2
1
%
Commercial Operations
$
14.9
$
15.9
$
(1.1
)
(7
)%
$
46.8
$
37.5
$
9.3
25
%
Unallocated Corporate (Expense)
$
(20.7
)
$
(9.0
)
$
(11.7
)
NM
$
(44.1
)
$
(29.2
)
$
(14.9
)
NM
Consolidated
$
92.3
$
123.2
$
(30.9
)
(25
)%
$
380.6
$
383.1
$
(2.5
)
(1
)%
Non-GAAP Operating Income
Government Operations
$
100.6
$
117.2
$
(16.6
)
(14
)%
$
380.9
$
376.1
$
4.8
1
%
Commercial Operations
$
19.1
$
16.9
$
2.3
14
%
$
55.9
$
42.2
$
13.7
32
%
Unallocated Corporate (Expense)
$
(11.9
)
$
(6.8
)
$
(5.1
)
NM
$
(24.0
)
$
(25.0
)
$
1.0
NM
Consolidated
$
107.9
$
127.3
$
(19.4
)
(15
)%
$
412.8
$
393.3
$
19.5
5
%
EPS (Diluted)
GAAP
$
0.77
$
0.72
$
0.05
7
%
$
3.07
$
2.68
$
0.39
15
%
Non-GAAP(1)
$
0.92
$
1.01
$
(0.09
)
(9
)%
$
3.33
$
3.02
$
0.31
10
%
Net Income
GAAP
$
71.1
$
66.3
$
4.8
7
%
$
282.3
$
246.3
$
36.0
15
%
Non-GAAP(1)
$
84.8
$
93.3
$
(8.5
)
(9
)%
$
306.6
$
278.4
$
28.3
10
%
Adjusted EBITDA(1)
Government Operations
$
116.7
$
131.3
$
(14.6
)
(11
)%
$
441.9
$
429.4
$
12.4
3
%
Commercial Operations
$
23.7
$
21.3
$
2.4
11
%
$
73.6
$
60.0
$
13.6
23
%
Corporate
$
(10.1
)
$
(5.0
)
$
(5.1
)
NM
$
(16.9
)
$
(17.5
)
$
0.7
NM
Consolidated
$
130.3
$
147.6
$
(17.3
)
(12
)%
$
498.7
$
471.9
$
26.8
6
%
Cash Flows
Operating Cash Flow(2)
$
276.9
$
221.8
$
55.1
25
%
$
408.4
$
363.7
$
44.7
12
%
Capital Expenditures(2)
$
52.5
$
50.8
$
1.7
3
%
$
153.6
$
151.3
$
2.4
2
%
Free Cash Flow(1)
$
224.4
$
171.0
$
53.4
31
%
$
254.8
$
212.4
$
42.4
20
%
Share Repurchases(2)
$
—
$
—
$
—
NM
$
20.0
$
—
$
20.0
NM
Dividends Paid(2)
$
22.0
$
21.1
$
0.9
4
%
$
88.3
$
85.0
$
3.4
4
%
NM = Not Meaningful
(1) A reconciliation of non-GAAP results
are detailed in Exhibit 1. Additional information can be found in
the materials on the BWXT investor relations website at
www.bwxt.com/investors.
(2) Items named in the Financial Results
Summary differ from names in BWXT Financial Statement. Operating
Cash Flow = Net Cash Provided by Operating Activities; Capital
Expenditures = Purchases of Property, Plant and Equipment; Share
Repurchases = Repurchases of Common Stock; Dividends Paid =
Dividends Paid to Common Shareholders
Revenues
Fourth quarter consolidated revenue increased as slightly lower
Government Operations revenue was offset by higher Commercial
Operations revenue. Government Operations revenue decreased
slightly as higher naval nuclear component production and
microreactors were offset by lower long-lead material procurement
and favorable contract adjustments in the fourth quarter of 2023,
that did not occur this year. The Commercial Operations increase
was driven by higher revenue associated with commercial nuclear
components, fuel and fuel handling, as well as higher medical
sales, which was partially offset by lower field services
revenue.
Full year consolidated revenue increased, driven by growth in
both operating segments. The Government Operations increase was
driven by higher naval nuclear component production, microreactors
volume and higher special materials revenue. The Commercial
Operations increase was driven by higher revenue associated with
nuclear components, fuel and fuel handling, and medical sales,
partially offset by lower field services activity.
Operating Income and Adjusted EBITDA(1)
Fourth quarter GAAP operating income decreased due to lower
operating income in both segments and higher corporate expense, as
well as increased costs associated with restructuring and
transformation, acquisitions, and losses on asset disposals. Fourth
quarter non-GAAP(1) operating income decreased as lower Government
Operations operating income and higher corporate expense were
partially offset by higher Commercial Operations operating income.
The Government Operations decline was mainly due to a favorable
contract adjustment in the fourth quarter of 2023, that did not
occur this year, as well as business mix, which was partially
offset by higher volumes of naval nuclear components, and the
higher microreactors volumes noted above. The Commercial Operations
increase was due to higher revenue as noted above, partially offset
by mix within commercial power. Corporate expense increased, mainly
due to timing of certain corporate costs, and higher stock
compensation expense.
Full year GAAP and non-GAAP(1) operating income increased in
both segments. The Government Operations increase was due to the
higher revenue noted above as well as higher technical services
income. The Commercial Operations increase was due to the revenue
increases noted above, as well as better profitability in medical,
and mix within commercial power. Corporate expense was flat
compared to 2023.
Fourth quarter and full year total adjusted EBITDA(1) changes
are in-line with the reasons noted above.
EPS
Fourth quarter 2024 GAAP EPS increased as lower operating income
was offset by lower interest expense, slightly higher pension
income, a lower effective tax rate, and a lower mark-to-market loss
on the pension compared to fourth quarter 2023. Fourth quarter 2024
non-GAAP(1) EPS decreased as lower operating income, was partially
offset by lower interest expense, slightly higher pension income,
and a lower effective tax rate, excluding mark-to-market pension
losses, restructuring costs, and other one-time items.
Full year 2024 GAAP EPS increased due to higher operating and
pension income, lower interest expense and effective tax rate, and
a lower mark-to-market loss on the pension compared to 2023. Full
year 2024 non-GAAP EPS(1) increased driven by the items noted
above, excluding market-to-market pension losses, restructuring and
acquisition-related costs, and other one-time items.
Cash Flows
Fourth quarter and full year 2024 operating cash flow increased
due to higher net income and improved working capital management.
Capital expenditures increased modestly, mainly due to growth
investment in the expansion of our Cambridge, Ontario commercial
nuclear power equipment manufacturing plant.
Dividend
BWXT paid $22.0 million, or $0.24 per common share, to
shareholders in the fourth quarter 2024 and paid $88.3 million to
shareholders for the full year 2024. On February 20, 2025, the BWXT
Board of Directors declared a quarterly cash dividend of $0.25 per
common share payable on March 28, 2025, to shareholders of record
on March 11, 2025.
2025 Guidance
BWXT announced its expectations for fiscal year 2025 financial
results, providing the following guidance:
(In millions, except per share
amounts)
Year Ended
Year Ending
December 31, 2024
December 31, 2025
Results
Guidance(2)
Revenue
$2,704
~$3,000
Adjusted EBITDA(1)
$499
$550 - $570
Non-GAAP(1) Earnings Per Share
$3.33
$3.40 - $3.55
Free Cash Flow(1)
$255
$265 - $285
(2) BWXT has not included a reconciliation
of provided non-GAAP guidance to comparable GAAP measures due to
the difficulty of estimating any mark-to-market adjustments for
pension and post-retirement benefits, which are determined at the
end of the year.
Additional information can be found in the 2024 fourth quarter
earnings call presentation on the BWXT investor relations website
at investors.bwxt.com. The Company does not provide GAAP guidance
because it is unable to reliably forecast most of the items that
are excluded from GAAP to calculate non-GAAP results. These items
could cause GAAP results to differ materially from non-GAAP
results.
Conference Call to Discuss Fourth
Quarter 2024 Results
Date:
Monday, February 24, 2025, at 5:00 p.m.
EST
Live Webcast:
BWXT Investor Relations website at
investors.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/4Q2024-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, Non-GAAP EPS,
free cash flow and free cash flow conversion, which are not
recognized measures under GAAP. BWXT is providing these non-GAAP
measures to supplement the results provided in accordance with GAAP
and it should not be considered superior to, or as a substitute
for, the comparable GAAP measures. BWXT believes the non-GAAP
measures provide meaningful insight and transparency into the
Company’s operational performance and provides these measures to
investors to help facilitate comparisons of operating results with
prior periods and to assist them in understanding BWXT's ongoing
operations. Definitions for the non-GAAP measures are provided
below and reconciliations are detailed in Exhibit 1, except that
reconciliations of forward-looking GAAP measures are not provided
because the company is unable to reliably forecast most of the
items that are excluded from GAAP to calculate non-GAAP results.
Other companies may define these measures differently or may
utilize different non-GAAP measures, thus impacting
comparability.
Non-GAAP Earnings Per Share (EPS) is calculated using GAAP EPS
less the non-operational tax effected per share impact of pension
& OPEB mark-to-market gains or losses and other one-time items,
such as restructuring, transformation, and acquisition-related
costs.
Adjusted Earnings Before Interest, Taxes, Depreciation and
Amortization (EBITDA) is calculated using non-GAAP net income, plus
provision for income taxes, less other – net, less interest income,
plus interest expense, plus depreciation and amortization.
Adjusted pre-tax income is non-GAAP income before provision for
income taxes.
Free Cash Flow (FCF) is calculated using net income to derive
net cash provided by (used in) operating activities less purchases
of property, plant and equipment.
Free Cash Flow conversion is free cash flow divided by net
income.
Non-GAAP Adjustments
Our GAAP financial results detailed in Exhibit 1 have been
adjusted for the following items:
Restructuring and Transformation Costs: Restructuring and
transformation related costs include restructuring charges as well
as costs associated with our efforts to optimize underlying
business processes through investments in information technology,
process improvements and the implementation of strategic actions
and initiatives which we deem to be incremental and non-recurring
in nature.
Acquisition-related Costs: Acquisition-related costs relate to
third-party professional service costs and one-time incremental
costs associated with efforts to integrate the acquired business
with our legacy operations.
Forward-Looking Statements
BWXT cautions that this release contains forward-looking
statements, including, without limitation, statements relating to
backlog, to the extent they may be viewed as an indicator of future
revenues; our plans and expectations for each of our reportable
segments, including growth opportunities and the expectations,
timing and revenue of our strategic initiatives, such as medical
radioisotopes, SMR components and recent acquisitions; disruptions
to our supply chain and/or operations, changes in government
regulations and other factors; and our expectations and guidance
for 2025 and beyond. These forward-looking statements are based on
management’s current expectations and involve a number of risks and
uncertainties, including, among other things, our ability to
execute contracts in backlog; federal budget uncertainty, the risk
of future budget cuts, the impact of continuing resolution funding
mechanisms and the debt ceiling, the potential for government
shutdowns and changing funding and acquisition priorities; the
demand for and competitiveness of nuclear products and services;
capital priorities of power generating utilities and other
customers; the timing of technology development, regulatory
approvals and automation of production; the receipt and/or timing
of government approvals; the potential recurrence of subsequent
waves or strains of COVID-19 or similar diseases; labor market
challenges, including employee retention and recruitment; adverse
changes in the industries in which we operate; and delays, changes
or termination of contracts in backlog. If one or more of these
risks or other risks materialize, actual results may vary
materially from those expressed. For a more complete discussion of
these and other risk factors, see BWXT’s filings with the
Securities and Exchange Commission, including our annual report on
Form 10-K for the year ended December 31, 2024. BWXT cautions not
to place undue reliance on these forward-looking statements, which
speak only as of the date of this release, and undertakes no
obligation to update or revise any forward-looking statement,
except to the extent required by applicable law.
About BWXT
At BWX Technologies, Inc. (NYSE: BWXT), we are People Strong,
Innovation Driven. Headquartered in Lynchburg, Virginia, BWXT is a
Defense News Top 100 manufacturing and engineering innovator that
provides safe and effective nuclear solutions for global security,
clean energy, environmental restoration, nuclear medicine and space
exploration. With more than 8,700 employees, BWXT has 15 major
operating sites in the U.S., Canada and the U.K. In addition, BWXT
joint ventures provide management and operations at a dozen U.S.
Department of Energy and NASA facilities. For more information,
visit www.bwxt.com. Follow us on LinkedIn, X, Facebook and
Instagram.
EXHIBIT
1
BWX TECHNOLOGIES, INC.
RECONCILIATION OF NON-GAAP
OPERATING INCOME AND EARNINGS PER SHARE(1)(2)(3)
(In millions, except per share
amounts)
Three Months Ended December
31, 2024
GAAP
Pension & OPEB MTM (Gain)
/ Loss
Restructuring &
Transformation Costs
Acquisition- related
Costs
Loss on Asset Disposal
Non-GAAP
Operating Income
$
92.3
$
—
$
7.8
$
4.2
$
3.6
$
107.9
Interest Income (Expense), net
(8.8
)
—
—
—
—
(8.8
)
Other - net
(5.4
)
10.9
—
$
—
$
—
$
5.5
Income before Provision for Income
Taxes
78.1
10.9
7.8
$
4.2
$
3.6
104.6
Provision for Income Taxes
(7.0
)
(2.4
)
(8.5
)
(0.9
)
(0.9
)
(19.8
)
Net Income
71.1
8.4
(0.7
)
$
3.3
$
2.7
84.8
Net Income Attributable to Noncontrolling
Interest
(0.1
)
—
—
—
—
(0.1
)
Net Income Attributable to BWXT
$
71.0
$
8.4
$
(0.7
)
$
3.3
$
2.7
$
84.7
Diluted Shares Outstanding
91.9
91.9
Diluted Earnings per Common Share
$
0.77
$
0.09
$
(0.01
)
$
0.04
$
0.03
$
0.92
Effective Tax Rate
9.0
%
18.9
%
Government Operations Operating Income
$
98.1
$
—
$
0.7
$
0.2
$
1.7
$
100.6
Commercial Operations Operating Income
$
14.9
$
—
$
2.7
$
1.6
$
—
$
19.1
Unallocated Corporate Operating Income
$
(20.7
)
$
—
$
4.5
$
2.4
$
1.9
$
(11.9
)
Three Months Ended December
31, 2023
GAAP
Pension & OPEB MTM (Gain)
/ Loss
Restructuring Costs
Acquisition- related
Costs
Loss on Asset Disposal
Non-GAAP
Operating Income
$
123.2
$
—
$
4.0
$
—
$
—
$
127.3
Interest Income (Expense), net
(11.1
)
—
—
—
—
$
(11.1
)
Other - net
(26.5
)
30.8
$
—
$
—
$
—
$
4.3
Income before Provision for Income
Taxes
85.6
30.8
4.0
—
—
120.5
Provision for Income Taxes
(19.3
)
(7.1
)
(0.7
)
(0.0
)
—
(27.2
)
Net Income
66.3
23.7
3.3
—
—
93.3
Net Income Attributable to Noncontrolling
Interest
(0.4
)
—
Net Income Attributable to BWXT
$
65.9
$
23.7
$
3.3
$
—
$
—
$
92.9
Diluted Shares Outstanding
92.0
92.0
Diluted Earnings per Common Share
$
0.72
$
0.26
$
0.04
$
0.00
$
—
$
1.01
Effective Tax Rate
22.6
%
22.5
%
Government Operations Operating Income
$
116.3
$
—
$
1.0
$
—
$
—
$
117.2
Commercial Operations Operating Income
$
15.9
$
—
$
0.9
$
—
$
—
$
16.9
Unallocated Corporate Operating Income
$
(9.0
)
$
—
$
2.2
$
0.0
$
—
$
(6.8
)
EXHIBIT 1
(continued)
BWX TECHNOLOGIES, INC.
RECONCILIATION OF NON-GAAP
OPERATING INCOME AND EARNINGS PER SHARE(1)(2)(3)
(In millions, except per share
amounts)
Year Ended December 31,
2024
GAAP
Pension & OPEB MTM (Gain)
/ Loss
Restructuring &
Transformation Costs
Acquisition- related
Costs
Loss on Asset Disposal
Non-GAAP
Operating Income
$
380.6
$
—
$
21.2
$
7.4
$
3.6
$
412.8
Interest Income (Expense), net
(36.9
)
—
—
—
—
$
(36.9
)
Other - net
5.0
10.9
—
$
—
$
—
15.9
Income before Provision for Income
Taxes
348.7
10.9
21.2
7.4
3.6
391.8
Provision for Income Taxes
(66.4
)
(2.4
)
(13.8
)
(1.7
)
(0.9
)
(85.1
)
Net Income
282.3
8.4
7.4
5.8
2.7
306.6
Net Income Attributable to Noncontrolling
Interest
(0.4
)
—
—
—
—
(0.4
)
Net Income Attributable to BWXT
$
281.9
$
8.4
$
7.4
$
5.8
$
2.7
$
306.3
Diluted Shares Outstanding
91.9
91.9
Diluted Earnings per Common Share
$
3.07
$
0.09
$
0.08
$
0.06
$
0.03
$
3.33
Effective Tax Rate
19.0
%
21.7
%
Government Operations Operating Income
$
377.9
$
—
$
1.1
$
0.2
$
1.7
$
380.9
Commercial Operations Operating Income
$
46.8
$
—
$
6.7
$
2.4
$
—
$
55.9
Unallocated Corporate Operating Income
$
(44.1
)
$
—
$
13.4
$
4.8
$
1.9
$
(24.0
)
Year Ended December 31,
2023
GAAP
Pension & OPEB MTM (Gain)
/ Loss
Restructuring Costs
Acquisition- related
Costs
Loss on Asset Disposal
Non-GAAP
Operating Income
$
383.1
$
—
$
9.6
$
0.7
$
—
$
393.3
Interest Income (Expense), net
(44.6
)
—
—
—
—
$
(44.6
)
Other - net
(17.0
)
30.8
—
$
—
—
13.8
Income before Provision for Income
Taxes
321.4
30.8
9.6
0.7
—
362.4
Provision for Income Taxes
(75.1
)
(7.1
)
(1.7
)
(0.2
)
—
(84.1
)
Net Income
246.3
23.7
7.8
0.5
—
278.4
Net Income Attributable to Noncontrolling
Interest
(0.5
)
—
—
—
—
(0.5
)
Net Income Attributable to BWXT
$
245.8
$
23.7
$
7.8
$
0.5
$
—
$
277.9
Diluted Shares Outstanding
91.9
91.9
Diluted Earnings per Common Share
$
2.68
$
0.26
$
0.09
$
0.01
$
—
$
3.02
Effective Tax Rate
23.4
%
23.2
%
Government Operations Operating Income
$
374.7
$
—
$
1.1
$
0.3
$
—
$
376.1
Commercial Operations Operating Income
$
37.5
$
—
$
4.6
$
0.1
$
—
$
42.2
Unallocated Corporate Operating Income
$
(29.2
)
$
—
$
3.9
$
0.3
$
—
$
(25.0
)
(1)
Tables may not foot due to
rounding.
(2)
BWXT is providing non-GAAP
information regarding certain of its historical results and
guidance on future earnings per share to supplement the results
provided in accordance with GAAP and it should not be considered
superior to, or as a substitute for, the comparable GAAP measures.
BWXT believes the non-GAAP measures provide meaningful insight and
transparency into the Company’s operational performance and
provides these measures to investors to help facilitate comparisons
of operating results with prior periods and to assist them in
understanding BWXT's ongoing operations.
(3)
BWXT has not included a
reconciliation of provided non-GAAP guidance to the comparable GAAP
measures due to the difficulty of estimating any mark-to-market
adjustments for pension and post-retirement benefits, which are
determined at the end of the year.
EXHIBIT 1
(continued)
RECONCILIATION OF CONSOLIDATED
ADJUSTED EBITDA(1)(2)(3)
(In millions)
Three Months Ended December
31, 2024
GAAP
Pension & OPEB MTM (Gain)
/ Loss
Restructuring &
Transformation Costs
Acquisition- related
Costs
Loss on Asset Disposal
Non-GAAP
Net Income
$
71.1
$
8.4
$
(0.7
)
$
3.3
2.7
$
84.8
Provision for Income Taxes
7.0
2.4
8.5
0.9
0.9
19.8
Other – net
5.4
(10.9
)
—
—
(5.5
)
Interest Expense
9.3
—
—
—
9.3
Interest Income
(0.5
)
—
—
—
(0.5
)
Depreciation & Amortization
22.4
—
—
—
22.4
Adjusted EBITDA
$
114.7
$
—
$
7.8
$
4.2
3.6
$
130.3
Three Months Ended December
31, 2023
GAAP
Pension & OPEB MTM
(Gain) / Loss
Restructuring Costs
Acquisition- related
Costs
Loss on Asset Disposal
Non-GAAP
Net Income
$
66.3
$
23.7
$
3.3
$
—
$
—
$
93.3
Provision for Income Taxes
19.3
7.1
0.7
0.0
0.0
27.2
Other – net
26.5
(30.8
)
—
—
—
(4.3
)
Interest Expense
11.8
—
0.0
—
—
11.8
Interest Income
(0.7
)
—
—
—
—
(0.7
)
Depreciation & Amortization
20.4
—
—
—
—
20.4
Adjusted EBITDA
$
143.6
$
—
$
4.0
$
—
$
—
$
147.6
Year Ended December 31,
2024
GAAP
Pension & OPEB MTM (Gain)
/ Loss
Restructuring &
Transformation Costs
Acquisition- related
Costs
Loss on Asset Disposal
Non-GAAP
Net Income
$
282.3
$
8.4
$
7.4
$
5.8
2.7
$
306.6
Provision for Income Taxes
66.4
2.4
13.8
1.7
0.9
85.1
Other – net
(5.0
)
(10.9
)
—
—
(15.9
)
Interest Expense
39.5
—
—
—
39.5
Interest Income
(2.6
)
—
—
—
(2.6
)
Depreciation & Amortization
85.9
—
—
—
85.9
Adjusted EBITDA
$
466.5
$
—
$
21.2
$
7.4
3.6
$
498.7
Year Ended December 31,
2023
GAAP
Pension & OPEB MTM (Gain)
/ Loss
Restructuring Costs
Acquisition- related
Costs
Loss on Asset
Disposal
Non-GAAP
Net Income
$
246.3
$
23.7
$
7.8
$
0.5
$
—
$
278.4
Provision for Income Taxes
75.1
7.1
1.7
0.2
0.0
84.1
Other – net
17.0
(30.8
)
—
—
—
(13.8
)
Interest Expense
47.0
—
0.0
—
—
47.0
Interest Income
(2.4
)
—
—
—
—
(2.4
)
Depreciation & Amortization
78.6
—
—
—
—
78.6
Adjusted EBITDA
$
461.6
$
—
$
9.6
$
0.7
$
—
$
471.9
EXHIBIT 1
(continued)
RECONCILIATION OF REPORTING
SEGMENT ADJUSTED EBITDA(1)(2)(3)
(In millions)
Three Months Ended December
31, 2024
Operating Income
(GAAP)
Non-GAAP
Adjustments(4)
Depreciation &
Amortization
Adjusted EBITDA
Government Operations
$
98.1
$
2.6
$
16.1
$
116.7
Commercial Operations
$
14.9
$
4.3
$
4.6
$
23.7
Three Months Ended December
31, 2023
Operating Income
(GAAP)
Non-GAAP
Adjustments(4)
Depreciation &
Amortization
Adjusted EBITDA
Government Operations
$
116.3
$
1.0
$
14.0
$
131.3
Commercial Operations
$
15.9
$
0.9
$
4.5
$
21.3
Year Ended December 31,
2024
Operating Income
(GAAP)
Non-GAAP
Adjustments(4)
Depreciation &
Amortization
Adjusted EBITDA
Government Operations
$
377.9
$
3.0
$
61.0
$
441.9
Commercial Operations
$
46.8
$
9.1
$
17.7
$
73.6
Year Ended December 31,
2023
Operating Income
(GAAP)
Non-GAAP
Adjustments(4)
Depreciation &
Amortization
Adjusted EBITDA
Government Operations
$
374.7
$
1.4
$
53.4
$
429.4
Commercial Operations
$
37.5
$
4.7
$
17.7
$
60.0
RECONCILIATION OF CONSOLIDATED FREE
CASH FLOW(1)(2)(3)
(In millions)
Three Months Ended December
31,
2024
2023
Net Cash Provided By Operating
Activities
$
276.9
$
221.8
Purchases of Property, Plant and
Equipment
(52.5
)
(50.8
)
Free Cash Flow
$
224.4
$
171.0
Year Ended December
31,
2024
2023
Net Cash Provided By Operating
Activities
$
408.4
$
363.7
Purchases of Property, Plant and
Equipment
(153.6
)
(151.3
)
Free Cash Flow
$
254.8
$
212.4
(1)
Tables may not foot due to
rounding.
(2)
BWXT is providing non-GAAP
information regarding certain of its historical results and
guidance on future earnings per share to supplement the results
provided in accordance with GAAP and it should not be considered
superior to, or as a substitute for, the comparable GAAP measures.
BWXT believes the non-GAAP measures provide meaningful insight and
transparency into the Company’s operational performance and
provides these measures to investors to help facilitate comparisons
of operating results with prior periods and to assist them in
understanding BWXT's ongoing operations.
(3)
For Non-GAAP adjustment details,
see reconciliation of non-GAAP operating income and earnings per
share.
BWX TECHNOLOGIES, INC.
CONSOLIDATED STATEMENTS OF
INCOME
Three Months Ended December
31,
Year Ended December
31,
2024
2023
2024
2023
(Unaudited)
(In thousands, except share
and per share amounts)
Revenues
$
746,267
$
725,515
$
2,703,654
$
2,496,309
Costs and Expenses:
Cost of operations
571,894
536,966
2,048,447
1,875,716
Research and development costs
2,636
1,658
7,478
7,613
Losses on asset disposals and impairments,
net
4,394
1,049
4,390
1,034
Selling, general and administrative
expenses
90,693
74,594
318,663
279,694
Total Costs and Expenses
669,617
614,267
2,378,978
2,164,057
Equity in Income of Investees
15,612
11,945
55,931
50,807
Operating Income
92,262
123,193
380,607
383,059
Other Income (Expense):
Interest income
505
736
2,554
2,359
Interest expense
(9,285
)
(11,836
)
(39,475
)
(47,036
)
Other – net
(5,392
)
(26,472
)
5,034
(16,982
)
Total Other Income (Expense)
(14,172
)
(37,572
)
(31,887
)
(61,659
)
Income before Provision for Income
Taxes
78,090
85,621
348,720
321,400
Provision for Income Taxes
7,012
19,310
66,422
75,079
Net Income
$
71,078
$
66,311
$
282,298
$
246,321
Net Income Attributable to Noncontrolling
Interest
(60
)
(424
)
(357
)
(472
)
Net Income Attributable to BWX
Technologies, Inc.
$
71,018
$
65,887
$
281,941
$
245,849
Earnings per Common Share:
Basic:
Net Income Attributable to BWX
Technologies, Inc.
$
0.78
$
0.72
$
3.08
$
2.68
Diluted:
Net Income Attributable to BWX
Technologies, Inc.
$
0.77
$
0.72
$
3.07
$
2.68
Shares used in the computation of earnings
per share:
Basic
91,596,519
91,686,671
91,572,674
91,619,156
Diluted
91,889,756
91,997,796
91,859,732
91,874,537
BWX TECHNOLOGIES, INC.
CONSOLIDATED STATEMENTS OF
CASH FLOWS
Year Ended December
31,
2024
2023
CASH FLOWS FROM OPERATING ACTIVITIES:
(In thousands)
Net Income
$
282,298
$
246,321
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
85,862
78,566
Income of investees, net of dividends
(10,598
)
11,130
Losses on asset disposals and impairments
- net
4,390
1,034
Provision for deferred taxes
19,845
(5,128
)
Recognition of (gains) losses for pension
and postretirement plans
14,147
34,087
Stock-based compensation expense
21,680
15,896
Other, net
(83
)
(1,530
)
Changes in assets and liabilities, net of
effects from acquisitions:
Accounts receivable
(47,571
)
462
Accounts payable
34,532
(9,025
)
Retainages
21,514
(6,615
)
Contracts in progress and advance billings
on contracts
(7,155
)
28,868
Income taxes
1,650
(4,786
)
Accrued and other current liabilities
865
(9,754
)
Pension liabilities, accrued
postretirement benefit obligations and employee benefits
881
(6,964
)
Other, net
(13,829
)
(8,861
)
NET CASH PROVIDED BY OPERATING
ACTIVITIES
408,428
363,701
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and
equipment
(153,647
)
(151,286
)
Acquisition of businesses
—
—
Purchases of securities
—
(2,343
)
Sales and maturities of securities
—
5,996
Investments, net of return of capital, in
equity method investees
(197
)
—
Other, net
(717
)
(8,009
)
NET CASH USED IN INVESTING ACTIVITIES
(154,561
)
(155,642
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings of long-term debt
456,000
353,100
Repayments of long-term debt
(612,250
)
(434,350
)
Payment of debt issuance costs
—
—
Repurchases of common stock
(20,000
)
—
Dividends paid to common shareholders
(88,349
)
(84,974
)
Cash paid for shares withheld to satisfy
employee taxes
(7,570
)
(7,592
)
Settlements of forward contracts, net
19,591
3,689
Other, net
(207
)
756
NET CASH (USED IN) PROVIDED BY FINANCING
ACTIVITIES
(252,785
)
(169,371
)
EFFECTS OF EXCHANGE RATE CHANGES ON
CASH
(2,126
)
1,937
TOTAL (DECREASE) INCREASE IN CASH AND CASH
EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS
(1,044
)
40,625
CASH AND CASH EQUIVALENTS AND RESTRICTED
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
81,615
40,990
CASH AND CASH EQUIVALENTS AND RESTRICTED
CASH AND CASH EQUIVALENTS AT END OF PERIOD
$
80,571
$
81,615
SUPPLEMENTAL DISCLOSURES OF CASH FLOW
INFORMATION:
Cash paid during the period for:
Interest
$
72,426
$
63,216
Income taxes (net of refunds)
$
45,508
$
84,478
SCHEDULE OF NON-CASH INVESTING
ACTIVITY:
Accrued capital expenditures included in
accounts payable
$
17,537
$
7,105
BWX TECHNOLOGIES, INC.
CONSOLIDATED BALANCE
SHEETS
ASSETS
December 31,
2024
2023
(In thousands)
Current Assets:
Cash and cash equivalents
$
74,109
$
75,766
Restricted cash and cash equivalents
2,785
2,858
Investments
—
—
Accounts receivable – trade, net
99,112
70,180
Accounts receivable – other
53,199
16,339
Retainages
33,667
55,181
Contracts in progress
577,745
533,155
Other current assets
89,380
64,322
Total Current Assets
929,997
817,801
Property, Plant and Equipment, Net
1,278,161
1,228,520
Investments
10,609
9,496
Goodwill
287,362
297,020
Deferred Income Taxes
6,569
16,332
Investments in Unconsolidated
Affiliates
99,403
88,608
Intangible Assets
165,325
185,510
Other Assets
92,498
103,778
TOTAL
$
2,869,924
$
2,747,065
BWX TECHNOLOGIES, INC.
CONSOLIDATED BALANCE
SHEETS
LIABILITIES AND STOCKHOLDERS’
EQUITY
December 31,
2024
2023
(In thousands, except
share and per share amounts)
Current Liabilities:
Current maturities of long-term debt
$
12,500
$
6,250
Accounts payable
158,077
126,651
Accrued employee benefits
77,234
64,544
Accrued liabilities – other
65,100
70,210
Advance billings on contracts
161,290
107,391
Total Current Liabilities
474,201
375,046
Long-Term Debt
1,042,970
1,203,422
Accumulated Postretirement Benefit
Obligation
16,515
18,466
Environmental Liabilities
94,225
90,575
Pension Liability
82,602
82,786
Other Liabilities
79,007
43,469
Commitments and Contingencies
Stockholders' Equity:
Common stock, par value $0.01 per share,
authorized 325,000,000 shares; issued 128,320,295 and 128,065,521
shares at December 31, 2024 and 2023, respectively
1,283
1,281
Preferred stock, par value $0.01 per
share, authorized 75,000,000 shares; no shares issued
—
—
Capital in excess of par value
228,889
206,478
Retained earnings
2,287,151
2,093,917
Treasury stock at cost, 36,869,498 and
36,537,695 shares at December 31, 2024 and 2023, respectively
(1,388,432
)
(1,360,862
)
Accumulated other comprehensive income
(loss)
(48,211
)
(7,463
)
Stockholders' Equity – BWX Technologies,
Inc.
1,080,680
933,351
Noncontrolling interest
(276
)
(50
)
Total Stockholders' Equity
1,080,404
933,301
TOTAL
$
2,869,924
$
2,747,065
BWX TECHNOLOGIES, INC.
BUSINESS SEGMENT
INFORMATION
Three Months Ended December
31,
Year Ended December
31,
2024
2023
2024
2023
(Unaudited)
(In thousands)
REVENUES:
Government Operations
$
595,000
$
601,629
$
2,183,040
$
2,031,337
Commercial Operations
152,331
124,141
523,972
466,344
Eliminations
(1,065
)
(255
)
(3,358
)
(1,372
)
TOTAL
$
746,266
$
725,515
$
2,703,654
$
2,496,309
SEGMENT
INCOME:
Government Operations
$
98,059
$
116,282
$
377,875
$
374,682
Commercial Operations
14,868
15,919
46,816
37,532
SUBTOTAL
$
112,927
$
132,201
$
424,691
$
412,214
Unallocated Corporate
(20,666
)
(9,008
)
(44,084
)
(29,155
)
TOTAL
$
92,261
$
123,193
$
380,607
$
383,059
DEPRECIATION AND
AMORTIZATION:
Government Operations
$
16,079
$
14,035
$
61,027
$
53,388
Commercial Operations
4,554
4,467
17,708
17,745
Corporate
1,800
1,859
7,127
7,433
TOTAL
$
22,433
$
20,361
$
85,862
$
78,566
CAPITAL
EXPENDITURES:
Government Operations
$
28,050
$
33,584
$
81,063
$
91,699
Commercial Operations
19,620
12,769
62,773
53,358
Corporate
4,850
4,435
9,811
6,229
TOTAL
$
52,520
$
50,788
$
153,647
$
151,286
BACKLOG:
Government Operations
$
3,912,580
$
3,216,673
$
3,912,580
$
3,216,673
Commercial Operations
929,880
780,974
929,880
780,974
TOTAL
$
4,842,460
$
3,997,647
$
4,842,460
$
3,997,647
BOOKINGS:
Government Operations
$
1,762,228
$
559,412
$
2,878,808
$
1,731,618
Commercial Operations
446,438
182,906
670,288
618,029
TOTAL
$
2,208,666
$
742,318
$
3,549,096
$
2,349,647
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250224459539/en/
Investor Contact: Chase Jacobson Vice President, Investor
Relations 980-365-4300 Investors@bwxt.com Media Contact:
John Dobken Senior Manager, Media & Public Relations
202-428-6913 jcdobken@bwxt.com
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