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BWX Technologies Reports Second Quarter 2023 Results

  • 2Q23 revenues of $612.4 million
  • 2Q23 net income of $58.7 million, adjusted EBITDA(1) of $107.0 million
  • 2Q23 diluted GAAP EPS of $0.64, non-GAAP(1) EPS of $0.65
  • Selected to provide the nuclear system and fuel for DARPA's DRACO project, the first nuclear powered spacecraft
  • Shipped final missile tube of the Block II contract from our Mount Vernon facility
  • Narrowing 2023 non-GAAP(1) EPS guidance to $2.85-$3.00

BWX Technologies, Inc. (NYSE: BWXT) ("BWXT", "we", "us" or the "Company") reported second quarter 2023 GAAP net income attributable to BWXT of $58.6 million, or diluted earnings per share (EPS) of $0.64, on second quarter revenues of $612.4 million. Second quarter 2023 non-GAAP(1) net income attributable to BWXT was $59.4 million, or non-GAAP(1) diluted EPS of $0.65. Second quarter 2023 adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA)(1) was $107.0 million. A reconciliation of non-GAAP results are detailed in Exhibit 1.

“Our second quarter 2023 results were ahead of expectations, driven largely by exceptional performance in Commercial Operations, with solid execution in both our commercial nuclear and medical businesses,” said Rex D. Geveden, president and chief executive officer. “In the first half of the year we made significant progress onboarding new team members. As expected, this contributed to a sequential margin decline in our Government Operations business, but positions us well for the future growth opportunities we see materializing across our markets.”

“In June, we reached an important operational milestone by delivering our final missile tube. While this business line has had its challenges, I am proud of our team for its dedication to this important Navy program,” said Geveden. “We continue to effectively execute our growth strategy across multiple nuclear markets. In that vein, we are excited to announce that NASA and DARPA selected BWX Technologies to build a prototype nuclear rocket engine for demonstration in space, highlighting our ability to address power and propulsion applications in all domains including maritime, terrestrial, and now space, with our best-in-class nuclear solutions.”

“Looking forward, we continue to see momentum building for the use of nuclear technologies in our national security, clean energy and medical markets,” continued Geveden. “Given solid demand trends, and our strong first half results, we are narrowing our 2023 adjusted EPS guidance to $2.85-$3.00.”

Financial Results Summary

 

 

Three Months Ended June 30,

 

 

 

 

 

 

2023

 

2022

 

$ Change

 

% Change

 

 

(Unaudited)

(In millions, except per share amounts)

Revenues

 

 

 

 

 

 

 

 

Government Operations

 

$

492.0

 

 

$

436.5

 

 

$

55.4

 

 

13

%

Commercial Operations

 

$

120.9

 

 

$

118.5

 

 

$

2.4

 

 

2

%

Consolidated

 

$

612.4

 

 

$

554.2

 

 

$

58.2

 

 

11

%

Operating Income

 

 

 

 

 

 

 

 

Government Operations

 

$

82.2

 

 

$

83.8

 

 

$

(1.6

)

 

(2

)%

Commercial Operations

 

$

11.0

 

 

$

12.9

 

 

$

(1.8

)

 

(14

)%

Unallocated Corporate (Expense)

 

$

(6.6

)

 

$

(1.4

)

 

$

(5.1

)

 

NM

 

Consolidated

 

$

86.7

 

 

$

95.2

 

 

$

(8.6

)

 

(9

)%

Consolidated non-GAAP(1)

 

$

87.6

 

 

$

96.1

 

 

$

(8.5

)

 

(9

)%

EPS (Diluted)

 

 

 

 

 

 

 

 

GAAP

 

$

0.64

 

 

$

0.82

 

 

$

(0.18

)

 

(22

)%

Non-GAAP(1)

 

$

0.65

 

 

$

0.82

 

 

$

(0.17

)

 

(21

)%

Net Income

 

 

 

 

 

 

 

 

GAAP

 

$

58.7

 

 

$

74.7

 

 

$

(16.0

)

 

(21

)%

Non-GAAP(1)

 

$

59.5

 

 

$

75.5

 

 

$

(16.0

)

 

(21

)%

Adjusted EBITDA(1)

 

 

 

 

 

 

 

 

Government Operations

 

$

95.5

 

 

$

95.7

 

 

$

(0.2

)

 

%

Commercial Operations

 

$

15.8

 

 

$

18.2

 

 

$

(2.4

)

 

(13

)%

Corporate

 

$

(4.3

)

 

$

0.9

 

 

$

(5.2

)

 

NM

 

Consolidated

 

$

107.0

 

 

$

114.7

 

 

$

(7.7

)

 

(7

)%

Cash Flows

 

 

 

 

 

 

 

 

Operating Cash Flow(2)

 

$

80.6

 

 

$

77.4

 

 

$

3.2

 

 

4

%

Capital Expenditures(2)

 

$

39.8

 

 

$

42.5

 

 

$

(2.7

)

 

(6

)%

Free Cash Flow(1)

 

$

40.8

 

 

$

34.9

 

 

$

5.9

 

 

17

%

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

Second 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 fabrication and nuclear component volumes.

Operating Income and Adjusted EBITDA(1)

Second quarter operating income decreased in both operating segments. The Government Operations decrease was mainly due to higher 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 decrease was largely due to a less favorable business mix that was weighted toward refurbishment and life extension field services, compared to a greater mix of outage work in the second quarter of 2022, and mitigated by higher profitability in medical.

Second quarter total adjusted EBITDA(1) decreased for the reasons noted above.

EPS

The second quarter GAAP and non-GAAP EPS(1) decrease was driven primarily by lower operating income as well as higher interest expense and lower pension income.

Cash Flows

Operating cash flow increased as lower net income was offset by improving 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, that are nearing completion, partially offset by an increase in capital expenditures for microreactors.

Dividend

BWXT paid $21.1 million in dividends to shareholders in second quarter 2023. On August 2, 2023, the BWXT Board of Directors declared a quarterly cash dividend of $0.23 per common share payable on September 7, 2023, to shareholders of record on August 17, 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

 

$2.85 - $3.00

 

$2.80 - $3.00

Free Cash Flow(1)

 

$46

 

~$200

 

~$200

Additional information can be found in the 2023 second 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 Second Quarter 2023 Results

Date: Thursday, August 3, 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/2Q2023-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.

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; the lack of, or adverse changes in, federal appropriations to government programs in which we participate; 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 approximately 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. Follow us on Twitter at @BWXT and learn more at www.bwxt.com.

(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 June 30, 2023

 

GAAP

 

Restructuring

Costs

 

Acquisition-

related Costs

 

Non-GAAP

 

 

 

 

 

 

 

 

 

Operating Income

$

86.7

 

 

$

0.9

 

 

$

0.1

 

 

 

$

87.6

 

Other Income (Expense)

 

(8.7

)

 

 

 

 

 

 

 

 

 

(8.7

)

Income Before Provision for Income Taxes

 

77.9

 

 

 

0.9

 

 

 

0.1

 

 

 

 

78.9

 

Provision for Income Taxes

 

(19.3

)

 

 

(0.1

)

 

 

(0.0

)

 

 

 

(19.4

)

Net Income

 

58.7

 

 

 

0.8

 

 

 

0.1

 

 

 

 

59.5

 

Net Income Attributable to Noncontrolling Interest

 

(0.1

)

 

 

 

 

 

 

 

 

 

(0.1

)

Net Income Attributable to BWXT

$

58.6

 

 

$

0.8

 

 

$

0.1

 

 

 

$

59.4

 

 

 

 

 

 

 

 

 

 

Diluted Shares Outstanding

 

91.8

 

 

 

 

 

 

 

 

91.8

 

Diluted Earnings per Common Share

$

0.64

 

 

$

0.01

 

 

$

0.00

 

 

 

$

0.65

 

Effective Tax Rate

 

24.7

%

 

 

 

 

 

 

 

24.6

%

 

 

 

 

 

 

 

 

 

Government Operations Operating Income

$

82.2

 

 

$

0.2

 

 

$

 

 

 

$

82.4

 

Commercial Operations Operating Income

$

11.0

 

 

$

0.4

 

 

$

 

 

 

$

11.5

 

Unallocated Corporate Operating Income

$

(6.6

)

 

$

0.3

 

 

$

0.1

 

 

 

$

(6.2

)

Three Months Ended June 30, 2022

 

GAAP

 

Restructuring

Costs

 

Acquisition-

related Costs

 

Non-GAAP

 

 

 

 

 

 

 

 

 

Operating Income

$

95.2

 

 

$

0.3

 

 

$

0.6

 

 

 

$

96.1

 

Other Income (Expense)

 

2.9

 

 

 

 

 

 

 

 

 

 

2.9

 

Income Before Provision for Income Taxes

 

98.1

 

 

 

0.3

 

 

 

0.6

 

 

 

 

99.0

 

Provision for Income Taxes

 

(23.4

)

 

 

(0.1

)

 

 

(0.0

)

 

 

 

(23.5

)

Net Income

 

74.7

 

 

 

0.2

 

 

 

0.6

 

 

 

 

75.5

 

Net Income Attributable to Noncontrolling Interest

 

(0.1

)

 

 

 

 

 

 

 

 

 

(0.1

)

Net Income Attributable to BWXT

$

74.6

 

 

$

0.2

 

 

$

0.6

 

 

 

$

75.4

 

 

 

 

 

 

 

 

 

 

Diluted Shares Outstanding

 

91.5

 

 

 

 

 

 

 

 

91.5

 

Diluted Earnings per Common Share

$

0.82

 

 

$

0.00

 

 

$

0.01

 

 

 

$

0.82

 

Effective Tax Rate

 

23.9

%

 

 

 

 

 

 

 

23.7

%

 

 

 

 

 

 

 

 

 

Government Operations Operating Income

$

83.8

 

 

$

 

 

$

 

 

 

$

83.8

 

Commercial Operations Operating Income

$

12.9

 

 

$

0.3

 

 

$

 

 

 

$

13.1

 

Unallocated Corporate Operating Income

$

(1.4

)

 

$

0.0

 

 

$

0.6

 

 

 

$

(0.8

)

EXHIBIT 1 (continued)

RECONCILIATION OF CONSOLIDATED ADJUSTED EBITDA(1)(2)(3)

(In millions)

Three Months Ended June 30, 2023

 

GAAP

 

Restructuring

Costs

 

Acquisition-

related Costs

 

Non-GAAP

 

 

 

 

 

 

 

 

 

Net Income

$

58.7

 

 

$

0.8

 

$

0.1

 

 

$

59.5

 

Provision for Income Taxes

 

19.3

 

 

 

0.1

 

 

0.0

 

 

 

19.4

 

Other – net

 

(3.0

)

 

 

 

 

 

 

 

(3.0

)

Interest Expense

 

12.2

 

 

 

 

 

 

 

 

12.2

 

Interest Income

 

(0.5

)

 

 

 

 

 

 

 

(0.5

)

Depreciation & Amortization

 

19.4

 

 

 

 

 

 

 

 

19.4

 

Adjusted EBITDA

$

106.1

 

 

$

0.9

 

$

0.1

 

 

$

107.0

 

Three Months Ended June 30, 2022

 

GAAP

 

Restructuring

Costs

 

Acquisition-

related Costs

 

Non-GAAP

 

 

 

 

 

 

 

 

 

Net Income

$

74.7

 

 

$

0.2

 

$

0.6

 

 

$

75.5

 

Provision for Income Taxes

 

23.4

 

 

 

0.1

 

 

0.0

 

 

 

23.5

 

Other – net

 

(11.1

)

 

 

 

 

 

 

 

(11.1

)

Interest Expense

 

8.3

 

 

 

 

 

 

 

 

8.3

 

Interest Income

 

(0.1

)

 

 

 

 

 

 

 

(0.1

)

Depreciation & Amortization

 

18.6

 

 

 

 

 

 

 

 

18.6

 

Adjusted EBITDA

$

113.8

 

 

$

0.3

 

$

0.6

 

 

$

114.7

 

RECONCILIATION OF REPORTING SEGMENT ADJUSTED EBITDA(1)(2)(3)

(In millions)

Three Months Ended June 30, 2023

 

Operating Income

(GAAP)

 

Non-GAAP

Adjustments(4)

 

Depreciation &

Amortization

 

Adjusted

EBITDA

 

 

 

 

 

 

 

 

 

Government Operations

$

82.2

 

$

0.2

 

$

13.1

 

 

$

95.5

Commercial Operations

$

11.0

 

$

0.4

 

$

4.4

 

 

$

15.8

Three Months Ended June 30, 2022

 

Operating Income

(GAAP)

 

Non-GAAP

Adjustments(4)

 

Depreciation &

Amortization

 

Adjusted

EBITDA

 

 

 

 

 

 

 

 

 

Government Operations

$

83.8

 

$

 

$

11.9

 

 

$

95.7

Commercial Operations

$

12.9

 

$

0.3

 

$

5.0

 

 

$

18.2

EXHIBIT 1 (continued)

RECONCILIATION OF CONSOLIDATED FREE CASH FLOW(1)(2)(3)

(In millions)

Three Months Ended June 30, 2023

 

 

Net Cash Provided By Operating Activities

$

80.6

 

Purchases of Property, Plant and Equipment

 

(39.8

)

Free Cash Flow

$

40.8

 

Three Months Ended June 30, 2022

 

 

Net Cash Provided By Operating Activities

$

77.4

 

Purchases of Property, Plant and Equipment

 

(42.5

)

Free Cash Flow

$

34.9

 

(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

June 30,

 

Six Months Ended

June 30,

 

 

2023

 

2022

 

2023

 

2022

 

 

(Unaudited)

(In thousands, except share and per share amounts)

Revenues

 

$

612,445

 

 

$

554,208

 

 

$

1,180,805

 

 

$

1,084,946

 

Costs and Expenses:

 

 

 

 

 

 

 

 

Cost of operations

 

 

471,324

 

 

 

413,000

 

 

 

902,454

 

 

 

817,827

 

Research and development costs

 

 

2,595

 

 

 

2,611

 

 

 

4,799

 

 

 

5,564

 

Losses (gains) on asset disposals and impairments, net

 

 

(9

)

 

 

(1

)

 

 

(15

)

 

 

29

 

Selling, general and administrative expenses

 

 

64,437

 

 

 

54,680

 

 

 

125,272

 

 

 

114,814

 

Total Costs and Expenses

 

 

538,347

 

 

 

470,290

 

 

 

1,032,510

 

 

 

938,234

 

Equity in Income of Investees

 

 

12,568

 

 

 

11,319

 

 

 

26,213

 

 

 

20,098

 

Operating Income

 

 

86,666

 

 

 

95,237

 

 

 

174,508

 

 

 

166,810

 

Other Income (Expense):

 

 

 

 

 

 

 

 

Interest income

 

 

517

 

 

 

73

 

 

 

980

 

 

 

190

 

Interest expense

 

 

(12,206

)

 

 

(8,307

)

 

 

(23,025

)

 

 

(15,358

)

Other – net

 

 

2,962

 

 

 

11,096

 

 

 

5,150

 

 

 

23,905

 

Total Other Income (Expense)

 

 

(8,727

)

 

 

2,862

 

 

 

(16,895

)

 

 

8,737

 

Income before Provision for Income Taxes

 

 

77,939

 

 

 

98,099

 

 

 

157,613

 

 

 

175,547

 

Provision for Income Taxes

 

 

19,274

 

 

 

23,418

 

 

 

37,955

 

 

 

41,792

 

Net Income

 

$

58,665

 

 

$

74,681

 

 

$

119,658

 

 

$

133,755

 

Net Loss (Income) Attributable to Noncontrolling Interest

 

 

(68

)

 

 

(68

)

 

 

31

 

 

 

(132

)

Net Income Attributable to BWX Technologies, Inc.

 

$

58,597

 

 

$

74,613

 

 

$

119,689

 

 

$

133,623

 

Earnings per Common Share:

 

 

 

 

 

 

 

 

Basic:

 

 

 

 

 

 

 

 

Net Income Attributable to BWX Technologies, Inc.

 

$

0.64

 

 

$

0.82

 

 

$

1.31

 

 

$

1.46

 

Diluted:

 

 

 

 

 

 

 

 

Net Income Attributable to BWX Technologies, Inc.

 

$

0.64

 

 

$

0.82

 

 

$

1.30

 

 

$

1.46

 

Shares used in the computation of earnings per share:

 

 

 

 

 

 

 

 

Basic

 

 

91,626,846

 

 

 

91,394,853

 

 

 

91,565,417

 

 

 

91,479,226

 

Diluted

 

 

91,805,179

 

 

 

91,540,319

 

 

 

91,802,435

 

 

 

91,670,307

 

BWX TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

 

 

 

Six Months Ended June 30,

 

 

2023

 

2022

 

 

(Unaudited) (In thousands)

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

Net Income

 

$

119,658

 

 

$

133,755

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

Depreciation and amortization

 

 

38,404

 

 

 

36,216

 

Income of investees, net of dividends

 

 

(4,113

)

 

 

(5,616

)

Recognition of losses for pension and postretirement plans

 

 

1,660

 

 

 

1,627

 

Stock-based compensation expense

 

 

8,669

 

 

 

8,966

 

Other, net

 

 

131

 

 

 

2,921

 

Changes in assets and liabilities, net of effects from acquisitions:

 

 

 

 

Accounts receivable

 

 

(4,936

)

 

 

(1,925

)

Accounts payable

 

 

7,071

 

 

 

(22,571

)

Retainages

 

 

(5,808

)

 

 

(92

)

Contracts in progress and advance billings on contracts

 

 

(47,278

)

 

 

(38,703

)

Income taxes

 

 

(10,830

)

 

 

(4,897

)

Accrued and other current liabilities

 

 

(13,158

)

 

 

(8,045

)

Pension liabilities, accrued postretirement benefit obligations and employee benefits

 

 

(17,865

)

 

 

(29,798

)

Other, net

 

 

(4,016

)

 

 

200

 

NET CASH PROVIDED BY OPERATING ACTIVITIES

 

 

67,589

 

 

 

72,038

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

Purchases of property, plant and equipment

 

 

(69,582

)

 

 

(94,946

)

Acquisition of business, net of cash acquired

 

 

 

 

 

(47,328

)

Purchases of securities

 

 

(2,343

)

 

 

(1,975

)

Sales and maturities of securities

 

 

5,996

 

 

 

1,981

 

Investments, net of return of capital, in equity method investees

 

 

 

 

 

(22,554

)

Other, net

 

 

15

 

 

 

71

 

NET CASH USED IN INVESTING ACTIVITIES

 

 

(65,914

)

 

 

(164,751

)

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

Borrowings of long-term debt

 

 

210,900

 

 

 

322,400

 

Repayments of long-term debt

 

 

(164,025

)

 

 

(132,400

)

Repurchases of common stock

 

 

 

 

 

(20,000

)

Dividends paid to common shareholders

 

 

(42,735

)

 

 

(40,758

)

Cash paid for shares withheld to satisfy employee taxes

 

 

(6,948

)

 

 

(6,044

)

Settlements of forward contracts, net

 

 

(520

)

 

 

1,976

 

Other, net

 

 

46

 

 

 

(128

)

NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES

 

 

(3,282

)

 

 

125,046

 

EFFECTS OF EXCHANGE RATE CHANGES ON CASH

 

 

196

 

 

 

977

 

TOTAL (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS

 

 

(1,411

)

 

 

33,310

 

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

 

$

39,579

 

 

$

73,085

 

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:

 

 

 

 

Cash paid during the period for:

 

 

 

 

Interest

 

$

34,602

 

 

$

21,732

 

Income taxes (net of refunds)

 

$

48,315

 

 

$

45,187

 

SCHEDULE OF NON-CASH INVESTING ACTIVITY:

 

 

 

 

Accrued capital expenditures included in accounts payable

 

$

10,694

 

 

$

10,072

 

BWX TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

 

ASSETS

 

 

 

June 30,

2023

 

December 31,

2022

 

 

(Unaudited)

(In thousands)

Current Assets:

 

 

 

 

Cash and cash equivalents

 

$

33,861

 

$

35,244

Restricted cash and cash equivalents

 

 

2,987

 

 

2,928

Investments

 

 

 

 

3,804

Accounts receivable – trade, net

 

 

64,299

 

 

60,782

Accounts receivable – other

 

 

30,522

 

 

26,894

Retainages

 

 

54,374

 

 

48,566

Contracts in progress

 

 

590,369

 

 

538,365

Other current assets

 

 

62,789

 

 

55,036

Total Current Assets

 

 

839,201

 

 

771,619

Property, Plant and Equipment, Net

 

 

1,183,403

 

 

1,134,897

Investments

 

 

9,000

 

 

8,097

Goodwill

 

 

297,079

 

 

293,165

Deferred Income Taxes

 

 

20,175

 

 

20,585

Investments in Unconsolidated Affiliates

 

 

104,311

 

 

100,198

Intangible Assets

 

 

191,353

 

 

193,612

Other Assets

 

 

96,052

 

 

96,766

TOTAL

 

$

2,740,574

 

$

2,618,939

BWX TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

June 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

 

 

144,437

 

 

 

127,112

 

Accrued employee benefits

 

 

49,025

 

 

 

61,079

 

Accrued liabilities – other

 

 

60,577

 

 

 

84,693

 

Advance billings on contracts

 

 

87,772

 

 

 

88,726

 

Total Current Liabilities

 

 

348,061

 

 

 

367,860

 

Long-Term Debt

 

 

1,330,523

 

 

 

1,282,624

 

Accumulated Postretirement Benefit Obligation

 

 

17,927

 

 

 

18,157

 

Environmental Liabilities

 

 

94,866

 

 

 

90,989

 

Pension Liability

 

 

53,766

 

 

 

57,832

 

Other Liabilities

 

 

53,903

 

 

 

53,122

 

Commitments and Contingencies

 

 

 

 

Stockholders' Equity:

 

 

 

 

Common stock, par value $0.01 per share, authorized 325,000,000 shares; issued 127,986,101 and 127,671,756 shares at June 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

 

 

198,106

 

 

 

189,263

 

Retained earnings

 

 

2,010,212

 

 

 

1,932,970

 

Treasury stock at cost, 36,530,126 and 36,417,480 shares at June 30, 2023 and December 31, 2022, respectively

 

 

(1,360,219

)

 

 

(1,353,270

)

Accumulated other comprehensive income (loss)

 

 

(7,720

)

 

 

(21,930

)

Stockholders' Equity – BWX Technologies, Inc.

 

 

841,659

 

 

 

748,310

 

Noncontrolling interest

 

 

(131

)

 

 

45

 

Total Stockholders' Equity

 

 

841,528

 

 

 

748,355

 

TOTAL

 

$

2,740,574

 

 

$

2,618,939

 

BWX TECHNOLOGIES, INC.

BUSINESS SEGMENT INFORMATION

 

 

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

 

2023

 

2022

 

2023

 

2022

 

 

(Unaudited)

(In thousands)

REVENUES:

 

 

 

 

 

 

 

 

Government Operations

 

$

491,967

 

 

$

436,537

 

 

$

951,853

 

 

$

868,314

 

Commercial Operations

 

 

120,920

 

 

 

118,522

 

 

 

229,844

 

 

 

218,472

 

Eliminations

 

 

(442

)

 

 

(851

)

 

 

(892

)

 

 

(1,840

)

TOTAL

 

$

612,445

 

 

$

554,208

 

 

$

1,180,805

 

 

$

1,084,946

 

 

 

 

 

 

 

 

 

 

SEGMENT INCOME:

 

 

 

 

 

 

 

 

Government Operations

 

$

82,208

 

 

$

83,783

 

 

$

172,768

 

 

$

156,014

 

Commercial Operations

 

 

11,017

 

 

 

12,864

 

 

 

12,530

 

 

 

16,826

 

SUBTOTAL

 

$

93,225

 

 

$

96,647

 

 

$

185,298

 

 

$

172,840

 

Unallocated Corporate

 

 

(6,559

)

 

 

(1,410

)

 

 

(10,790

)

 

 

(6,030

)

TOTAL

 

$

86,666

 

 

$

95,237

 

 

$

174,508

 

 

$

166,810

 

 

 

 

 

 

 

 

 

 

DEPRECIATION AND AMORTIZATION:

 

 

 

 

 

 

 

 

Government Operations

 

$

13,141

 

 

$

11,913

 

 

$

25,936

 

 

$

23,121

 

Commercial Operations

 

 

4,362

 

 

 

5,033

 

 

 

8,721

 

 

 

9,862

 

Corporate

 

 

1,881

 

 

 

1,650

 

 

 

3,747

 

 

 

3,233

 

TOTAL

 

$

19,384

 

 

$

18,596

 

 

$

38,404

 

 

$

36,216

 

 

 

 

 

 

 

 

 

 

CAPITAL EXPENDITURES:

 

 

 

 

 

 

 

 

Government Operations

 

$

23,223

 

 

$

19,488

 

 

$

38,491

 

 

$

47,069

 

Commercial Operations

 

 

15,777

 

 

 

21,644

 

 

 

29,728

 

 

 

45,744

 

Corporate

 

 

802

 

 

 

1,403

 

 

 

1,363

 

 

 

2,133

 

TOTAL

 

$

39,802

 

 

$

42,535

 

 

$

69,582

 

 

$

94,946

 

 

 

 

 

 

 

 

 

 

BACKLOG:

 

 

 

 

 

 

 

 

Government Operations

 

$

3,405,716

 

 

$

3,989,300

 

 

$

3,405,716

 

 

$

3,989,300

 

Commercial Operations

 

 

709,254

 

 

 

731,420

 

 

 

709,254

 

 

 

731,420

 

TOTAL

 

$

4,114,970

 

 

$

4,720,720

 

 

$

4,114,970

 

 

$

4,720,720

 

 

 

 

 

 

 

 

 

 

BOOKINGS:

 

 

 

 

 

 

 

 

Government Operations

 

$

788,668

 

 

$

222,127

 

 

$

841,405

 

 

$

279,146

 

Commercial Operations

 

 

164,375

 

 

 

101,840

 

 

 

310,061

 

 

 

305,960

 

TOTAL

 

$

953,043

 

 

$

323,967

 

 

$

1,151,466

 

 

$

585,106

 

 

.@BWXT Reports Second Quarter 2023 Results

Contacts

Investor Contact:

Chase Jacobson

Vice President, Investor Relations

980-365-4300

Investors@bwxt.com

Media Contact:

Jud Simmons

Senior Director, Media and Public Relations

hjsimmons@bwxt.com

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