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BWX Technologies(BWXT) - 2024 Q3 - Quarterly Results
BWXTBWX Technologies(BWXT)2024-11-04 21:38

Financial Performance - 3Q24 revenues reached 672.0million,a14672.0 million, a 14% increase from 590.0 million in 3Q23[1] - 3Q24 net income was 69.6million,withnon−GAAPEPSof69.6 million, with non-GAAP EPS of 0.83, reflecting a 24% increase from 0.67in3Q23[1][3]−AdjustedEBITDAfor3Q24was0.67 in 3Q23[1][3] - Adjusted EBITDA for 3Q24 was 127.0 million, up 19% from 106.5millionin3Q23[1][3]−ForthethreemonthsendedSeptember30,2024,BWXTechnologiesreportedanetincomeof106.5 million in 3Q23[1][3] - For the three months ended September 30, 2024, BWX Technologies reported a net income of 76.7 million, up from 61.5millioninthesameperiodlastyear,representingayear−over−yearincreaseof24.561.5 million in the same period last year, representing a year-over-year increase of 24.5%[24][25] - The diluted earnings per share for Q3 2024 were 0.83, compared to 0.67inQ32023,reflectinga23.90.67 in Q3 2023, reflecting a 23.9% increase[24][25] - The company's operating income for Q3 2024 was 105.7 million, an increase from 86.7millioninQ32023,markingagrowthof22.886.7 million in Q3 2023, marking a growth of 22.8%[24][25] - BWX Technologies' adjusted EBITDA for Q3 2024 was 127.0 million, compared to 106.5millioninQ32023,indicatinga19.2106.5 million in Q3 2023, indicating a 19.2% increase[27][28] - Revenues for the three months ended September 30, 2024, increased to 671,956 thousand, up 13.9% from 589,989thousandinthesameperiodlastyear[32]−Operatingincomeroseto589,989 thousand in the same period last year[32] - Operating income rose to 96,578 thousand, representing a 13.0% increase compared to 85,358thousandforthesameperiodlastyear[32]−NetincomeattributabletoBWXTechnologies,Inc.forthethreemonthsendedSeptember30,2024,was85,358 thousand for the same period last year[32] - Net income attributable to BWX Technologies, Inc. for the three months ended September 30, 2024, was 69,483 thousand, a 15.4% increase from 60,273thousandintheprioryear[32]−BasicanddilutedearningspershareforthethreemonthsendedSeptember30,2024,wereboth60,273 thousand in the prior year[32] - Basic and diluted earnings per share for the three months ended September 30, 2024, were both 0.76, compared to 0.66forthesameperiodlastyear,reflectinga15.20.66 for the same period last year, reflecting a 15.2% increase[32] Government Operations - Government Operations revenue increased by 17% to 560.1 million, driven by higher naval nuclear component production[3][4] - Government operations generated an operating income of 101.7millioninQ32024,upfrom101.7 million in Q3 2024, up from 85.6 million in Q3 2023, a growth of 18.8%[29] - Government Operations revenue reached 560,073thousand,up16.5560,073 thousand, up 16.5% from 477,855 thousand year-over-year[37] - Government Operations bookings for the three months ended September 30, 2024, were 440,146thousand,a33.1440,146 thousand, a 33.1% increase from 330,801 thousand in the same period of 2023[37] Commercial Operations - Commercial operations reported an operating income of 9.2millioninQ32024,comparedto9.2 million in Q3 2024, compared to 9.4 million in Q3 2023, showing a slight decline[29] - Commercial Operations bookings decreased to 78,252thousandfrom78,252 thousand from 125,061 thousand year-over-year, reflecting a decline of 37.5%[37] Cash Flow and Dividends - Operating cash flow decreased to 32.6million,a5632.6 million, a 56% decline from 74.3 million in 3Q23 due to increased working capital needs[3][8] - BWXT paid 22.0millionindividends,or22.0 million in dividends, or 0.24 per common share, in 3Q24[9] - The company expects free cash flow growth to be sustained at 10% or higher in 2025[1][2] Guidance and Future Outlook - The company raised its 2024 non-GAAP EPS guidance to approximately 3.20,upfromthepreviousrangeof3.20, up from the previous range of 3.10 - 3.20[1][10]−Preliminaryguidancefor2025indicatesmid−to−high−single−digitgrowthinrevenueandnon−GAAPEPS[1][2]AssetsandLiabilities−Totalcurrentassetsincreasedto3.20[1][10] - Preliminary guidance for 2025 indicates mid-to-high-single-digit growth in revenue and non-GAAP EPS[1][2] Assets and Liabilities - Total current assets increased to 982,949 thousand as of September 30, 2024, compared to 817,801thousandattheendofDecember31,2023,markinga20.2817,801 thousand at the end of December 31, 2023, marking a 20.2% increase[34] - Long-term debt as of September 30, 2024, was 1,220,583 thousand, up from 1,203,422thousandattheendofDecember31,2023[35]−Thecompanyreportedatotalof1,203,422 thousand at the end of December 31, 2023[35] - The company reported a total of 2,947,460 thousand in total assets as of September 30, 2024, compared to 2,747,065thousandattheendofDecember31,2023,indicatinga7.32,747,065 thousand at the end of December 31, 2023, indicating a 7.3% increase[34] - Total stockholders' equity increased to 1,058,671 thousand as of September 30, 2024, up from 933,301thousandattheendof2023,markingagrowthof13.4933,301 thousand at the end of 2023, marking a growth of 13.4%[36] - The company’s retained earnings rose to 2,238,437 thousand as of September 30, 2024, compared to 2,093,917thousandattheendof2023,indicatinganincreaseof6.92,093,917 thousand at the end of 2023, indicating an increase of 6.9%[36] Costs and Expenditures - BWX Technologies incurred restructuring and transformation costs of 6.0 million in Q3 2024, compared to 1.1millioninQ32023[24][25]−CapitalexpendituresforthethreemonthsendedSeptember30,2024,totaled1.1 million in Q3 2023[24][25] - Capital expenditures for the three months ended September 30, 2024, totaled 40,301 thousand, an increase of 30.4% from 30,916thousandinthesameperiodof2023[37]−Thecompanyincurredresearchanddevelopmentcostsof30,916 thousand in the same period of 2023[37] - The company incurred research and development costs of 4,842 thousand for the nine months ended September 30, 2024, down from 5,955thousandinthesameperiodlastyear[32]Backlog−ThetotalbacklogasofSeptember30,2024,was5,955 thousand in the same period last year[32] Backlog - The total backlog as of September 30, 2024, was 3,380,689 thousand, a decrease of 15.1% from $3,980,844 thousand in the previous year[37]