BWX Technologies(BWXT) - 2025 Q1 - Quarterly Results

Financial Performance - 1Q25 revenues reached $682.3 million, a 13% increase from $604.0 million in 1Q24[4] - Net income for 1Q25 was $75.5 million, up 10% from $68.5 million in 1Q24, with non-GAAP EPS increasing by 20% to $0.91[4][5] - Adjusted EBITDA for 1Q25 was $129.8 million, reflecting a 13% increase from $115.2 million in 1Q24[4][9] - Operating income for Q1 2025 was reported at $96.6 million, compared to $93.0 million in Q1 2024, indicating a growth of about 3.9%[41] - Net income for the three months ended March 31, 2025, was $75,526,000, an increase of 10.3% compared to $68,534,000 in the same period of 2024[43] - Total revenues for the first quarter of 2025 reached $682,258,000, up 13.0% from $603,966,000 in Q1 2024[49] Revenue Segmentation - Government Operations revenue increased by 14% to $555.3 million, driven by higher naval nuclear component production[5][6] - Commercial Operations revenue rose by 10% to $128.3 million, supported by increased sales in commercial nuclear components and medical sales[5][6] - Government Operations segment revenue increased to $555,286,000, a rise of 14.0% from $487,121,000 year-over-year[49] Cash Flow and Financial Health - Operating cash flow improved significantly by 53% to $50.7 million, attributed to higher net income and effective working capital management[4][9] - Free cash flow surged by 565% to $17.3 million, compared to $2.6 million in 1Q24[4][9] - Total cash provided by operating activities was $50,650,000, compared to $33,026,000 in the prior year, reflecting a 53.5% increase[43] - Cash and cash equivalents at the end of the period were $61,956,000, compared to $51,991,000 at the end of Q1 2024, representing a 19.1% increase[43] Guidance and Future Outlook - The company reaffirmed its 2025 non-GAAP EPS guidance of $3.40 to $3.55[4][11] - The acquisition of Kinectrics Inc. is on track to close in mid-2025, enhancing the company's capabilities[4][5] Investments and Expenditures - A land purchase in Oak Ridge, Tennessee, was made to support the U.S. Department of Energy's uranium enrichment program[4][5] - Capital expenditures for the quarter were $33,369,000, an increase of 9.9% from $30,422,000 in Q1 2024[49] Backlog and Bookings - The company reported a total backlog of $4,878,680,000, which is a 34.2% increase from $3,635,509,000 in the previous year[49] - Bookings for the total operations reached $719,817,000, significantly higher than $241,827,000 in the same quarter last year, marking a 197.0% increase[49] Other Financial Metrics - The effective tax rate for Q1 2025 was 17.7%, a decrease from 22.5% in Q1 2024, which may positively impact net income[41] - Long-term debt increased to $1,185,356,000 from $1,042,970,000, indicating a rise of 13.6%[47] - The company’s total assets grew to $3,054,008,000, up 6.4% from $2,869,924,000 at the end of 2024[45] - Research and development costs increased to $2.0 million in Q1 2025 from $1.5 million in Q1 2024, indicating a focus on innovation and development[41] - The company incurred $4.8 million in other income (expense) for Q1 2025, slightly higher than $4.6 million in Q1 2024[41]