BWX Technologies(BWXT)2024-02-26 16:00Financial Performance - 4Q23 net income was $66.3 million, with adjusted EBITDA of $147.6 million[1] - Full year 2023 net income reached $246.3 million, and adjusted EBITDA was $471.9 million[1] - Operating income for the full year increased in both segments, with Government Operations up 12% and Commercial Operations up 9%[12] - Operating income for the three months ended December 31, 2023, was $123.2 million, with a non-GAAP operating income of $127.3 million[28] - Net income attributable to BWXT for the same period was $65.9 million, translating to diluted earnings per share of $0.72 GAAP and $1.01 non-GAAP[28] - Government Operations reported an operating income of $374.7 million for the year ended December 31, 2023, compared to $336.5 million in 2022, reflecting a 11.5% increase[33] - The company reported a net income of $246.3 million for the year ended December 31, 2023, compared to $238.6 million in 2022, a growth of 3.0%[34] - Net income for the year ended December 31, 2023, was $246.3 million, representing a 3.5% increase from $238.6 million in 2022[51] - Diluted earnings per share for the year was $2.68, compared to $2.60 in the previous year, reflecting a 3.1% increase[57] Revenue and Growth - Full year consolidated revenue increased to $2.5 billion, driven by higher naval nuclear component production and increased medical sales[12] - Fourth quarter revenue was $725.5 million, a 16% increase from $624.2 million in 4Q22[12] - 2024 guidance anticipates revenue exceeding $2.6 billion[8] - Total revenues for the year reached $2.5 billion, an increase from $2.2 billion in 2022, marking a growth of approximately 13.4%[57] - Total revenues for Q4 2023 reached $725.5 million, a 16.3% increase from $624.2 million in Q4 2022[37] - Government Operations revenue was $601.6 million, up 16.2% from $517.6 million year-over-year[37] Cash Flow and Assets - Free cash flow for 2023 was $212.4 million, a 358% increase compared to $46.4 million in 2022[12] - Net cash provided by operating activities for the year ended 2023 was $363.7 million, compared to $244.7 million in 2022, representing a 48.5% increase[34] - Cash and cash equivalents at the end of the period rose to $81.6 million, up from $40.99 million in 2022, marking a 99.5% increase[34] - Total current assets increased to $817.8 million as of December 31, 2023, from $771.6 million in 2022, showing a growth of 6.0%[35] Costs and Expenses - Depreciation and amortization expenses increased to $78.6 million in 2023 from $73.8 million in 2022, indicating a rise of 6.0%[34] - Research and development costs for the year were $7.6 million, down from $9.5 million in 2022, showing a reduction of about 20%[55] - The company incurred restructuring and transformation costs of $6.3 million during the year, compared to $8.2 million in the previous year[55] - Restructuring and transformation costs for the three months ended December 31, 2023, included $4.0 million in GAAP and $6.8 million in non-GAAP adjustments[28] Shareholder Returns - BWXT declared a quarterly cash dividend of $0.24 per common share, payable on March 28, 2024[38] - Adjusted EBITDA for the full year 2023 increased, with cash flows of $85.0 million distributed to shareholders[38] Future Outlook - 2024 guidance includes Non-GAAP EPS of $3.05-$3.20 and adjusted EBITDA of approximately $500 million, reflecting mid-single digit growth compared to 2023[2] - The Company will host its 2024 Investor Day on February 28, 2024, to provide further insights into its markets and strategy[20] Backlog and Bookings - The total backlog decreased to $3.997 billion from $4.144 billion year-over-year, indicating a 3.5% decline[37] - Bookings for Q4 2023 were $742.3 million, a 65.3% increase compared to $448.8 million in Q4 2022[37]