BWX Technologies(US:BWXT)2022-02-22 22:28Financial Performance - BWXT achieved a non-GAAP EPS of $306 on revenue exceeding $21 billion in 2021[8] - BWXT's 4Q21 revenue increased by 6% due to higher NOG and NPG contributions[11] - BWXT's 4Q21 adjusted EBITDA margin increased by 200bps, while the 2021 adjusted EBITDA margin decreased by 40bps[11] - BWXT's 4Q21 EPS increased by 28% due to higher operating income, lower corporate costs, a reduced share count, and a lower tax rate[11] - BWXT's 2021 EPS increased by 1% due to a $156 million net FAS/CAS pension headwind, offset by lower share count, higher pension income and FX gains, and a lower tax rate[11] Guidance and Outlook - BWXT anticipates revenue and adjusted EBITDA growth of 3%-4% in 2022[9] - BWXT projects an operating cash flow (OCF) of $260 million - $290 million and capital expenditure (Capex) of $180 million - $200 million for 2022[9] - BWXT anticipates minimal FAS/CAS differential income amounts for the foreseeable future based on actuarial studies[41] Segment Performance - BWXT's NPG revenue increased by 10% in 2021 due to higher fuel and fuel handling, higher medical isotope sales, and increased field service activity[32] - BWXT's NOG revenue decreased by 1% in 2021 due to higher labor volume and uranium processing activity, offset by lower long-lead material production[32]