- 4Q23 diluted GAAP EPS of $0.72, diluted non-GAAP(1) EPS of
$1.01, on revenue of $725.5 million
- 4Q23 net income of $66.3 million, adjusted EBITDA(1) of $147.6
million
- 2023 diluted GAAP EPS of $2.68, diluted non-GAAP(1) EPS of
$3.02, on revenue of $2.5 billion
- 2023 net income of $246.3 million, adjusted EBITDA(1) of $471.9
million
- 2023 operating cash flow of $363.7 million, free cash flow(1)
of $212.4 million
- Initiates 2024 guidance for Non-GAAP EPS of $3.05-$3.20,
adjusted EBITDA(1) of ~$500 million
- To host Investor Day on Wednesday, February 28, 2024
BWX Technologies, Inc. (NYSE: BWXT) ("BWXT", "we", "us" or the
"Company") reported fourth quarter and full year 2023 results. A
reconciliation of non-GAAP results are detailed in Exhibit 1.
“We had a strong finish to 2023, with double-digit revenue and
adjusted EBITDA growth and robust free cash flow in the fourth
quarter, as expected,” said Rex D. Geveden, president and chief
executive officer. “In 2023, we had record revenue and adjusted
EBITDA and achieved many important objectives, including a 10%
increase in our labor force, the award of Project DRACO, multiple
new program wins in our special materials portfolio, backlog growth
in commercial nuclear power, and a turn to positive EBITDA at BWXT
Medical, as well as strong performance on our missile tubes program
including a final recovery settlement for the cost growth that was
driven by out-of-scope changes and absorbed by BWXT over the past
couple years.”
“Looking ahead, we expect the momentum from 2023 to carry into
2024 and more than offset the anticipated lull in aircraft carrier
propulsion systems production, as other elements of our nuclear
portfolio gather strength,” said Geveden. “As such, we are
initiating 2024 guidance that calls for Non-GAAP EPS of $3.05-$3.20
and adjusted EBITDA of approximately $500 million, up mid-single
digits compared to 2023, in-line with the preliminary 2024 outlook
we provided last quarter.”
“We are as excited as ever about the future of BWXT,” continued
Geveden. “The favorable market trends we are experiencing across
our business, combined with our unparalleled assets, unique
operating licenses and highly skilled workforce position BWXT for
continued success in 2024 and beyond. We look forward to providing
additional detail on our markets, strategy and financial outlook at
our 2024 Investor Day tomorrow.”
Financial Results Summary
Three Months Ended December
31,
Year Ended December
31,
2023
2022
$ Change
% Change
2023
2022
$ Change
% Change
(Unaudited)
(In millions, except per share
amounts)
Revenue
Government Operations
$
601.6
$
517.6
$
84.0
16
%
$
2,031.3
$
1,808.5
$
222.9
12
%
Commercial Operations
$
124.1
$
107.1
$
17.0
16
%
$
466.3
$
427.4
$
39.0
9
%
Consolidated
$
725.5
$
624.2
$
101.3
16
%
$
2,496.3
$
2,232.8
$
263.5
12
%
Operating Income
Government Operations
$
116.3
$
102.8
$
13.5
13
%
$
374.7
$
336.5
$
38.2
11
%
Commercial Operations
$
15.9
$
3.7
$
12.2
325
%
$
37.5
$
27.4
$
10.1
37
%
Unallocated Corporate (Expense)
$
(9.0
)
$
(4.6
)
$
(4.4
)
NM
$
(29.2
)
$
(15.3
)
$
(13.8
)
NM
Consolidated
$
123.2
$
101.9
$
21.3
21
%
$
383.1
$
348.6
$
34.5
10
%
Consolidated non-GAAP(1)
$
127.3
$
111.1
$
16.2
15
%
$
393.3
$
365.6
$
27.8
8
%
EPS (Diluted)
GAAP
$
0.72
$
0.47
$
0.25
53
%
$
2.68
$
2.60
$
0.08
3
%
Non-GAAP(1)
$
1.01
$
0.93
$
0.08
8
%
$
3.02
$
3.13
$
(0.11
)
(3
)%
Net Income
GAAP
$
66.3
$
43.0
$
23.3
54
%
$
246.3
$
238.6
$
7.7
3
%
Non-GAAP(1)
$
93.3
$
85.7
$
7.6
8
%
$
278.4
$
287.5
$
(9.1
)
(3
)%
Adjusted EBITDA(1)
Government Operations
$
131.3
$
115.8
$
15.5
13
%
$
429.4
$
386.5
$
42.9
11
%
Commercial Operations
$
21.3
$
13.6
$
7.7
56
%
$
60.0
$
53.9
$
6.0
11
%
Corporate
$
(5.0
)
$
0.7
$
(5.7
)
NM
$
(17.5
)
$
(1.1
)
$
(16.5
)
NM
Consolidated
$
147.6
$
130.1
$
17.5
13
%
$
471.9
$
439.4
$
32.5
7
%
Cash Flows
Operating Cash Flow(2)
$
221.8
$
107.7
$
114.1
106
%
$
363.7
$
244.7
$
119.0
49
%
Capital Expenditures(2)
$
50.8
$
63.7
$
(12.9
)
(20
)%
$
151.3
$
198.3
$
(47.0
)
(24
)%
Free Cash Flow(1)
$
171.0
$
43.9
$
127.0
289
%
$
212.4
$
46.4
$
166.0
358
%
Share Repurchases(2)
$
—
$
—
$
—
NM
$
—
$
20.0
$
(20.0
)
NM
Dividends Paid(2)
$
21.1
$
20.2
$
0.9
4
%
$
85.0
$
81.1
$
3.9
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
Fourth quarter revenue increased in both operating segments. The
Government Operations increase was driven by higher naval nuclear
component production, long-lead materials procurement,
microreactors and special materials processing. The Commercial
Operations increase was driven by higher revenue associated with
commercial nuclear field services and fuel handling, as well as
higher medical sales, which was partially offset by slightly lower
fuel and components volume.
The full year consolidated revenue increase was driven by growth
in both operating segments. The Government Operations increase was
driven by higher naval nuclear component production, microreactors
volume and higher special materials revenue. The Commercial
Operations increase was driven by an increase in field services as
well as higher sales associated with medical and higher fuel
handling and components volume.
Operating Income and Adjusted EBITDA(1)
Fourth quarter operating income increased in both operating
segments. The Government Operations increase was due to higher
revenue and favorable contract adjustments, but partially offset by
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
increase was due to improved profitability in medical, but
partially offset by less favorable commercial nuclear business mix
that was weighted toward refurbishment and life extension field
services, compared to a greater mix of outage work in the fourth
quarter of 2022. Higher segment operating income was partially
offset by higher corporate expense.
Full year operating income increased in both segments. The
Government Operations increase was due to higher revenue and
favorable contract adjustments. The Commercial Operations increase
was driven by improved profitability in medical, but partially
offset by lower commercial nuclear income as business mix was
weighted toward refurbishment and life extension field services,
compared to a greater mix of outage work in 2022. Higher segment
operating income was partially offset by higher corporate
expense.
Fourth quarter and full year total adjusted EBITDA(1) increased
for the reasons noted above.
EPS
Fourth quarter and full year 2023 GAAP EPS increased as higher
operating income and a lower effective tax rate were partially
offset by higher interest expense, lower pension income, and a
lower mark-to-market loss on the pension compared to fourth quarter
2022. Non-GAAP EPS(1) increased driven by the items noted above,
excluding mark-to-market pension losses, restructuring costs and
other one-time items.
Cash Flows
Fourth quarter and full year 2023 operating cash flow increased
due to higher net income and improved 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, both of which are largely complete,
partially offset by an increase in capital expenditures for
microreactors and other select growth investments.
Dividend
BWXT paid $21.1 million, or $0.23 per common share, to
shareholders in the fourth quarter 2023 and paid $85.0 million to
shareholders for the full year 2023. On February 23, 2024, the BWXT
Board of Directors declared a quarterly cash dividend of $0.24 per
common share payable on March 28, 2024, to shareholders of record
on March 11, 2024.
2024 Guidance
BWXT announced its expectations for fiscal year 2024 financial
results, providing the following guidance:
(In millions, except per share
amounts)
Year Ended
Year Ending
December 31, 2023
December 31, 2024
Results
Guidance(2)
Revenue
$2,496
>$2,600
Adjusted EBITDA(1)
$472
~$500
Non-GAAP(1) Earnings Per Share
$3.02
$3.05 - $3.20
Free Cash Flow(1)
$212
$225 - $250
(2) BWXT has not included a reconciliation
of provided non-GAAP guidance to comparable GAAP measures due to
the difficult of estimating any mark-to-market adjustments for
pension and post-retirement benefits, which are determined at the
end of the year.
Additional information can be found in the 2023 fourth quarter
earnings call presentation on the BWXT investor relations website
at investors.bwxt.com. 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.
2024 Investor Day
The Company is hosting its 2024 Investor Day on Wednesday,
February 28, 2024 at 8:30 a.m. EST. Interested parties can register
for the live webcast through the events page of the BWXT investor
relations website at investors.bwxt.com.
Conference Call to Discuss Fourth Quarter 2023
Results
Date: Tuesday, February 27, 2024, at 5:00 p.m. EST
Live Webcast: BWXT Investor Relations website at
investors.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/4Q2023-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, Non-GAAP EPS,
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.
Non-GAAP Earnings Per Share (EPS) is calculated using GAAP EPS
less the non-operational tax effected per share impact of pension
& OPEB mark-to-market gains or losses and other one-time items,
such as restructuring, transformation, and acquisition-related
costs.
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.
Non-GAAP Adjustments
Our GAAP financial results detailed in Exhibit 1 have been
adjusted for the following items:
Restructuring and Transformation Costs: Restructuring and
transformation related costs include restructuring charges as well
as costs associated with our efforts to optimize underlying
business processes through investments in information technology,
process improvements and the implementation of strategic actions
and initiatives which we deem to be incremental and non-recurring
in nature.
Acquisition-related Costs: Acquisition-related costs relate to
third-party professional service costs and one-time incremental
costs associated with efforts to integrate the acquired business
with our legacy operations.
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 2024 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; federal budget uncertainty, the risk
of future budget cuts, the impact of continuing resolution funding
mechanisms and the debt ceiling, the potential for government
shutdowns and changing funding and acquisition priorities; 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, 2023. 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 more than 7,800 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. For more information,
visit www.bwxt.com. Follow us on
LinkedIn, X, Facebook and Instagram.
(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 December
31, 2023
GAAP
Pension & OPEB MTM (Gain)
/ Loss
Restructuring &
Transformation Costs
Acquisition-related
Costs
Non-GAAP
Operating Income
$
123.2
$
—
$
4.0
$
0.0
$
127.3
Other Income (Expense)
(37.6
)
30.8
—
—
(6.8
)
Income before Provision for Income
Taxes
85.6
30.8
4.0
$
0.0
120.5
Provision for Income Taxes
(19.3
)
(7.1
)
(0.7
)
(0.0
)
(27.2
)
Net Income
66.3
23.7
3.3
$
0.0
93.3
Net Income Attributable to Noncontrolling
Interest
(0.4
)
—
—
—
(0.4
)
Net Income Attributable to BWXT
$
65.9
$
23.7
$
3.3
$
0.0
$
92.9
Diluted Shares Outstanding
92.0
92.0
Diluted Earnings per Common Share
$
0.72
$
0.26
$
0.04
$
0.00
$
1.01
Effective Tax Rate
22.6
%
22.5
%
Government Operations Operating Income
$
116.3
$
—
$
1.0
$
0.0
$
117.2
Commercial Operations Operating Income
$
15.9
$
—
$
0.9
$
0.0
$
16.9
Unallocated Corporate Operating Income
$
(9.0
)
$
—
$
2.2
$
0.0
$
(6.8
)
Three Months Ended December
31, 2022
GAAP
Pension & OPEB MTM (Gain)
/ Loss
Restructuring Costs
Acquisition-related
Costs
Loss on Asset Disposal
Non-GAAP
Operating Income
$
101.9
$
—
$
2.6
$
0.3
$
6.2
$
111.1
Other Income (Expense)
(45.1
)
46.6
0.0
—
—
1.6
Income before Provision for Income
Taxes
56.8
46.6
2.7
0.3
6.2
112.6
Provision for Income Taxes
(13.8
)
(10.9
)
(0.6
)
(0.0
)
(1.6
)
(26.9
)
Net Income
43.0
35.7
2.1
0.3
4.7
85.7
Net Income Attributable to Noncontrolling
Interest
(0.1
)
—
—
—
—
0.1
Net Income Attributable to BWXT
$
43.0
$
35.7
$
2.1
$
0.3
$
4.7
$
85.6
Diluted Shares Outstanding
91.8
91.8
Diluted Earnings per Common Share
$
0.47
$
0.39
$
0.02
$
0.00
$
0.05
$
0.93
Effective Tax Rate
24.3
%
23.9
%
Government Operations Operating Income
$
102.8
$
—
$
—
$
0.3
$
—
$
103.1
Commercial Operations Operating Income
$
3.7
$
—
$
(0.7
)
$
—
$
6.2
$
9.3
Unallocated Corporate Operating Income
$
(4.6
)
$
—
$
3.3
$
0.0
$
—
$
(1.3
)
EXHIBIT 1
(continued)
BWX TECHNOLOGIES, INC.
RECONCILIATION OF NON-GAAP
OPERATING INCOME AND EARNINGS PER SHARE(1)(2)(3)
(In millions, except per share
amounts)
Year Ended December 31,
2023
GAAP
Pension & OPEB MTM (Gain)
/ Loss
Restructuring &
Transformation Costs
Acquisition-related
Costs
Non-GAAP
Operating Income
$
383.1
$
—
$
9.6
$
0.7
$
393.3
Other Income (Expense)
(61.7
)
30.8
—
—
(30.9
)
Income before Provision for Income
Taxes
321.4
30.8
9.6
0.7
362.4
Provision for Income Taxes
(75.1
)
(7.1
)
(1.7
)
(0.2
)
(84.1
)
Net Income
246.3
23.7
7.8
0.5
278.4
Net Income Attributable to Noncontrolling
Interest
(0.5
)
—
—
—
(0.5
)
Net Income Attributable to BWXT
$
245.8
$
23.7
$
7.8
$
0.5
$
277.9
Diluted Shares Outstanding
91.9
91.9
Diluted Earnings per Common Share
$
2.68
$
0.26
$
0.09
$
0.01
$
3.02
Effective Tax Rate
23.4
%
23.2
%
Government Operations Operating Income
$
374.7
$
—
$
1.1
$
0.3
$
376.1
Commercial Operations Operating Income
$
37.5
$
—
$
4.6
$
0.1
$
42.2
Unallocated Corporate Operating Income
$
(29.2
)
$
—
$
3.9
$
0.3
$
(25.0
)
Year Ended December 31,
2022
GAAP
Pension & OPEB MTM (Gain)
/ Loss
Restructuring Costs
Acquisition-related
Costs
Loss on Asset Disposal
Non-GAAP
Operating Income
$
348.6
$
—
$
8.2
$
2.6
$
6.2
$
365.6
Other Income (Expense)
(34.2
)
46.6
0.0
—
—
12.4
Income before Provision for Income
Taxes
314.4
46.6
8.2
2.6
6.2
378.0
Provision for Income Taxes
(75.8
)
(10.9
)
(1.9
)
(0.4
)
(1.6
)
(90.5
)
Net Income
238.6
35.7
6.3
2.2
4.7
287.5
Net Income Attributable to Noncontrolling
Interest
(0.4
)
—
—
—
—
(0.4
)
Net Income Attributable to BWXT
$
238.2
$
35.7
$
6.3
$
2.2
$
4.7
$
287.1
Diluted Shares Outstanding
91.7
91.7
Diluted Earnings per Common Share
$
2.60
$
0.39
$
0.07
$
0.02
$
0.05
$
3.13
Effective Tax Rate
24.1
%
23.9
%
Government Operations Operating Income
$
336.5
$
—
$
1.2
$
0.8
$
—
$
338.6
Commercial Operations Operating Income
$
27.4
$
—
$
1.5
$
—
$
6.2
$
35.1
Unallocated Corporate Operating Income
$
(15.3
)
$
—
$
5.4
$
1.8
$
—
$
(8.1
)
EXHIBIT 1
(continued)
RECONCILIATION OF CONSOLIDATED
ADJUSTED EBITDA(1)(2)(3)
(In millions)
Three Months Ended December
31, 2023
GAAP
Pension & OPEB MTM (Gain)
/ Loss
Restructuring &
Transformation Costs
Acquisition-related
Costs
Non-GAAP
Net Income
$
66.3
$
23.7
$
3.3
$
0.0
$
93.3
Provision for Income Taxes
19.3
7.1
0.7
0.0
27.2
Other – net
26.5
(30.8
)
—
—
(4.3
)
Interest Expense
11.8
—
—
—
11.8
Interest Income
(0.7
)
—
—
—
(0.7
)
Depreciation & Amortization
20.4
—
—
—
20.4
Adjusted EBITDA
$
143.6
$
—
$
4.0
$
0.0
$
147.6
Three Months Ended December
31, 2022
GAAP
Pension & OPEB MTM (Gain)
/ Loss
Restructuring Costs
Acquisition-related
Costs
Loss on Asset Disposal
Non-GAAP
Net Income
$
43.0
$
35.7
$
2.1
$
0.3
$
4.7
$
85.7
Provision for Income Taxes
13.8
10.9
0.6
0.0
1.6
26.9
Other – net
33.9
(46.6
)
—
—
—
(12.6
)
Interest Expense
11.4
—
0.0
—
—
11.4
Interest Income
(0.3
)
—
—
—
—
(0.3
)
Depreciation & Amortization
19.0
—
—
—
—
19.0
Adjusted EBITDA
$
120.9
$
—
$
2.6
$
0.3
$
6.2
$
130.1
Year Ended December 31,
2023
GAAP
Pension & OPEB MTM (Gain)
/ Loss
Restructuring &
Transformation Costs
Acquisition-related
Costs
Non-GAAP
Net Income
$
246.3
$
23.7
$
7.8
$
0.5
$
278.4
Provision for Income Taxes
75.1
7.1
1.7
0.2
84.1
Other – net
17.0
(30.8
)
—
—
(13.8
)
Interest Expense
47.0
—
—
—
47.0
Interest Income
(2.4
)
—
—
—
(2.4
)
Depreciation & Amortization
78.6
—
—
—
78.6
Adjusted EBITDA
$
461.6
$
—
$
9.6
$
0.7
$
471.9
Year Ended December 31,
2022
GAAP
Pension & OPEB MTM (Gain)
/ Loss
Restructuring Costs
Acquisition-related
Costs
Loss on Asset Disposal
Non-GAAP
Net Income
$
238.6
$
35.7
$
6.3
$
2.2
$
4.7
$
287.5
Provision for Income Taxes
75.8
10.9
1.9
0.4
1.6
90.5
Other – net
(1.5
)
(46.6
)
—
—
—
(48.0
)
Interest Expense
36.4
—
0.0
—
—
36.4
Interest Income
(0.8
)
—
—
—
—
(0.8
)
Depreciation & Amortization
73.8
—
—
—
—
73.8
Adjusted EBITDA
$
422.4
$
—
$
8.2
$
2.6
$
6.2
$
439.4
EXHIBIT 1
(continued)
RECONCILIATION OF REPORTING
SEGMENT ADJUSTED EBITDA(1)(2)(3)
(In millions)
Three Months Ended December
31, 2023
Operating Income
(GAAP)
Non-GAAP
Adjustments(4)
Depreciation &
Amortization
Adjusted EBITDA
Government Operations
$
116.3
$
1.0
$
14.0
$
131.3
Commercial Operations
$
15.9
$
0.9
$
4.5
$
21.3
Three Months Ended December
31, 2022
Operating Income
(GAAP)
Non-GAAP
Adjustments(4)
Depreciation &
Amortization
Adjusted EBITDA
Government Operations
$
102.8
$
0.3
$
12.7
$
115.8
Commercial Operations
$
3.7
$
5.6
$
4.3
$
13.6
Year Ended December 31,
2023
Operating Income
(GAAP)
Non-GAAP
Adjustments(4)
Depreciation &
Amortization
Adjusted EBITDA
Government Operations
$
374.7
$
1.4
$
53.4
$
429.4
Commercial Operations
$
37.5
$
4.7
$
17.7
$
60.0
Year Ended December 31,
2022
Operating Income
(GAAP)
Non-GAAP
Adjustments(4)
Depreciation &
Amortization
Adjusted EBITDA
Government Operations
$
336.5
$
2.1
$
48.0
$
386.5
Commercial Operations
$
27.4
$
7.7
$
18.8
$
53.9
RECONCILIATION OF CONSOLIDATED
FREE CASH FLOW(1)(2)(3)
(In millions)
Three Months Ended December
31,
2023
2022
Net Cash Provided By Operating
Activities
$
221.8
$
107.7
Purchases of Property, Plant and
Equipment
(50.8
)
(63.7
)
Free Cash Flow
$
171.0
$
43.9
Year Ended December
31,
2023
2022
Net Cash Provided By Operating
Activities
$
363.7
$
244.7
Purchases of Property, Plant and
Equipment
(151.3
)
(198.3
)
Free Cash Flow
$
212.4
$
46.4
(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)
For Non-GAAP adjustment details, see
reconciliation of non-GAAP operating income and earnings per
share.
BWX TECHNOLOGIES, INC.
CONSOLIDATED STATEMENTS OF
INCOME
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
(Unaudited)
(In thousands, except share
and per share amounts)
Revenues
$
725,515
$
624,177
$
2,496,309
$
2,232,834
Costs and Expenses:
Cost of operations
536,966
463,791
1,875,716
1,680,899
Research and development costs
1,658
2,545
7,613
9,535
Losses (gains) on asset disposals and
impairments, net
1,049
5,742
1,034
5,520
Selling, general and administrative
expenses
74,594
61,308
279,694
234,282
Total Costs and Expenses
614,267
533,386
2,164,057
1,930,236
Equity in Income of Investees
11,945
11,092
50,807
45,973
Operating Income
123,193
101,883
383,059
348,571
Other Income (Expense):
Interest income
736
295
2,359
758
Interest expense
(11,836
)
(11,427
)
(47,036
)
(36,410
)
Other – net
(26,472
)
(33,943
)
(16,982
)
1,458
Total Other Income (Expense)
(37,572
)
(45,075
)
(61,659
)
(34,194
)
Income before Provision for Income
Taxes
85,621
56,808
321,400
314,377
Provision for Income Taxes
19,310
13,780
75,079
75,757
Net Income
$
66,311
$
43,028
$
246,321
$
238,620
Net Income Attributable to Noncontrolling
Interest
(424
)
(63
)
(472
)
(429
)
Net Income Attributable to BWX
Technologies, Inc.
$
65,887
$
42,965
$
245,849
$
238,191
Earnings per Common Share:
Basic:
Net Income Attributable to BWX
Technologies, Inc.
$
0.72
$
0.47
$
2.68
$
2.60
Diluted:
Net Income Attributable to BWX
Technologies, Inc.
$
0.72
$
0.47
$
2.68
$
2.60
Shares used in the computation of earnings
per share:
Basic
91,686,671
91,422,303
91,619,156
91,447,088
Diluted
91,997,796
91,812,291
91,874,537
91,702,111
BWX TECHNOLOGIES, INC.
CONSOLIDATED STATEMENTS OF
CASH FLOWS
Year Ended December
31,
2023
2022
CASH FLOWS FROM OPERATING ACTIVITIES:
(In thousands)
Net Income
$
246,321
$
238,620
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
78,566
73,842
Income of investees, net of dividends
11,130
(3,461
)
Provision for deferred taxes
(5,128
)
5,515
Recognition of (gains) losses for pension
and postretirement plans
34,087
49,868
Stock-based compensation expense
15,896
14,127
Premium for early redemption of senior
notes
—
—
Recognition of debt issuance costs from
former debt instruments
—
46
Other, net
(496
)
7,649
Changes in assets and liabilities, net of
effects from acquisitions:
Accounts receivable
462
15,167
Accounts payable
(9,025
)
(40,495
)
Retainages
(6,615
)
4,189
Contracts in progress and advance billings
on contracts
28,868
(38,615
)
Income taxes
(4,786
)
(764
)
Accrued and other current liabilities
(9,754
)
(18,948
)
Pension liabilities, accrued
postretirement benefit obligations and employee benefits
(6,964
)
(68,535
)
Other, net
(8,861
)
6,499
NET CASH PROVIDED BY OPERATING
ACTIVITIES
363,701
244,704
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and
equipment
(151,286
)
(198,312
)
Acquisition of businesses
—
(47,328
)
Purchases of securities
(2,343
)
(3,803
)
Sales and maturities of securities
5,996
3,813
Investments, net of return of capital, in
equity method investees
—
(11,450
)
Other, net
(8,009
)
844
NET CASH USED IN INVESTING ACTIVITIES
(155,642
)
(256,236
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings of long-term debt
353,100
978,200
Repayments of long-term debt
(434,350
)
(878,200
)
Premium for early redemption of senior
notes
—
—
Payment of debt issuance costs
—
(2,405
)
Borrowings and repayments of bank
overdraft
—
—
Repurchases of common stock
—
(20,000
)
Dividends paid to common shareholders
(84,974
)
(81,074
)
Cash paid for shares withheld to satisfy
employee taxes
(7,592
)
(6,588
)
Settlements of forward contracts, net
3,689
24,013
Other, net
756
6
NET CASH (USED IN) PROVIDED BY FINANCING
ACTIVITIES
(169,371
)
13,952
EFFECTS OF EXCHANGE RATE CHANGES ON
CASH
1,937
(1,205
)
TOTAL INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS
40,625
1,215
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
$
81,615
$
40,990
SUPPLEMENTAL DISCLOSURES OF CASH FLOW
INFORMATION:
Cash paid during the period for:
Interest
$
63,216
$
51,343
Income taxes (net of refunds)
$
84,478
$
71,755
SCHEDULE OF NON-CASH INVESTING
ACTIVITY:
Accrued capital expenditures included in
accounts payable
$
7,105
$
9,588
BWX TECHNOLOGIES, INC.
CONSOLIDATED BALANCE
SHEETS
ASSETS
December 31,
2023
2022
(In thousands)
Current Assets:
Cash and cash equivalents
$
75,766
$
35,244
Restricted cash and cash equivalents
2,858
2,928
Investments
—
3,804
Accounts receivable – trade, net
70,180
60,782
Accounts receivable – other
16,339
26,894
Retainages
55,181
48,566
Contracts in progress
533,155
538,365
Other current assets
64,322
55,036
Total Current Assets
817,801
771,619
Property, Plant and Equipment, Net
1,228,520
1,134,897
Investments
9,496
8,097
Goodwill
297,020
293,165
Deferred Income Taxes
16,332
20,585
Investments in Unconsolidated
Affiliates
88,608
100,198
Intangible Assets
185,510
193,612
Other Assets
103,778
96,766
TOTAL
$
2,747,065
$
2,618,939
BWX TECHNOLOGIES, INC.
CONSOLIDATED BALANCE
SHEETS
LIABILITIES AND STOCKHOLDERS’
EQUITY
December 31,
2023
2022
(In thousands, except
share
and per share amounts)
Current Liabilities:
Current maturities of long-term debt
$
6,250
$
6,250
Accounts payable
126,651
127,112
Accrued employee benefits
64,544
61,079
Accrued liabilities – other
70,210
84,693
Advance billings on contracts
107,391
88,726
Total Current Liabilities
375,046
367,860
Long-Term Debt
1,203,422
1,282,624
Accumulated Postretirement Benefit
Obligation
18,466
18,157
Environmental Liabilities
90,575
90,989
Pension Liability
82,786
57,832
Other Liabilities
43,469
53,122
Commitments and Contingencies
Stockholders' Equity:
Common stock, par value $0.01 per share,
authorized 325,000,000 shares; issued 128,065,521 and 127,671,756
shares at December 31, 2023 and 2022, respectively
1,281
1,277
Preferred stock, par value $0.01 per
share, authorized 75,000,000 shares; no shares issued
—
—
Capital in excess of par value
206,478
189,263
Retained earnings
2,093,917
1,932,970
Treasury stock at cost, 36,537,695 and
36,417,480 shares at December 31, 2023 and 2022, respectively
(1,360,862
)
(1,353,270
)
Accumulated other comprehensive income
(loss)
(7,463
)
(21,930
)
Stockholders' Equity – BWX Technologies,
Inc.
933,351
748,310
Noncontrolling interest
(50
)
45
Total Stockholders' Equity
933,301
748,355
TOTAL
$
2,747,065
$
2,618,939
BWX TECHNOLOGIES, INC.
BUSINESS SEGMENT
INFORMATION
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
(Unaudited)
(In thousands)
REVENUES:
Government Operations
$
601,629
$
517,648
$
2,031,337
$
1,808,483
Commercial Operations
124,141
107,092
466,344
427,358
Eliminations
(255
)
(563
)
(1,372
)
(3,007
)
TOTAL
$
725,515
$
624,177
$
2,496,309
$
2,232,834
SEGMENT
INCOME:
Government Operations
$
116,282
$
102,752
$
374,682
$
336,501
Commercial Operations
15,919
3,745
37,532
27,418
SUBTOTAL
$
132,201
$
106,497
$
412,214
$
363,919
Unallocated Corporate
(9,008
)
(4,614
)
(29,155
)
(15,348
)
TOTAL
$
123,193
$
101,883
$
383,059
$
348,571
DEPRECIATION AND
AMORTIZATION:
Government Operations
$
14,035
$
12,724
$
53,388
$
47,982
Commercial Operations
4,467
4,340
17,745
18,805
Corporate
1,859
1,970
7,433
7,055
TOTAL
$
20,361
$
19,034
$
78,566
$
73,842
CAPITAL
EXPENDITURES:
Government Operations
$
33,584
$
36,898
$
91,699
$
103,093
Commercial Operations
12,769
25,294
53,358
88,853
Corporate
4,435
1,529
6,229
6,366
TOTAL
$
50,788
$
63,721
$
151,286
$
198,312
BACKLOG:
Government Operations
$
3,216,673
$
3,515,377
$
3,216,673
$
3,515,377
Commercial Operations
780,974
628,933
780,974
628,933
TOTAL
$
3,997,647
$
4,144,310
$
3,997,647
$
4,144,310
BOOKINGS:
Government Operations
$
559,412
$
345,220
$
1,731,618
$
743,452
Commercial Operations
182,907
103,609
618,029
412,359
TOTAL
$
742,319
$
448,829
$
2,349,647
$
1,155,811
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240227164759/en/
Investor Contact: Chase Jacobson Vice President, Investor
Relations 980-365-4300 Investors@bwxt.com Media Contact: Jud
Simmons Senior Director, Media and Public Relations 434-522-6462
hjsimmons@bwxt.com
BWX Technologies (NYSE:BWXT)
過去 株価チャート
から 4 2024 まで 5 2024
BWX Technologies (NYSE:BWXT)
過去 株価チャート
から 5 2023 まで 5 2024