BWX Technologies Inc.
11/04/2024 | Press release | Distributed by Public on 11/04/2024 15:37
BWX Technologies Reports Third Quarter 2024 Results
04 November 2024
- 3Q24 revenues of $672.0 million
- 3Q24 net income of $69.6 million, adjusted EBITDA(1) of $127.0 million
- 3Q24 diluted GAAP EPS of $0.76, non-GAAP(1) EPS of $0.83
- Expanding special materials portfolio with announced acquisition of A.O.T., a sole source provider of depleted uranium and finished specialty metals for mission critical defense applications; targeting close by year-end
- 2024 non-GAAP EPS(1) guidance raised to ~$3.20
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Preliminary 2025 guidance for revenue, non-GAAP EPS(1) and adjusted EBITDA(1) to grow mid-to-high-single-digits; free cash flow(1) growth to be sustained at 10% or higher
LYNCHBURG, Va.-- Nov. 4, 2024-- BWX Technologies, Inc. (NYSE: BWXT) ("BWXT", "we", "us" or the "Company") reported third quarter 2024 results. A reconciliation of non-GAAP results are detailed in Exhibit 1.
"Our strong third quarter performance underscores the momentum BWXT has built throughout 2024," said Rex D. Geveden, president and chief executive officer. "The combination of recent key contract wins enabled by focused business development efforts, and quarterly and year-to-date double-digit revenue and earnings growth highlight our strategic and operational strengths."
"The nuclear industry is enjoying unprecedented customer and market interest with tangible investments in nuclear solutions by end-users across our key defense, commercial power, and medical markets," continued Geveden. "As demand from BWXT's customers accelerates, we remain focused on operational excellence and investment in our world-class workforce and infrastructure to sustain our unique position in the nuclear value chain."
"Given our year-to-date results and visibility into the remainder of the year, we now expect 2024 non-GAAP EPS to be at the high-end of the previous guidance range. Looking into 2025, we expect modest organic growth in our Government Operations segment complemented by a slight contribution from the A.O.T. acquisition we announced today, and robust double-digit organic growth in Commercial Operations in both commercial power and medical. The foregoing combined with our ongoing focus on operational excellence, lead us to forecast mid-to-high-single-digit revenue, EBITDA and Earnings Per Share growth in 2025, with improving free cash flow conversion."