BWX Technologies Reports Robust Second Quarter 2022 Results

• 2Q22 revenue of $554 million, up 10%
• 2Q22 GAAP and non-GAAP⁽¹⁾ EPS of $0.82, up 32%
• 2Q22 net income of $74.6 million, up 26%; adjusted EBITDA⁽¹⁾ of $114.7 million, up 26%
• Completes Tc-99m reference batches; assembling final data for FDA submission
• Commences work on first advanced microreactor in the U.S. for the Department of Defense
• Increases 2022 guidance for revenue, adjusted EBITDA⁽¹⁾ and capital expenditures, and narrows 2022 non-GAAP⁽¹⁾ EPS guidance

LYNCHBURG, Va.–(BUSINESS WIRE)–  BWX Technologies, Inc. (NYSE: BWXT) (“BWXT”, “we”, “us” or the “Company”) reported second quarter 2022 revenue of $554 million, a 10% increase compared with $505 million in the second quarter 2021. GAAP net income for the second quarter 2022 was $74.6 million, or $0.82 per diluted share, compared with net income of $59.3 million, or $0.62 per diluted share, in the prior-year period. Non-GAAP⁽¹⁾ net income for the second quarter 2022 was $75.4 million, or $0.82 per diluted share. Adjusted EBITDA⁽¹⁾ for the second quarter 2022 was $114.7 million, a 26% increase compared with $90.8 million in the prior-year period, primarily driven by higher revenue, the timing of certain long lead material production and positive site performance. A reconciliation of non-GAAP⁽¹⁾ results are detailed in Exhibit 1.

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