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BWX Technologies Reports First Quarter 2022 Results

09 May 2022
  • Generates 1Q22 GAAP earnings of $0.64 per share, non-GAAP(1) earnings of $0.69 per share
  • Produces 1Q22 GAAP net income of $59.0 million and adjusted EBITDA(1) of $94.4 million
  • Completes Tc-99m equipment testing, setting the stage for FDA registration batches
  • Closes acquisition to expand and enhance core naval nuclear manufacturing business by adding highly-engineered, proprietary valves, manifolds and fittings for global shipbuilding
  • Reiterates 2022 guidance

Lynchburg, VA - May 9, 2022 - BWX Technologies, Inc. (NYSE: BWXT) ("BWXT", "we", "us" or the "Company") reported first quarter 2022 revenue of $531 million, a slight increase compared with $528 million in the first quarter 2021. GAAP net income for the first quarter 2022 was $59.0 million, or $0.64
per diluted share, compared with GAAP net income of $69.7 million, or $0.73 per diluted share, in the prior-year period. Non-GAAP(1) net income for the first quarter 2022 was $63.0 million, or $0.69 per diluted share. Consolidated adjusted EBITDA(1) for the first quarter 2022 was $94.4 million, a 4%
decrease compared with the prior-year period of $98.3 million, primarily driven by lower recoverable CAS pension income and fewer favorable contract adjustments due to lower productivity in the naval reactors business.

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Press Contacts:

BWX Technologies, Inc.

Jud Simmons 
+1 434.522.3800
hjsimmons@bwxt.com

BWXT Canada Ltd.  

Natalie Cutler 
+1 519.620.5288 
nacutler@bwxt.com 

BWXT Nuclear Energy Canada Inc.

Natalie Cutler
+1 519.620.5288  
nacutler@bwxt.com 

Nuclear Fuel Services, Inc.

Laura Bailey 
+1 423.743.9141
lebailey@nuclearfuelservices.com