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BWXT $   $  
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BWX Technologies Reports Second Quarter 2023 Results

03 August 2023

• 2Q23 revenues of $612.4 million
• 2Q23 net income of $58.7 million, adjusted EBITDA(1) of $107.0 million
• 2Q23 diluted GAAP EPS of $0.64, non-GAAP(1) EPS of $0.65
• Selected to provide the nuclear system and fuel for DARPA's DRACO project, the first nuclear powered spacecraft
• Shipped final missile tube of the Block II contract from our Mount Vernon facility
• Narrowing 2023 non-GAAP(1) EPS guidance to $2.85-$3.00

Lynchburg, VA – August 3, 2023 - BWX Technologies, Inc. (NYSE: BWXT) ("BWXT", "we", "us" or the "Company") reported second quarter 2023 GAAP net income attributable to BWXT of $58.6 million, or diluted earnings per share (EPS) of $0.64, on second quarter revenues of $612.4 million. Second quarter 2023 non-GAAP(1) net income attributable to BWXT was $59.4 million, or non-GAAP(1) diluted EPS of $0.65. Second quarter 2023 adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA)(1) was $107.0 million. A reconciliation of non-GAAP results are detailed in Exhibit 1. 

“Our second quarter 2023 results were ahead of expectations, driven largely by exceptional performance in Commercial Operations, with solid execution in both our commercial nuclear and medical businesses,” said Rex D. Geveden, president and chief executive officer. “In the first half of the year we made significant progress onboarding new team members. As expected, this contributed to a sequential margin decline in our Government Operations business, but positions us well for the future growth opportunities we see materializing across our markets.”

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Press Contacts:

BWX Technologies, Inc.

Jud Simmons 
+1 434.522.3800

BWXT Canada Ltd.
BWXT Nuclear Energy Canada Inc.
BWXT Medical Ltd.

Monifa Miller
+1 519.242.8071

Nuclear Fuel Services, Inc.

Laura Bailey 
+1 423.743.9141