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BWXT $   $  
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BWX Technologies Reports Third Quarter 2023 Results

01 November 2023

• 3Q23 revenues of $590.0 million
• 3Q23 net income of $60.4 million, adjusted EBITDA(1) of $106.5 million
• 3Q23 diluted GAAP EPS of $0.66, non-GAAP(1) EPS of $0.67
• Multiple agreements signed to progress microreactor development for commercial applications
• Narrowing 2023 non-GAAP(1) EPS guidance to $2.90-$2.95
• Preliminary 2024 guidance for non-GAAP EPS(1) and adjusted EBITDA(1) to grow mid-single-digits

Lynchburg, VA – November 1, 2023 - BWX Technologies, Inc. (NYSE: BWXT) ("BWXT", "we", "us" or the "Company") reported third quarter 2023 GAAP net income attributable to BWXT of $60.3 million, or diluted earnings per share (EPS) of $0.66, on third quarter revenues of $590.0 million. Third quarter 2023 non-GAAP(1) net income attributable to BWXT was $61.5 million, or non-GAAP(1) diluted EPS of $0.67. Third quarter 2023 adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA)(1) was $106.5 million. A reconciliation of non-GAAP results are detailed in Exhibit 1.

“We reported solid third quarter 2023 results with double-digit organic revenue growth, good operational performance and significantly improved free cash flow,” said Rex D. Geveden, president and chief executive officer. “Importantly, as expected, the benefits of our streamlined talent acquisition and onboarding processes, especially in our Government Operations segment, manifested through sequential margin improvement in the quarter.”

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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