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BWXT $   $  
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BWX Technologies Reports Fourth Quarter and Full Year 2023 Results, Initiates 2024 Guidance

27 February 2024
  • 4Q23 diluted GAAP EPS of $0.72, diluted non-GAAP(1) EPS of $1.01, on revenue of $725.5 million
  • 4Q23 net income of $66.3 million, adjusted EBITDA(1) of $147.6 million
  • 2023 diluted GAAP EPS of $2.68, diluted non-GAAP(1) EPS of $3.02, on revenue of $2.5 billion
  • 2023 net income of $246.3 million, adjusted EBITDA(1) of $471.9 million
  • 2023 operating cash flow of $363.7 million, free cash flow(1) of $212.4 million
  • Initiates 2024 guidance for Non-GAAP EPS of $3.05-$3.20, adjusted EBITDA(1) of ~$500 million
  • To host Investor Day on Wednesday, February 28, 2024

Lynchburg, VA - Feb. 27, 2024 - BWX Technologies, Inc. (NYSE: BWXT) ("BWXT", "we", "us" or the "Company") reported fourth quarter and full year 2023 results. A reconciliation of non-GAAP results are detailed in Exhibit 1.

“We had a strong finish to 2023, with double-digit revenue and adjusted EBITDA growth and robust free cash flow in the fourth quarter, as expected,” said Rex D. Geveden, president and chief executive officer. “In 2023, we had record revenue and adjusted EBITDA and achieved many important objectives, including a 10% increase in our labor force, the award of Project DRACO, multiple new program wins in our special materials portfolio, backlog growth in commercial nuclear power, and a turn to positive EBITDA at BWXT Medical, as well as strong performance on our missile tubes program including a final recovery settlement for the cost growth that was driven by out-of-scope changes and absorbed by BWXT over the past couple years.”

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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