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Mar 31, 2020
BWX Technologies Q1 2020 Earnings Report
Generated record earnings driven by growth in naval nuclear manufacturing business.
Key Takeaways
BWX Technologies reported a strong first quarter with record revenues of $542 million, a 30% increase compared to the previous year. GAAP net income was $75.5 million, or $0.79 per diluted share. The company maintains a robust consolidated backlog of $5.1 billion and reiterated its 2020 non-GAAP EPS guidance of approximately $2.80.
Generated record earnings with 1Q20 EPS of $0.79, up 55% vs. 1Q19.
Reported 1Q20 consolidated revenue up 30% vs. 1Q19 to a record of $542 million.
Maintained robust consolidated backlog of $5.1 billion.
Reiterated 2020 non-GAAP EPS guidance of ~$2.80; updated underlying guidance to incorporate current impacts from COVID-19 through 2Q20.
Forward Guidance
BWXT updated its 2020 guidance to reflect the current business conditions related to the COVID-19 pandemic and the expected impact on 2020 results, assuming current conditions will remain in effect through the second quarter 2020.
Positive Outlook
- Reiterated non-GAAP EPS guidance of ~$2.80.
- Reiterated consolidated revenue growth of ~8%.
- Reiterated NOG revenue growth of ~9%.
- NOG operating margin in the “high teens” with upside potential from CAS pension reimbursement.
- NSG operating income of ~$25 million.
Challenges Ahead
- Decreased NPG revenue growth from ~5% to down ~1%.
- Decreased NPG operating margin from ~13% to ~11%.
- Decreased unallocated corporate expenses from ~$20 million to ~$15 million.
- Decreased interest expense as a result of amended credit facility and lower borrowing.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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