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Mar 31, 2021
BWX Technologies Q1 2021 Earnings Report
BWX Technologies' first quarter performance reflected solid earnings and strategic milestones.
Key Takeaways
BWX Technologies reported a decrease in revenue to $528 million compared to $542 million in the first quarter of 2020. Earnings per share were $0.73. The company highlighted new wins in microreactor programs, agreements and progress in medical isotopes, and the completion of a multi-year pricing agreement with Naval Reactors, contributing to a robust backlog of nearly $5.2 billion.
Generated earnings of $0.73 per share on revenue of $528 million.
Maintained a strong backlog of nearly $5.2 billion, driven by Naval Reactors bookings and other wins.
Reiterated 2021 non-GAAP earnings guidance of $3.05 to $3.20 per share.
Commenced a new multi-year guidance framework for growth, free cash flow, and capital allocation.
Revenue by Segment
Forward Guidance
BWXT reiterated all components of 2021 guidance:
Positive Outlook
- Non-GAAP EPS range of $3.05 – $3.20 (excludes pension and post-retirement benefits mark-to-market)
- Consolidated revenue growth of low-single digits vs. 2020 results
- NOG revenue up slightly
- NPG revenue growth of ~6%
- NOG operating margin of “high teens” with upside from CAS pension reimbursement
Challenges Ahead
- The Company does not provide GAAP guidance because it is unable to reliably forecast most of the items that are excluded from GAAP to calculate non-GAAP results.
- These items could cause GAAP results to differ materially from non-GAAP results.
- NPG operating margin of ~13%
- NSG operating income range of $25-30 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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