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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.
BWX Technologies
BWX Technologies
BWX Technologies Revenue by Segment
Revenue by Segment
Government Operations Revenue
CapyFin.comCommercial Operations Revenue
CapyFin.com 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
- Capital expenditures of ~$250 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income