BWX Technologies Q3 2021 Earnings Report
Key Takeaways
BWX Technologies reported Q3 2021 revenue of $499 million, a 4% decrease compared to Q3 2020. GAAP net income was $59.9 million, or $0.63 per diluted share, while non-GAAP net income was $72.0 million, or $0.76 per diluted share. The company returned $166 million to shareholders through share repurchases in Q3 2021 and narrowed its 2021 non-GAAP EPS guidance to the low end of the initial range.
Third quarter GAAP earnings per share was $0.63, while non-GAAP earnings per share was $0.76.
The company narrowed 2021 non-GAAP earnings per share guidance to the low end of the initial range.
BWXT returned $166 million of cash to shareholders in Q3 2021 through share repurchases.
Nuclear Operations Group revenue was consistent with the prior-year period, while Nuclear Power Group revenue decreased by 23%.
BWX Technologies
BWX Technologies
Forward Guidance
BWXT narrowed its 2021 non-GAAP EPS guidance to $3.05, which is the low end of the initial range. The company expects consolidated revenue to be flat to up 1% vs. 2020 results.
Positive Outlook
- Consolidated revenue flat to up 1% vs. 2020 results
- NPG revenue up ~9%
- NOG operating margin of “high teens” with upside from CAS pension reimbursement
- NPG operating margin of ~12.5%
- NSG operating income of ~$25 million
Challenges Ahead
- Non-GAAP EPS of $3.05 which is the low end of initial range of $3.05 to $3.20 (excludes pension and post-retirement benefits mark-to-market)
- NOG revenue down ~1%
- Capital expenditures of ~$280 million
- Pandemic headwinds
- Unfavorable government contract award timing