BWX Technologies Q3 2023 Earnings Report
Key Takeaways
BWX Technologies reported third quarter 2023 GAAP net income attributable to BWXT of $60.3 million, or diluted earnings per share (EPS) of $0.66, on third quarter revenues of $590.0 million. Third quarter 2023 non-GAAP net income attributable to BWXT was $61.5 million, or non-GAAP diluted EPS of $0.67. Third quarter 2023 adjusted EBITDA was $106.5 million.
3Q23 revenues of $590.0 million
3Q23 net income of $60.4 million, adjusted EBITDA of $106.5 million
3Q23 diluted GAAP EPS of $0.66, non-GAAP EPS of $0.67
Narrowing 2023 non-GAAP EPS guidance to $2.90-$2.95
BWX Technologies
BWX Technologies
Forward Guidance
Looking to 2024, the lower naval propulsion volumes we have been expecting from the aircraft carrier ordering cadence gap in 2024 and 2025 will be more than offset by new program growth in Government Operations, expanding opportunities in commercial nuclear power and accelerating growth in nuclear medicine. Accordingly, we forecast mid-single-digit adjusted EBITDA and Non-GAAP EPS growth in 2024, consistent with the strong operational organic growth rates we have seen the past couple years.