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Sep 30, 2024
BWX Technologies Q3 2024 Earnings Report
BWX Technologies reported strong Q3 2024 results driven by key contract wins and double-digit revenue and earnings growth.
Key Takeaways
BWX Technologies reported a strong third quarter with revenues of $672.0 million and net income of $69.6 million. The company raised its 2024 non-GAAP EPS guidance to approximately $3.20 and provided preliminary 2025 guidance for revenue, non-GAAP EPS, and adjusted EBITDA to grow mid-to-high-single-digits, with free cash flow growth sustained at 10% or higher.
3Q24 revenues reached $672.0 million.
3Q24 net income was $69.6 million, with adjusted EBITDA at $127.0 million.
3Q24 diluted GAAP EPS was $0.76, and non-GAAP EPS was $0.83.
2024 non-GAAP EPS guidance was raised to approximately $3.20.
BWX Technologies
BWX Technologies
BWX Technologies Revenue by Segment
Revenue by Segment
Government Operations Revenue
CapyFin.comCommercial Operations Revenue
CapyFin.com Forward Guidance
BWXT raised its 2024 guidance for Revenue and Non-GAAP EPS, and reaffirmed its 2024 guidance for Adjusted EBITDA and Free Cash Flow. Looking into 2025, the company expects modest organic growth in Government Operations, a slight contribution from the A.O.T. acquisition, and robust double-digit organic growth in Commercial Operations, leading to mid-to-high-single-digit revenue, EBITDA and Earnings Per Share growth with improving free cash flow conversion.
Positive Outlook
- Revenue guidance raised for 2024.
- Non-GAAP EPS guidance raised for 2024.
- Adjusted EBITDA guidance reaffirmed for 2024.
- Free Cash Flow guidance reaffirmed for 2024.
- Expects modest organic growth in Government Operations for 2025.
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.
- Federal budget uncertainty, the risk of future budget cuts, the impact of continuing resolution funding mechanisms and the debt ceiling, the potential for government shutdowns and changing funding and acquisition priorities
- Adverse changes in the industries in which we operate
- Delays, changes or termination of contracts in backlog
Revenue & Expenses
Visualization of income flow from segment revenue to net income