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Dec 31, 2020
BWX Technologies Q4 2020 Earnings Report
Reported solid results in Q4 2020, marking new annual records for revenue and earnings and achieved long-term guidance.
Key Takeaways
BWX Technologies reported record revenue of $557 million in Q4 2020, an 11% increase compared to Q4 2019. GAAP net income for the quarter was $65.7 million, or $0.69 per diluted share, while non-GAAP net income was $70.9 million, or $0.74 per diluted share. The company achieved its long-term EPS guidance and issued 2021 guidance with non-GAAP EPS range of $3.05 to $3.20 on low-single digit consolidated revenue growth.
Generated Q4 2020 EPS of $0.69 (GAAP), $0.74 (non-GAAP), up 8% and 4% respectively vs. Q4 2019.
Reported record quarterly revenue of $557 million in Q4 2020.
Increased quarterly dividend 11% to $0.21 per share.
Achieved low-double-digit compounded non-GAAP EPS growth compared with 2017 results.
Forward Guidance
BWXT issued 2021 guidance with non-GAAP EPS range of $3.05 to $3.20 on low-single digit consolidated revenue growth.
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
- NPG operating margin of ~13%
- NSG operating income range of $25-30 million
- Capital expenditures of ~$250 million
- 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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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