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Dec 31, 2023
BWX Technologies Q4 2023 Earnings Report
BWX Technologies reported strong Q4 2023 results with double-digit revenue and adjusted EBITDA growth.
Key Takeaways
BWX Technologies reported a strong finish to 2023, marked by double-digit revenue and adjusted EBITDA growth, alongside robust free cash flow. The company also initiates 2024 guidance for Non-GAAP EPS of $3.05-$3.20 and adjusted EBITDA of ~$500 million.
4Q23 diluted GAAP EPS was $0.72; diluted non-GAAP EPS was $1.01, on revenue of $725.5 million.
4Q23 net income was $66.3 million, with adjusted EBITDA of $147.6 million.
2023 operating cash flow was $363.7 million, and free cash flow was $212.4 million.
The company initiated 2024 guidance for Non-GAAP EPS of $3.05-$3.20 and adjusted EBITDA of ~$500 million.
BWX Technologies
BWX Technologies
BWX Technologies Revenue by Segment
Revenue by Segment
Government Operations Revenue
CapyFin.comCommercial Operations Revenue
CapyFin.com Forward Guidance
BWXT expects the momentum from 2023 to carry into 2024 and more than offset the anticipated lull in aircraft carrier propulsion systems production. The company is initiating 2024 guidance that calls for Non-GAAP EPS of $3.05-$3.20 and adjusted EBITDA of approximately $500 million.
Positive Outlook
- Momentum from 2023 is expected to continue into 2024.
- Anticipated lull in aircraft carrier propulsion systems production will be offset by other elements of the nuclear portfolio.
- Initiating 2024 guidance that calls for Non-GAAP EPS of $3.05-$3.20.
- Adjusted EBITDA is expected to be approximately $500 million.
- Favorable market trends are expected to continue across the business.
Challenges Ahead
- Anticipated lull in aircraft carrier propulsion systems production.
- Difficult of estimating any mark-to-market adjustments for pension and post-retirement benefits.
- Company is unable to reliably forecast most of the items that are excluded from GAAP to calculate non-GAAP results.
- Federal budget uncertainty and the risk of future budget cuts.
- Potential for government shutdowns and changing funding and acquisition priorities.
Revenue & Expenses
Visualization of income flow from segment revenue to net income