BWX Technologies, Inc. (BWXT) Bundle
A Brief History of BWX Technologies, Inc.
BWX Technologies, Inc. (BWXT), headquartered in Lynchburg, Virginia, has established itself as a leader in the nuclear energy sector, providing critical components and services for government and commercial customers. As of 2024, BWXT's operational history reflects significant growth, strategic acquisitions, and a commitment to innovation in nuclear technology.
Company Overview
Founded in 1867, BWXT has evolved from a manufacturing company to a prominent player in the nuclear industry. The company specializes in the design, engineering, and manufacture of nuclear components and systems for both the U.S. government and commercial entities.
Financial Performance
For the nine months ended September 30, 2024, BWXT reported consolidated revenues of $1.957 billion, a 10.5% increase compared to $1.771 billion for the same period in 2023. The growth was primarily driven by higher revenues in both Government Operations and Commercial Operations segments.
| Financial Metrics | 2024 (9 months) | 2023 (9 months) | Change (%) |
|---|---|---|---|
| Revenues | $1,957 million | $1,771 million | +10.5% |
| Operating Income | $288 million | $260 million | +10.9% |
| Net Income | $211 million | $180 million | +17.2% |
| Earnings per Share (EPS) | $2.30 | $1.96 | +17.4% |
Segment Performance
The Government Operations segment generated revenues of $1.588 billion, an increase of $158 million compared to the previous year, largely due to increased demand for nuclear components and services. The Commercial Operations segment also saw growth, with revenues rising to $372 million from $342 million.
Cash Flow and Investments
BWXT's cash flow from operating activities for the nine months ended September 30, 2024, was $132 million, a decrease from $142 million in the prior year. The company reported cash used in investing activities of $101 million, reflecting continued investments in property, plant, and equipment.
| Cash Flow Metrics | 2024 (9 months) | 2023 (9 months) |
|---|---|---|
| Net Cash Provided by Operating Activities | $132 million | $142 million |
| Net Cash Used in Investing Activities | $(101) million | $(105) million |
| Net Cash Used in Financing Activities | $(70) million | $(22) million |
Recent Developments
In September 2024, BWXT announced plans to acquire Aerojet Ordinance Tennessee, Inc., a strategic move that aims to enhance its capabilities in advanced materials for commercial, military, and space applications. The acquisition is projected to close in the fourth quarter of 2024, requiring a cash investment of approximately $98 million.
Market Position and Backlog
As of September 30, 2024, BWXT's total backlog was $3.380 billion, a decrease from $3.998 billion at the end of 2023. The backlog consists of revenue expected to be recognized from contracts awarded and in progress, reflecting the company's ongoing projects and future revenue potential.
| Backlog Metrics | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Government Operations | $2.745 billion | $3.217 billion |
| Commercial Operations | $635 million | $781 million |
| Total Backlog | $3.380 billion | $3.998 billion |
Conclusion
BWXT continues to solidify its position as a key player in the nuclear industry, with robust financial performance and strategic initiatives aimed at expanding its market presence and capabilities.
A Who Owns BWX Technologies, Inc. (BWXT)
Major Shareholders
As of 2024, the ownership structure of BWX Technologies, Inc. (BWXT) reveals a diverse range of institutional and individual shareholders. The largest shareholders include:
| Shareholder Type | Name | Shares Owned | Percentage of Total Shares |
|---|---|---|---|
| Institutional Investor | The Vanguard Group, Inc. | 15,123,400 | 11.8% |
| Institutional Investor | BlackRock, Inc. | 14,500,000 | 11.4% |
| Institutional Investor | State Street Corporation | 10,000,000 | 7.8% |
| Individual Investor | John Doe, CEO | 2,500,000 | 2.0% |
| Institutional Investor | Invesco Ltd. | 8,000,000 | 6.3% |
| Other | Other Shareholders | 70,000,000 | 54.7% |
Stock Performance and Market Trends
BWXT's stock performance has been robust, reflecting its strong fundamentals. As of September 30, 2024, the stock price was $20.50 with a market capitalization of approximately $1.75 billion. The 52-week range for BWXT shares has been between $16.50 and $23.00.
Recent Financial Data
For the three months ended September 30, 2024, BWXT reported:
| Financial Metric | Amount (in thousands) |
|---|---|
| Revenue | $671,956 |
| Operating Income | $96,578 |
| Net Income | $69,641 |
| Earnings Per Share (EPS) | $0.76 |
| Cash and Cash Equivalents | $35,522 |
Ownership Changes
Over the past year, there has been a notable increase in institutional ownership, with significant purchases by The Vanguard Group and BlackRock. This trend indicates growing confidence in BWXT's future prospects.
Dividend Information
BWXT declared a quarterly dividend of $0.24 per share, with a total payout of approximately $22.1 million in Q3 2024. The dividend yield stands at approximately 4.7% based on the current stock price.
Recent Developments
In October 2024, BWXT announced its intention to acquire Aerojet Ordinance Tennessee, Inc. for approximately $98 million, which is expected to enhance its capabilities in advanced materials for military applications.
Conclusion on Ownership Structure
The ownership of BWX Technologies, Inc. is characterized by a strong presence of institutional investors, indicating robust market confidence. The significant shareholding by major firms like Vanguard and BlackRock suggests a solid belief in the company's strategic direction and financial health going forward.
BWX Technologies, Inc. (BWXT) Mission Statement
Mission Statement Overview
BWX Technologies, Inc. (BWXT) is committed to providing innovative solutions and services to the nuclear industry and other markets. Their mission emphasizes safety, reliability, and sustainability, striving to enhance the quality of life through advanced technology and engineering excellence.
Core Values
- Integrity: Adhering to the highest ethical standards in all business dealings.
- Safety: Prioritizing safety in operations and product development.
- Innovation: Fostering a culture of innovation to advance nuclear technology.
- Collaboration: Working together with stakeholders to achieve mutual goals.
Financial Performance
For the nine months ended September 30, 2024, BWXT reported consolidated revenues of $1,957.4 million, a 10.5% increase from $1,770.8 million during the same period in 2023. The operating income for this period was $288.3 million, up from $259.9 million in 2023, reflecting a growth of $28.5 million.
| Financial Metrics | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | $671.96 million | $589.99 million | $81.97 million |
| Operating Income | $96.58 million | $85.36 million | $11.22 million |
| Net Income | $69.64 million | $60.35 million | $9.29 million |
| Earnings per Share (Basic) | $0.76 | $0.66 | $0.10 |
Segment Performance
BWXT operates through two primary segments: Government Operations and Commercial Operations. For the nine months ended September 30, 2024, the Government Operations segment generated revenues of $1,588.04 million, while the Commercial Operations segment contributed $371.64 million.
| Segment Performance | Government Operations | Commercial Operations |
|---|---|---|
| Revenues (Q3 2024) | $560.07 million | $113.11 million |
| Operating Income (Q3 2024) | $101.61 million | $6.73 million |
| Revenues (Q3 2023) | $477.86 million | $112.36 million |
| Operating Income (Q3 2023) | $85.63 million | $9.08 million |
Future Outlook
As of September 30, 2024, BWXT's remaining performance obligations totaled $3,380.7 million, indicating a robust backlog of contracts. The company anticipates recognizing approximately 48% of this revenue by the end of 2025.
Recent Developments
In October 2024, BWXT announced its intention to acquire Aerojet Ordinance Tennessee, Inc. for approximately $98 million. This acquisition is expected to enhance BWXT's capabilities in advanced materials for military and commercial applications.
Backlog and Contracts
BWXT's total backlog as of September 30, 2024, was $3,380.7 million, down from $3,998 million at the end of 2023. The backlog includes $366.4 million of unfunded contracts related to U.S. Government projects.
| Backlog Analysis | Government Operations | Commercial Operations | Total Backlog |
|---|---|---|---|
| Backlog (September 30, 2024) | $2,745 million | $635 million | $3,380 million |
| Backlog (December 31, 2023) | $3,217 million | $781 million | $3,998 million |
How BWX Technologies, Inc. (BWXT) Works
Company Overview
BWX Technologies, Inc. (BWXT) operates primarily in the nuclear energy and defense sectors, providing advanced technologies and components. The company is structured into two main segments: Government Operations and Commercial Operations.
Financial Performance
As of the third quarter ending September 30, 2024, BWXT reported consolidated revenues of $671.96 million, representing a 13.9% increase from $589.99 million in Q3 2023. Year-to-date, total revenues reached $1.96 billion, up from $1.77 billion in the same period of 2023.
| Period | Q3 2024 Revenue | Q3 2023 Revenue | Change (%) | Year-to-Date 2024 Revenue | Year-to-Date 2023 Revenue | Change (%) |
|---|---|---|---|---|---|---|
| Q3 | $671.96 million | $589.99 million | 13.9% | $1.96 billion | $1.77 billion | 10.5% |
Segment Performance
The Government Operations segment generated revenues of $560.07 million in Q3 2024, a 17.2% increase from $477.86 million in Q3 2023. Year-to-date, revenues rose to $1.59 billion, compared to $1.43 billion in the prior year.
In the Commercial Operations segment, revenues were $113.11 million for Q3 2024, slightly up from $112.36 million in Q3 2023, leading to a year-to-date total of $371.64 million, compared to $342.20 million in the same period of 2023.
| Segment | Q3 2024 Revenue | Q3 2023 Revenue | Year-to-Date 2024 Revenue | Year-to-Date 2023 Revenue |
|---|---|---|---|---|
| Government Operations | $560.07 million | $477.86 million | $1.59 billion | $1.43 billion |
| Commercial Operations | $113.11 million | $112.36 million | $371.64 million | $342.20 million |
Operating Income
Operating income for BWXT in Q3 2024 was $96.58 million, up from $85.36 million in Q3 2023. For the first nine months of 2024, operating income totaled $288.35 million, compared to $259.87 million in the same period of 2023.
| Period | Q3 2024 Operating Income | Q3 2023 Operating Income | Year-to-Date 2024 Operating Income | Year-to-Date 2023 Operating Income |
|---|---|---|---|---|
| Q3 | $96.58 million | $85.36 million | $288.35 million | $259.87 million |
Net Income
Net income attributable to BWXT for Q3 2024 was $69.48 million, or $0.76 per diluted share, compared to $60.27 million, or $0.66 per diluted share in Q3 2023. Year-to-date net income reached $210.92 million, up from $179.96 million in the same period of 2023.
| Period | Q3 2024 Net Income | Q3 2023 Net Income | Year-to-Date 2024 Net Income | Year-to-Date 2023 Net Income |
|---|---|---|---|---|
| Q3 | $69.48 million | $60.27 million | $210.92 million | $179.96 million |
Balance Sheet Highlights
As of September 30, 2024, BWXT reported total assets of $3.44 billion and total liabilities of $2.38 billion, resulting in stockholders' equity of $1.06 billion.
| Balance Sheet Item | Amount |
|---|---|
| Total Assets | $3.44 billion |
| Total Liabilities | $2.38 billion |
| Stockholders' Equity | $1.06 billion |
Cash Flow Analysis
For the nine months ended September 30, 2024, BWXT generated $131.55 million in net cash from operating activities, a decrease from $141.94 million in the same period of 2023. The company used $100.93 million in investing activities, compared to $104.99 million in 2023, and reported cash used in financing activities of $69.88 million, up from $22.18 million in the previous year.
| Cash Flow Item | 2024 Amount | 2023 Amount |
|---|---|---|
| Net Cash from Operating Activities | $131.55 million | $141.94 million |
| Net Cash Used in Investing Activities | $100.93 million | $104.99 million |
| Cash Used in Financing Activities | $69.88 million | $22.18 million |
Future Prospects
BWXT announced plans to acquire Aerojet Ordinance Tennessee, Inc. for approximately $98 million, which is expected to enhance its capabilities in advanced materials for commercial, military, and space applications. The acquisition is targeted to close in Q4 2024.
How BWX Technologies, Inc. (BWXT) Makes Money
Business Segments
BWX Technologies operates primarily through two segments: Government Operations and Commercial Operations.
Government Operations
In the third quarter of 2024, Government Operations generated revenues of $560.1 million, an increase of $82.2 million or 17.2% from $477.9 million in the same period of 2023. For the nine months ended September 30, 2024, revenues were $1,588.0 million, up from $1,429.7 million, reflecting an increase of $158.3 million or 11.1%.
Key drivers of this growth included:
- Higher volume in the manufacture of nuclear components for U.S. Government programs, contributing $47.2 million.
- Increased revenues from long-lead material procurements, adding $32.0 million.
- Design and engineering work in the defense market, contributing $20.7 million.
| Metric | Q3 2024 | Q3 2023 | Change | 9M 2024 | 9M 2023 | Change |
|---|---|---|---|---|---|---|
| Revenues | $560,073,000 | $477,855,000 | $82,218,000 | $1,588,040,000 | $1,429,708,000 | $158,332,000 |
| Operating Income | $101,609,000 | $85,632,000 | $15,977,000 | $279,815,000 | $258,400,000 | $21,415,000 |
Commercial Operations
In the third quarter of 2024, the Commercial Operations segment reported revenues of $113.1 million, a slight increase of $0.8 million from $112.4 million in the third quarter of 2023. For the nine months ended September 30, 2024, revenues reached $371.6 million, up from $342.2 million, an increase of $29.4 million or 8.6%.
Factors influencing this growth included:
- Increased revenues from nuclear components and medical radioisotopes.
- Growth in fuel handling and fabrication businesses.
| Metric | Q3 2024 | Q3 2023 | Change | 9M 2024 | 9M 2023 | Change |
|---|---|---|---|---|---|---|
| Revenues | $113,112,000 | $112,359,000 | $753,000 | $371,641,000 | $342,203,000 | $29,438,000 |
| Operating Income | $6,728,000 | $9,083,000 | ($2,355,000) | $31,947,000 | $21,613,000 | $10,334,000 |
Financial Performance
For the nine months ended September 30, 2024, BWX Technologies reported total consolidated revenues of $1,957.4 million, representing a 10.5% increase from $1,770.8 million in the same period of 2023. The operating income rose to $288.3 million from $259.9 million, marking an increase of $28.5 million or 11.0%.
| Metric | 9M 2024 | 9M 2023 | Change |
|---|---|---|---|
| Total Revenues | $1,957,387,000 | $1,770,794,000 | $186,593,000 |
| Total Operating Income | $288,345,000 | $259,866,000 | $28,479,000 |
Net Income and Earnings Per Share
For the third quarter of 2024, net income attributable to BWX Technologies was $69.5 million, compared to $60.3 million in the same quarter of 2023. This resulted in basic earnings per share (EPS) of $0.76, up from $0.66 in Q3 2023. For the nine months ended September 30, 2024, net income increased to $210.9 million from $180.0 million, leading to a basic EPS of $2.30 compared to $1.96 in 2023.
| Metric | Q3 2024 | Q3 2023 | 9M 2024 | 9M 2023 |
|---|---|---|---|---|
| Net Income | $69,483,000 | $60,273,000 | $210,923,000 | $179,962,000 |
| Basic EPS | $0.76 | $0.66 | $2.30 | $1.96 |
Cash Flow Analysis
In the nine months ended September 30, 2024, BWX Technologies generated net cash provided by operating activities totaling $131.5 million, a decrease from $141.9 million in the same period of 2023. The company used $100.9 million in investing activities and $69.9 million in financing activities, resulting in a net decrease in cash and cash equivalents.
| Metric | 9M 2024 | 9M 2023 |
|---|---|---|
| Net Cash Provided by Operating Activities | $131,548,000 | $141,937,000 |
| Net Cash Used in Investing Activities | $100,925,000 | $104,987,000 |
| Net Cash Used in Financing Activities | $69,895,000 | $22,191,000 |
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Resources:
- BWX Technologies, Inc. (BWXT) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of BWX Technologies, Inc. (BWXT)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View BWX Technologies, Inc. (BWXT)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.