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BWX Technologies(BWXT) - 2024 Q4 - Annual Results
BWXTBWX Technologies(BWXT)2025-02-24 22:10

Financial Performance - Fourth quarter 2024 revenue was 746.3million,a3746.3 million, a 3% increase from 725.5 million in Q4 2023, with net income of 71.1million[4].−Fullyear2024revenuereached71.1 million[4]. - Full year 2024 revenue reached 2.7 billion, an 8% increase from 2.5billionin2023,withadjustedEBITDAof2.5 billion in 2023, with adjusted EBITDA of 498.7 million[4]. - The company reported a diluted non-GAAP EPS of 0.92forQ42024,down90.92 for Q4 2024, down 9% from 1.01 in Q4 2023, and a full year non-GAAP EPS of 3.33,up103.33, up 10% from 3.02 in 2023[4][10]. - Operating cash flow for full year 2024 was 408.4million,a12408.4 million, a 12% increase from 363.7 million in 2023[4][11]. - BWXT's net income attributable to the company for Q4 2024 was 84.7million,comparedto84.7 million, compared to 92.9 million in Q4 2023, a decrease of about 8.8%[28]. - The diluted earnings per share (EPS) for Q4 2024 was 0.92,upfrom0.92, up from 1.01 in Q4 2023, indicating a decline of about 8.9%[29]. - For the full year 2024, BWXT achieved a Non-GAAP operating income of 412.8million,comparedto412.8 million, compared to 380.6 million in 2023, representing an increase of approximately 8.4%[30]. - Net income for the year ended December 31, 2024, was 282,298,000,up14.6282,298,000, up 14.6% from 246,321,000 in 2023[44]. - Basic earnings per share for 2024 were 3.08,upfrom3.08, up from 2.68 in 2023, representing a 14.9% increase[42]. Operational Highlights - Government Operations revenue for Q4 2024 was 595.0million,a1595.0 million, a 1% decrease from 601.6 million in Q4 2023, while Commercial Operations revenue increased by 23% to 152.3million[5].−Thecompanyexperienceda25152.3 million[5]. - The company experienced a 25% decrease in Q4 2024 GAAP operating income to 92.3 million, compared to 123.2millioninQ42023[9].−BWXTreportedaNon−GAAPoperatingincomeof123.2 million in Q4 2023[9]. - BWXT reported a Non-GAAP operating income of 107.9 million for Q4 2024, compared to 127.3millioninQ42023,reflectingadecreaseofapproximately15.5127.3 million in Q4 2023, reflecting a decrease of approximately 15.5% year-over-year[28]. - Government operations generated an operating income of 374.7 million, while commercial operations contributed 37.5million[31].−TotalrevenuesfortheyearendedDecember31,2024,were37.5 million[31]. - Total revenues for the year ended December 31, 2024, were 2,703,654,000, up 8.3% from 2,496,309,000in2023[50].−SegmentincomeforGovernmentOperationsdecreasedto2,496,309,000 in 2023[50]. - Segment income for Government Operations decreased to 98,059,000 in Q4 2024 from 116,282,000inQ42023[50].StrategicInitiatives−BWXT′sstrategicgrowtheffortsarefocusedonenhancingitsportfolioinnationalsecurity,cleanenergy,andmedicalend−markets[3].−Thecompanyplanstocontinueitsmarketexpansioneffortsandexploreacquisitionopportunitiestoenhanceitscompetitivepositioninthenuclearsolutionssector[25].−ThecompanyclosedtheacquisitionofA.O.TonJanuary3,2025,andannouncedanagreementtoacquireKinectrics,Inc.onJanuary7,2025[4].−BWXTanticipatespotentialdisruptionsinsupplychainsandoperationsduetoexternalfactors,includinggovernmentbudgetuncertaintiesandlabormarketchallenges[25].CashFlowandInvestments−BWXTpaid116,282,000 in Q4 2023[50]. Strategic Initiatives - BWXT's strategic growth efforts are focused on enhancing its portfolio in national security, clean energy, and medical end-markets[3]. - The company plans to continue its market expansion efforts and explore acquisition opportunities to enhance its competitive position in the nuclear solutions sector[25]. - The company closed the acquisition of A.O.T on January 3, 2025, and announced an agreement to acquire Kinectrics, Inc. on January 7, 2025[4]. - BWXT anticipates potential disruptions in supply chains and operations due to external factors, including government budget uncertainties and labor market challenges[25]. Cash Flow and Investments - BWXT paid 22.0 million in dividends in Q4 2024, and a total of 88.3millionforthefullyear2024[12].−Thecompanyreportedafreecashflowconversionrateof106.588.3 million for the full year 2024[12]. - The company reported a free cash flow conversion rate of 106.5% for 2024, indicating strong cash generation relative to net income[21]. - Free cash flow for the year was 254.8 million, compared to 212.4millioninthepreviousyear[38].−Cashprovidedbyoperatingactivitiesfortheyearwas212.4 million in the previous year[38]. - Cash provided by operating activities for the year was 408,428,000, an increase from 363,701,000in2023[44].−Thecompanyrepurchased363,701,000 in 2023[44]. - The company repurchased 20,000,000 in common stock during the year[44]. Backlog and Bookings - BWXT's total revenue backlog remains strong, with expectations for continued growth in strategic initiatives such as medical radioisotopes and small modular reactor (SMR) components[25]. - The total backlog increased to 4,842,460,000inQ42024,comparedto4,842,460,000 in Q4 2024, compared to 3,997,647,000 in Q4 2023, representing a 21.2% growth[50]. - Government Operations backlog rose to 3,912,580,000inQ42024from3,912,580,000 in Q4 2024 from 3,216,673,000 in Q4 2023, a 21.6% increase[50]. - Total bookings for Q4 2024 were 2,208,666,000,significantlyupfrom2,208,666,000, significantly up from 742,318,000 in Q4 2023[50]. - Yearly bookings for 2024 reached 3,549,096,000,comparedto3,549,096,000, compared to 2,349,647,000 in 2023, marking a 50.9% increase[50]. Tax and Financial Metrics - The effective tax rate for Q4 2024 was 18.9%, compared to 22.5% in Q4 2023, showing a reduction in tax burden[29]. - The effective tax rate for the year was 23.4%[31]. - Long-term debt decreased to 1,042,970,000in2024from1,042,970,000 in 2024 from 1,203,422,000 in 2023, a reduction of 13.3%[48]. - Total current assets increased to 929,997,000in2024,comparedto929,997,000 in 2024, compared to 817,801,000 in 2023, reflecting a 13.7% growth[46]. - Total stockholders' equity increased to 1,080,404,000in2024from1,080,404,000 in 2024 from 933,301,000 in 2023, a growth of 15.8%[48]. Research and Development - Research and development costs for the year were 7,478,000,slightlydownfrom7,478,000, slightly down from 7,613,000 in 2023[42]. - Capital expenditures for Q4 2024 totaled 52,520,000,slightlyupfrom52,520,000, slightly up from 50,788,000 in Q4 2023[50].