- \n
- \nGenerates 2Q21 earnings of $0.62 per share on consolidated revenue of $505 million\n<\/li>\n
- \nReiterates 2021 guidance: non-GAAP earnings range of $3.05 to $3.20 per share\n<\/li>\n
- \nContinues progress on Technetium-99m commercialization\n<\/li>\n
- \nSecures award for next phase of Nuclear Thermal Propulsion Program with NASA\n<\/li>\n
- \nSets date for Investor Day in New York City on November 16, 2021\n<\/li>\n<\/ul>\n
LYNCHBURG, Va.–(BUSINESS WIRE<\/a>)–
\nBWX Technologies, Inc. (NYSE: BWXT) (“BWXT”, “we”, “us” or the “Company”) reported second quarter 2021 revenue of $505 million, about even compared with $505 million in the second quarter 2020. Net income for the second quarter 2021 was $59.3 million, or $0.62 per diluted share, compared with GAAP net income of $64.3 million, or $0.67 per diluted share and non-GAAP net income of $67.7 million, or $0.71 per diluted share, in the prior-year period. A reconciliation of non-GAAP results is detailed in Exhibit 1.\n<\/p>\n\n\u201cBWXT delivered on another solid quarter as we prepared for a strong second half of the year,\u201d said Rex D. Geveden, president and chief executive officer. “We are where we anticipated to be at the midpoint of 2021 and have line-of-sight on the remaining work to accomplish in the year, resulting in us reiterating financial guidance across the board.\u201d\n<\/p>\n
\n\u201cThe Company\u2019s execution is exemplified by the strength we see across the core businesses including the Nuclear Operations Group\u2019s stability as it ramps up on the Columbia program, consistent deliveries of large nuclear power components to enable Canadian clean energy, and the strong proposals submitted at important DOE nuclear sites that we anticipate will lead to wins later this year. At BWXT\u2019s investor day in November, we are excited to share more insight into the strategy and trends across the core businesses while also highlighting emerging opportunities in nuclear medicine, advanced reactors and nuclear fuel that further support the Company\u2019s medium and long-term growth outlook.\u201d said Geveden.\n<\/p>\n
Segment Results<\/i><\/b><\/p>\n
\nNuclear Operations Group (NOG) segment revenue was $381 million for the second quarter 2021, a 7% decrease from the prior-year period, driven by higher production volume which was more than offset by lower long-lead material production. NOG operating income was $69.2 million in the second quarter 2021, a 20% decrease compared with the prior-year period driven by lower revenue and fewer favorable contract adjustments due to timing of certain milestones, resulting in second quarter 2021 segment operating margin of 18.1%.\n<\/p>\n
\nNuclear Power Group (NPG) segment revenue was $102 million for the second quarter 2021, a 50% increase from the prior-year period primarily due to higher volume of field services, higher fuel and fuel handling activity, and higher volume of medical isotope demand. NPG operating income was $10.8 million for the second quarter 2021, a significant increase compared with the prior-year period on both a GAAP and non-GAAP basis, driven primarily from higher revenue in commercial nuclear power and BWXT medical, and incremental funds received under the Canadian COVID-19 Economic Response Plan to offset incurred expenses related to the pandemic. Second quarter 2021 segment operating margin was 10.6%.\n<\/p>\n
\nNuclear Services Group (NSG) segment operating income was $5.8 million for the second quarter 2021, up 40% compared with $4.1 million of GAAP operating income and up 13% compared with $5.1 million of non-GAAP operating income in the second quarter 2020 driven by better project performance partially offset by the absence of contracts that completed in 2020.\n<\/p>\n
Cash and Capital Returned to Shareholders<\/i><\/b><\/p>\n
\nThe Company generated $59.9 million of cash from operating activities in the second quarter 2021, compared with $162 million in the second quarter 2020. As of June 30, 2021, the Company\u2019s cash balance, net of restricted cash, was $191 million.\n<\/p>\n
\nOn July 30, 2021, the BWXT Board of Directors declared a quarterly cash dividend of $0.21 per common share. The dividend will be payable on September 8, 2021, to shareholders of record on August 19, 2021.\n<\/p>\n
\nDuring the second quarter 2021, the Company returned $20.0 million of cash to shareholders in dividends, resulting in a total of $60.3 million of cash returned to shareholders year-to-date, including $20.0 million in share repurchases and $40.3 million in dividends.\n<\/p>\n
2021 Guidance<\/i><\/b><\/p>\n
\nBWXT reiterated all components of 2021 guidance:\n<\/p>\n
- \n
- \nNon-GAAP EPS range of $3.05 \u2013 $3.20 (excludes pension and post-retirement benefits mark-to-market)\n<\/li>\n
- \nConsolidated revenue growth of low-single digits vs. 2020 results<\/p>\n
- \n
- \nNOG revenue up slightly\n<\/li>\n
- \nNPG revenue growth of ~6%\n<\/li>\n<\/ul>\n<\/li>\n
- \nNon-GAAP operating income and margin<\/p>\n
- \n
- \nNOG operating margin of \u201chigh teens\u201d with upside from CAS pension reimbursement\n<\/li>\n
- \nNPG operating margin of ~13%\n<\/li>\n
- \nNSG operating income range of $25-30 million\n<\/li>\n<\/ul>\n<\/li>\n
- \nCapital expenditures of ~$250 million\n<\/li>\n<\/ul>\n
\nThe 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. See reconciliation of non-GAAP results in Exhibit 1 for additional information.\n<\/p>\n
Conference Call to Discuss Second Quarter 2021 Results<\/i><\/b><\/p>\n
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