BWX Technologies, the Lynchburg, Va.-based nuclear contractor for the Department of Energy and the Pentagon, on Monday posted a record $557 million in revenue for the fourth quarter of 2020, up 11% from the $501 million in the 2019 period.
In addition, BWXT’s net income for the fourth quarter was $65.7 million, or $0.69 per diluted share, up from $61.4 million, or $0.64 per diluted share for the same period in 2019.
For the year, BWXT took in $2.1 billion in revenue, which represents a 12% rise compared with $1.9 billion in 2019. Likewise, the full-year net income for 2020 was $279 million, or $2.91 per diluted share, which beat the 2019 figures of $244 million, or $2.55 per diluted share.
“We remain well-positioned for long-term growth with stable and expanding core businesses combined with exciting nuclear opportunities in new markets with new applications,” BWXT President and CEO Rex Geveden said in the earnings press release.
“While we expect modest growth in 2021, we remain focused on edifying BWXT’s premier position as the manufacturer of naval nuclear reactors through outstanding execution, while completing the capacity expansion campaign for the Navy’s growing demand for our products,” Geveden went on to say.
During the quarter, BWXT shipped the second of three repaired Virginia payload module missile tubes. The company has now finished fixing the bad welds it made on a dozen of the Block II Common Missile Compartment tubes in 2018 and plans to ship the last of them to General Dynamics Electric Boat, prime contractor for the Virginia and submarines, “in the coming year or so,” Geveden said on the conference call.
The company expects 2021 earnings per share in the range of $3.05 to $3.20 for the year, excluding pension and post-retirement benefit.
BWXT is part of teams that submitted proposals to DOE for operation of the Y-12 Security Complex in Tennessee and the Pantex Plant in Texas as well as the Savannah River Integrated Mission contract in South Carolina, Geveden said during the conference call.
“We feel quite well-positioned for that,” Geveden said.
In addition, BWXT anticipates DOE will issue a request for proposals by the end of March for the direct feed low-activity waste contract at the Hanford Site, Geveden said. It will have an expanded scope compared to the tank management award to a BWXT-led group that was scrapped in December.
