Earnings rose at BWX Technologies, Lynchburg, Va., in the fourth quarter, and 2024 as a whole, which the company chalked up partly to Department of Energy contracts and rising interest in commercial nuclear power.
Net earnings for the fourth quarter ended Dec. 31 were $71.1 million, or $ 0.77 a share up from $ 66.3 million or $0.72 per share in the year-ago quarter. Quarterly revenue was $ $746.3 million up year-over-year from $725.5 million, BWXT said in a Monday press release.
Net earnings for 2024 were $282.3 million or $3.07 a share up from $246.3 million or $2.68 per share for 2023, according to the release. The earnings slide presentation is also posted online.
“We closed out the year with better-than-expected fourth quarter financial results and are poised for another strong year in 2025,” said BWXT CEO Rex Geveden. “Throughout 2024 we captured significant new awards, including a record level of bookings in Commercial Operations driven by critical equipment for North America’s first small modular reactor project and power plant refurbishments, as well as robust bookings in Government Operations for naval propulsion components, special materials and multiple long-term technical services contracts.”
During the earnings call with Wall Street analysts, the company touted its involvement in joint ventures winning DOE contracts at the Pantex plant in Texas as well as the Hanford Site in Washington state. A BWXT-led team took over Pantex on Nov. 1 and “just today” took over Hanford liquid waste operations, Geveden said.
The company just announced award of $2.1 billion worth of U.S. Naval Nuclear Propulsion Program contracts.
When asked, Geveden said BWXT was not too worried about its federal awards being thrown out by the White House’s Department of Government Efficiency because of the high-priority missions they involve. “We are not writing white papers over here.”
BWXT is part of a Tennessee Valley Authority group looking to develop small modular reactors at the Clinch River Site in Tennessee, Geveden said. BWXT is also involved in Project Pele, a mobile microreactor prototype being developed at the Idaho National Laboratory for the Department of Defense.
