Earnings rose at BWXT Technologies, Lynchburg, Va., in the third quarter, which the nuclear services company attributed mostly to its commercial business, offset by staffing up its government business in preparation for future work and an increase in corporate expenses.
BWX Technologies Chief Executive Rex Gevenden said the company’s quarterly performance was “slightly ahead of our expectations. The quarter was highlighted by a robust 13% organic revenue growth with double-digit revenue growth in both segments.”
Net earnings for the third quarter ended Sept. 30 were $106.5 million, or $.66 a share, up from $100.1 million, which paid $.67 a share in the year-ago quarter, BWX said in a press release detailing its third-quarter earnings. Quarterly revenue was $590 million, up year-over-year from $523.7 million.
Quarterly segment operating income for BWXT’s government operations segment was $85.6 million, up from $77.7 million a year ago. Segment revenue was $477.9 million, up from $422.5 in the year-ago period.
During a Nov. 1 earnings call with financial analysts, Geveden said he does not expect final resolution of legal and administrative dispute over a $45-billion liquid waste contract at the Department of Energy’s Hanford Site in Washington state before mid-2024.
“So there’s a lot of legal churn here, and that’s all I’ll say about that,” Geveden said. “And from a standpoint of how it might impact us financially, I don’t think we’re expecting any transition on that contract until about— at least throughout the middle of next year.”
