BWX Technologies on Monday reported $428.2 million in revenue for the first quarter of 2017, up by 17 percent from $364.8 million in the same quarter last year, and generally accepted accounting principles (GAAP) operating income of $83.2 million, spiking 95 percent year over year from$42.6 million. Earnings per share were reported at $0.55 in the quarter, up from $0.47 GAAP and $0.45 non-GAAP earnings per share the same time last year.
The Lynchburg, Va.-based company is the sole provider of nuclear fuel to the U.S. Navy and provides services for a number of Department of Energy facilities.
The company’s Nuclear Operations Group – the business segment that manufactures naval nuclear reactors – reported a 10 percent increase in revenue, to $325.1 million, which it attributed to “increased activity in component manufacturing as well as our naval nuclear fuel and downblending operations.” Operating income for the segment was $73.2 million, up from $64.9 million during the same quarter last year.
The Nuclear Services Group, which includes the previous Technical Services segment that contracts with the Energy Department, reported quarterly revenue of $27.9 million, down from $34 million last year, “primarily due to the quarterly timing of maintenance outages in the commercial U.S. nuclear utility market,” the company said. Operating income for the segment fell from $5.8 million to $0.7 million, for the same reason.
“NSG segment revenues were also slightly impacted by decline in specialty engineering work related to new nuclear plant designs, both of which were partially offset by higher activity at our Naval Reactor decommissioning/decontamination and NASA support services projects,” BWXT said.
Among its DOE contracts, BWXT has teamed with Fluor for cleanup of the Portsmouth Gaseous Diffusion Plant in Ohio and is part of the team managing liquid waste operations at the Savannah River Site in South Carolina.
BWXT said it expects its full -ear 2017 earnings per share to be between $1.85 and $1.95.
