Lynchburg, Va.-based BWX Technologies, a major Energy Department contractor, said Tuesday it earned $430 million in revenue during the fourth quarter of 2017, a 6.5 percent increase over the $404 million it took in during the same period in 2017.
BWXT said its revenue for the full year was $1.69 billion for 2017, an 8.8 percent improvement over $1.55 billion in 2016.
The company reported a net quarterly loss of $16 million, or $0.16 per share, compared to net income of $34 million, or $0.34 per share, in the fourth quarter of 2016. BWXT said its results took a $55 million hit largely because of tax reform. One-time non-cash deferred asset write-downs were the culprit, according to the company.
Earnings per share (EPS) for the full year came in at $1.47, compared to $1.76 in 2016. BWXT expects its company-wide earnings per share for 2018 will be between $2.45 and $2.55.
BWXT’s Nuclear Services Group, which includes its DOE Office of Environmental Management business, had a big year, Executive Chairman John Fees said in a press release. “NSG continued to leverage our environmental management credentials to win new key multi-billion dollar contracts, including the Savannah River Site liquid waste services contract and the Los Alamos National Laboratory legacy cleanup contract.”
Stoller Newport News Nuclear (SN3) is the lead partner with BWXT on the LANL contract awarded in December, which is worth $1.39 billion over 10 years.
The Government Accountability Office, however, sustained a protest to the $4.7 billion SRS liquid waste contract awarded to a BWXT-led group in October. The GAO said DOE has not sufficiently vetted the technical approach favored by the winning group. The Energy Department has not said how it will proceed now.
The Nuclear Services Group’s operating income was $5.8 million for the fourth quarter of 2017, up significantly from $1.3 million in the prior-year period. Full-year segment generally accepted accounting principles operating income for the group was $23.1 million, an 89.9 percent increase from $12.1 million in 2016.
Nuclear Services Group revenue for the quarter was $37 million, compared to $33 million in the fourth quarter of 2016. Annual revenue for the group was $137 million in 2017, moderately up from $128 million in 2016.
