BWX Technologies on Monday reported revenue and income increases in the second quarter at the company-wide level and in the business segment that handles its Department of Energy contracts.
Revenue for the Lynchburg, Va., company came in at $410 million, 1.9 percent above the $402 million it collected in the same quarter of 2016, according to a press release issued after market close.
Generally accepted accounting principles (GAAP) quarterly operating income of $92.3 million rose from $88.5 million on a year-over-year basis; GAAP diluted earnings per share were up to $0.61 from $0.56 in that same time period. On a non-GAAP basis, earnings rose 16 percent from $72.4 million in second-quarter 2016 to $84.4 million in the latest reporting period. Non-GAAP earning per share rose 24 percent, from $0.45 to $0.56.
Segment revenue for BWXT Nuclear Services Group rose from $32.2 million in second-quarter 2016 to $44.8 million for 2017. Operating income grew from $4.4 million to $15.7 million. The company attributed the boost largely to the resolution of a contract dispute and higher activity in both domestic commercial nuclear maintenance outages and naval reactors decommissioning and decontamination. BWXT in May also picked up, with partners CH2M and Fluor, a contract worth up to $1.5 billion over a decade for cleanup of DOE’s Paducah Gaseous Diffusion Plant in Kentucky.
BWXT hiked its adjusted earnings projection for the year to $1.97 to $2.07 per share, from the prior $1.85 to $1.95.
Management’s earnings conference call with analysts is scheduled for 9 a.m. EDT today.
Fellow DOE contractor AECOM has scheduled a conference call and webcast for its fiscal third-quarter results at noon EDT today. The Los Angeles-based infrastructure company reported a 1 percent tick up in second-quarter revenue, to about $4.4 billion, and net income of $102 million. This will be the first earnings report following the June 30 departure of President and Chief Operating Officer Stephen Kadenacy, who was replaced by AECOM executive Randall Wotring.
Jacobs Engineering, which last week announced the planned $3.27 billion acquisition of CH2M, has scheduled its own fiscal third-quarter earnings call for 10 a.m. EDT today. The company reported second-quarter revenue of roughly $2.8 billion, up 20 percent year over year; however, earnings were down by roughly the same percentage to $50 million.
