The Lynchburg-based Nuclear Operations Group of BWX Technologies achieved record-high revenue in the second quarter, the company said.
That group’s revenue rose to $358.4 million in the quarter, up 7.9% from the same quarter the year before. Its operating income and operating margin also increased. Total company revenue rose 7.4% to $471 million, and the firm’s backlog of work stands at $4.5 billion.
Lynchburg-based BWXT has about 6,350 employees in the U.S. and Canada. Most of its approximately 2,500 employees in the Lynchburg area are in the Nuclear Operations Group at the company’s Mt. Athos location.
“Our strong second quarter results demonstrate the resiliency of our business,” BWXT President and CEO Rex Geveden said in a news release. Geveden noted the Nuclear Operations Group “drove superb results as we enter into an increasing Columbia-class production cadence,” referring to the manufacture of components for a class of U.S. Navy nuclear submarines.
The group’s revenue milestone was announced as BWXT released its quarterly earnings Monday.
Like other publicly traded companies in the U.S., BWXT reports earnings using GAAP, or generally accepted accounting principles, which is a standard system for compiling financial statements. BWXT also reports non-GAAP results, in which management can include or exclude various items — for example, one-time costs or large revenue windfalls — if it feels doing so will present a better picture of the company’s core business performance.
This quarter, the two varied slightly. BWXT’s GAAP results year-over-year showed lower quarterly profit, from $60.7 million, or 60 cents per share, to $58.9 million, or 62 cents per share. The company’s non-GAAP results showed higher quarterly profit of $59.1 million, or 62 cents per share, up from $58 million, or 58 cents per share, the year before.
The results topped Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 52 cents per share.
The company reiterated its annual earnings guidance of $2.50 per share.
On July 30, the company’s board declared a quarterly dividend of 17 cents per share, payable Sept. 6 to shareholders of record as of Aug. 16.
BWXT formed in July 2015 after a split with Charlotte, North Carolina-based Babcock & Wilcox Inc. It supplies nuclear reactor components, fuel and technical services to the U.S. government and in August 2018 acquired a medical isotopes business.
The Associated Press contributed to this report. Reach Busse at (434) 385-5534.