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BWX Technologies, Inc. reports developments tied to its nuclear manufacturing, engineering, and services businesses for government and commercial customers. Recurring updates include U.S. Naval Nuclear Propulsion Program contracts, long-lead reactor and component manufacturing, commercial nuclear equipment, and work connected to nuclear fuel and uranium-enrichment capabilities.
Company news also covers operating and financial results for its Government Operations and Commercial Operations segments, capital actions, governance changes, and regulatory engagement involving nuclear licensing. BWXT’s recurring business themes span global security, clean energy, nuclear medicine, space exploration, and environmental restoration.
BWX Technologies, Inc. (NYSE: BWXT) has announced plans to offer up to $400 million in senior notes due 2029, exempt from registration under the Securities Act. The proceeds will be used to redeem outstanding 5.375% senior notes due 2026 and to repay debt under its credit facility. The offering is targeted at qualified institutional buyers. BWXT warns that forward-looking statements in the release could vary due to economic conditions and market demand. The company emphasizes its role in providing nuclear solutions for various sectors.
BWX Technologies, Inc. (NYSE: BWXT) has secured a $28 million contract from the Department of Defense’s Strategic Capabilities Office to develop a transportable microreactor prototype as part of Project Pele. This contract follows a $14 million award for initial design work in 2020. The microreactor aims to provide resilient power for various DoD operations and enhance energy logistics without increasing carbon emissions. BWXT's expertise in innovative designs and proven production techniques positions it strongly in the microreactor market. Work will commence in March 2021 at BWXT’s Virginia facility.
BWX Technologies, Inc. (NYSE: BWXT) announced $35 million in contracts awarded to its subsidiary, BWXT Nuclear Operations Group, for uranium recovery and conversion and research reactor fuel line construction. The U.S. Naval Nuclear Propulsion Program awarded a $17.4 million contract for uranium recovery, while the U.S. Department of Energy’s NNSA awarded $17.9 million for a HALEU fuel project. These projects leverage BWXT's expertise in nuclear fuel processing and support global security by promoting nonproliferation.
BWXT Medical and Global Medical Solutions have formed a joint venture (JV) to create a reliable supply of radioisotopes and radiopharmaceuticals in the Asia-Pacific region. BWXT Medical plans to replicate its North American operations in Asia, focusing on technetium-99m (Tc-99m) generators, which are crucial for over 40 million diagnostic imaging procedures worldwide annually. The JV aims to alleviate Asia's reliance on European and U.S. supplies, enhancing service reliability. Initial investment is expected to begin in 2023, with both companies optimistic about meeting rising demand.
BWX Technologies, Inc. (NYSE: BWXT) announced a $57.5 million contract awarded to its subsidiary Nuclear Fuel Services, Inc. (NFS) by the National Nuclear Security Administration (NNSA). This contract focuses on developing highly enriched uranium (HEU) conversion and purification services. NFS will design a process for converting oxide to purified HEU metal, providing a critical bridging capability while the Y-12 National Security Complex modernizes its operations. Work will commence immediately under this firm-fixed price agreement.
BWX Technologies, Inc. (NYSE: BWXT) has announced that CFO David Black will present at the virtual J.P. Morgan 2021 Global High Yield & Leveraged Finance Conference on March 1, 2021. As a leading supplier of nuclear components and services, BWXT is the exclusive manufacturer of U.S. naval nuclear reactors for submarines and aircraft carriers. The presentation will be accessible in the Investor Relations section on their website but will not be available as a webcast.
BWXT, headquartered in Lynchburg, VA, employs approximately 6,700 individuals across 12 major sites in the U.S. and Canada.
BWX Technologies reported record Q4 2020 revenue of $557 million, an 11% increase from Q4 2019. GAAP net income rose to $65.7 million ($0.69/share) versus $61.4 million ($0.64/share) last year. Full-year revenue also set a record at over $2.1 billion, up 12% from 2019. Despite pandemic challenges, the company anticipates modest growth in 2021, with guidance for non-GAAP EPS between $3.05 and $3.20. The company plans to return $94.9 million to shareholders in 2020 and declared a dividend of $0.21 per share.
BWX Technologies, Inc. has renamed its subsidiary, previously known as BWXT ITG Canada, Inc., to BWXT Medical Ltd. This change better aligns with its focus on nuclear medicine, particularly the production of molybdenum-99 and technetium-99m generators, crucial for over 40 million annual diagnostic imaging procedures. The company aims to strengthen its position in the nuclear medicine sector, led by Martyn Coombs. BWXT Medical is part of the broader Nuclear Power Group, and the company emphasizes its ongoing progress and strategic partnerships in this area.
BWX Technologies, Inc. (BWXT) will hold a webcast to discuss its fourth quarter 2020 results on February 23, 2021, at 9:00 a.m. EST. The results will be released after the market closes on February 22. Participants can join by phone or view the presentation online at www.bwxt.com/investors. The U.S. dial-in number is 844-850-0542 and 412-317-6014 for international callers. A replay will be available on the BWXT website.
BWX Technologies, Inc. (NYSE: BWXT) has appointed Dr. Robert (Rob) F. Smith as president of government operations. Reporting to CEO Rex Geveden, Smith will oversee BWXT's nuclear business lines, including projects for the Naval Nuclear Propulsion Program and other government agencies. Smith brings extensive experience from Lockheed Martin and the NSA, holding a doctorate in chemical engineering and an MBA. He will start at BWXT's Lynchburg, Va. headquarters in January 2021, contributing to the company's growth and operational performance.