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BWXT reports higher 4Q profit, increases dividend

BWXT reports higher 4Q profit, increases dividend

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BWX Technologies, based in Lynchburg, on Monday reported a higher fourth-quarter profit and last week announced shareholders would receive a higher dividend.

The nuclear-services firm, which employs about 2,700 people in the Lynchburg region, reported GAAP net income of $65.7 million, or 69 cents per share, up 7.3% from $61.4 million, or 64 cents per share, during the same quarter in 2019.

BWX Technologies (NYSE:BWXT) reports its earnings under GAAP, a standard for reporting financial results, and as non-GAAP figures, which include factors unrelated to the firm’s core business, primarily changes in pension valuation.

Non-GAAP net income for the fourth quarter was $70.9 million, or 74 cents per share, up 4.4% from $67.9 million, or 71 cents per share, a year earlier.

BWXT on Friday said it would pay a dividend of 21 cents per share March 26 to stockholders of record as of March 10. Its previous quarterly cash dividend was for 19 cents per share.

For 2021, BWXT forecasts non-GAAP earnings of $3.05 to $3.20 per share.

“Although 2020 presented the business with some extraordinary pressures owing to the pandemic,” BWXT President and CEO Rex Geveden said in a news release, “we have persisted with rigorous procedures, practices, and policy to protect our workforce and our business. Accordingly, we remain cautiously optimistic as we continue to navigate a challenging environment in 2021.”

BWXT supplies nuclear fuel and components to the U.S. government, operates commercial nuclear power and nuclear medicine businesses and manages government facilities, among other things. It has its corporate headquarters in Lynchburg and has about 6,700 employees in the U.S. and Canada.

Most of its Lynchburg-area employees are in the Nuclear Operations Group at the company’s Mt. Athos location.

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