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BWXT reports lower 1Q profit, reiterates full-year guidance

BWXT reports lower 1Q profit, reiterates full-year guidance

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Lynchburg-based BWXT Technologies on Monday reported a lower first-quarter profit but reiterated its 2021 earnings-per-share guidance.

The nuclear-services firm, which has about 2,700 employees in the region, reported net income of $69.7 million, or 73 cents per share, down from GAAP net income of $75.5 million, or 79 cents per share, and non-GAAP net income of $75.6 million, or 79 cents per share, during the same quarter of 2020.

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

The results beat Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 71 cents per share, the Associated Press reported.

In a news release Monday, the company reiterated its full-year guidance of $3.05 to $3.20 per share.

“Solid first quarter results were complemented by the achievement of several important milestones including new wins in microreactor programs, new agreements and progress in medical isotopes, and completion and booking of the multi-year pricing agreement with Naval Reactors," BWXT President and CEO Rex Geveden said in a news release. "Not only do these milestones boost backlog to near-record levels, but they also strategically position the company to execute and continue to grow.”

Last month, the company announced the U.S. Naval Nuclear Propulsion Program awarded it $2.2 billion in contracts over eight years, assuming annual congressional appropriation. 

On Monday, Geveden said the company has commenced a new, multi-year guidance framework "which we see as the first step towards a more comprehensive business outlook at an investor day later this year."

On Friday, BWXT's board declared a cash dividend of 21 cents per share, payable June 9 to shareholders of record as of May 19. It also approved a $500 million share repurchase authorization with no expiration date.

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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