BWX Technologies Files Q3 2024 10-Q

TL;DR

**BWXT Q3 24 10-Q FILED** - Financials and operations update for engines & turbines.

AI Summary

BWX Technologies, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter of 2024. Key financial figures and business segment information are presented, reflecting the company's ongoing activities in the engines and turbines sector.

Why It Matters

This filing provides investors with a detailed look at BWX Technologies' financial health and operational performance during the third quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: medium — The company operates in the defense and energy sectors, which can be subject to government contracts, regulatory changes, and market volatility.

Key Numbers

• 2024 Q3 — Reporting Period (The company is reporting on its performance for the third quarter of 2024.)
• 2023-12-31 — Fiscal Year End (Indicates the end of the company's fiscal year.)

Key Players & Entities

• BWX Technologies, Inc. (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 20241104 (date) — Filing date
• ENGINES & TURBINES (industry) — Company's Standard Industrial Classification

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value BWXT New York Stock Exchange

Filing Documents

• bwxt-20240930.htm (10-Q) — 1576KB
• exhibit311_93024x10q.htm (EX-31.1) — 9KB
• exhibit312_93024x10q.htm (EX-31.2) — 9KB
• exhibit321_93024x10q.htm (EX-32.1) — 6KB
• exhibit322_93024x10q.htm (EX-32.2) — 6KB
• 0001486957-24-000046.txt ( ) — 7289KB
• bwxt-20240930.xsd (EX-101.SCH) — 31KB
• bwxt-20240930_cal.xml (EX-101.CAL) — 69KB
• bwxt-20240930_def.xml (EX-101.DEF) — 136KB
• bwxt-20240930_lab.xml (EX-101.LAB) — 518KB
• bwxt-20240930_pre.xml (EX-101.PRE) — 337KB
• bwxt-20240930_htm.xml (XML) — 1380KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1. Condensed Consolidated Financial Statements 2 Condensed Consolidated Statements of Income Three and Nine Months Ended September 30, 2024 and 2023 (Unaudited) 2 Condensed Consolidated Statements of Comprehensive Income Three and Nine Months Ended September 30, 2024 and 2023 (Unaudited) 3 Condensed Consolidated Balance Sheets September 30, 2024 and December 31, 2023 (Unaudited) 4 Condensed Consolidated Statements of Stockholders' Equity Three Months Ended March 31, June 30 and September 30, 2024 and 2023 (Unaudited) 6 Condensed Consolidated Statements of Cash Flows Nine Months Ended September 30, 2024 and 2023 (Unaudited) 8 Notes to Condensed Consolidated Financial Statements 9 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 20 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 28 Item 4.

Controls and Procedures

Controls and Procedures 28

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 30 Item 1A.

Risk Factors

Risk Factors 30 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 30 Item 5 Other Information 29 Item 6. Exhibits 31

Signatures

Signatures 32 1 Table of Contents PART I FINANCIAL INFORMATION

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Item 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS BWX TECHNOLOGIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (Unaudited) (In thousands, except share and per share amounts) Revenues $ 671,956 $ 589,989 $ 1,957,387 $ 1,770,794 Costs and Expenses: Cost of operations 508,000 436,296 1,476,553 1,338,750 Research and development costs 2,081 1,156 4,842 5,955 Gains on asset disposals and impairments, net — — ( 4 ) ( 15 ) Selling, general and administrative expenses 80,829 79,828 227,970 205,100 Total Costs and Expenses 590,910 517,280 1,709,361 1,549,790 Equity in Income of Investees 15,532 12,649 40,319 38,862 Operating Income 96,578 85,358 288,345 259,866 Other Income (Expense): Interest income 663 643 2,049 1,623 Interest expense ( 9,907 ) ( 12,175 ) ( 30,190 ) ( 35,200 ) Other – net 3,290 4,340 10,426 9,490 Total Other Income (Expense) ( 5,954 ) ( 7,192 ) ( 17,715 ) ( 24,087 ) Income before Provision for Income Taxes 90,624 78,166 270,630 235,779 Provision for Income Taxes 20,983 17,814 59,410 55,769 Net Income $ 69,641 $ 60,352 $ 211,220 $ 180,010 Net Income Attributable to Noncontrolling Interest ( 158 ) ( 79 ) ( 297 ) ( 48 ) Net Income Attributable to BWX Technologies, Inc. $ 69,483 $ 60,273 $ 210,923 $ 179,962 Earnings per Common Share: Basic: Net Income Attributable to BWX Technologies, Inc. $ 0.76 $ 0.66 $ 2.30 $ 1.96 Diluted: Net Income Attributable to BWX Technologies, Inc. $ 0.76 $ 0.66 $ 2.30 $ 1.96 Shares used in the computation of earnings per share (Note 8): Basic 91,574,531 91,659,117 91,564,726 91,596,650 Diluted 91,886,710 91,895,480 91,849,724 91,833,450 See accompanying notes to condensed consolidated financial statements. 2 Table of Contents BWX TECHNOLOGIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (Unau

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