Wed, Mar 19, 8:32 PM (39 days ago)
### Summary **Company Overview:** BWX Technologies, Inc. (BWXT) is a specialty manufacturer of nuclear components and a developer of nuclear technologies. The company operates in two segments: Government Operations and Commercial Operations. Government Operations focuses on the design, engineering, and manufacture of precision naval nuclear components, reactors, and nuclear fuel for the U.S. Government. Commercial Operations fabricates nuclear steam generators, fuel, fuel handling systems, pressure vessels, reactor components, and other auxiliary equipment. **Financial Performance (2024):** - **Revenue:** $2.7 billion - **Net Income:** $282.3 million - **Earnings per Share (EPS):** $3.07 (diluted) - **Operating Income:** $380.6 million **Segment Performance:** - **Government Operations:** Revenue of $2.2 billion, operating income of $377.9 million. - **Commercial Operations:** Revenue of $524.0 million, operating income of $46.8 million. **Strategic Overview:** BWXT is exploring growth strategies through strategic investments and acquisitions to expand and complement its existing businesses. The company expects to fund these opportunities with cash generated from operations or by raising additional capital through debt, equity, or a combination thereof. **Future Outlook:** BWXT expects to recognize approximately 48% of the revenue associated with its backlog by the end of 2025, with the remainder to be recognized thereafter. The company's backlog at the end of 2024 was $4.8 billion, including $387.4 million of unfunded backlog related to U.S. Government contracts. **Risk Factors:** BWXT faces several risk factors, including dependence on U.S. Government contracts, exposure to economic downturns, competitive pressures, regulatory changes, and operational risks. The company's financial condition and results of operations could be adversely affected by changes in U.S. Government funding, economic conditions, or competitive dynamics. **Financial Condition:** BWXT's overall liquidity position increased by approximately $148.6 million to $797.7 million at the end of 2024. The company has a credit facility with a revolving credit facility of $750 million and a term loan of $250 million, both scheduled to mature in 2027. BWXT also has senior notes due in 2028 and 2029, each with a principal amount of $400 million. **Market Position Changes:** BWXT's market position is influenced by its strategic investments and acquisitions, as well as its focus on innovation and technology development. The company's backlog and revenue recognition are subject to changes in contract scope, schedule, and customer requirements. **Amendment Details:** The amendment includes Deloitte & Touche LLP's conformed signature in the "Report of Independent Registered Public Accounting Firm." No other changes have been made to the 2024 Form 10-K. This amendment does not reflect events occurring after the filing of the 2024 Form 10-K, does not update disclosures contained in the 2024 Form 10-K, and does not modify or amend the 2024 Form 10-K except as specifically described above.