bwxt-20250331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________________________________________________________________________________________________________________________

FORM 10-Q

_________________________________________________________________________________________________________________________________


(Mark One)
☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025.


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to .

Commission File No. 001-34658

BWX TECHNOLOGIES, INC.

(Exact name of registrant as specified in its charter)

__________________________________________________________________________________________________________________________________

Delaware

80-0558025

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

800 Main Street, 4th Floor

Lynchburg,

Virginia

24504

(Address of principal executive offices)

(Zip Code)

Registrant's telephone number, including area code: (980) 365-4300

_________________________________________________________________________________________________________________________________


Securities registered pursuant to Section 12(b) of the Act:
Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	BWXT	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares of the registrant's common stock outstanding at May 1, 2025 was 91,360,726.

Table of Contents

BWX TECHNOLOGIES, INC.

INDEX – FORM 10-Q



		PAGE
PART I – FINANCIAL INFORMATION

Item 1.	Condensed Consolidated Financial Statements	2
	Condensed Consolidated Statements of Income
	Three Months Ended March 31, 2025 and 2024 (Unaudited)	2
	Condensed Consolidated Statements of Comprehensive Income
	Three Months Ended March 31, 2025 and 2024 (Unaudited)	3
	Condensed Consolidated Balance Sheets
	March 31, 2025 and December 31, 2024 (Unaudited)	4
	Condensed Consolidated Statements of Stockholders' Equity
	Three Months Ended March 31, 2025 and 2024 (Unaudited)	6
	Condensed Consolidated Statements of Cash Flows
	Three Months Ended March 31, 2025 and 2024 (Unaudited)	7
	Notes to Condensed Consolidated Financial Statements	8
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	20
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	28
Item 4.	Controls and Procedures	28

PART II – OTHER INFORMATION

Item 1.	Legal Proceedings	29
Item 1A.	Risk Factors	29
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	29
Item 5	Other Information	29
Item 6.	Exhibits	30

Signatures		31

Table of Contents

PART I

FINANCIAL INFORMATION

Item 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

BWX TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME


	Three Months Ended March 31,
	2025		2024
	(Unaudited) (In thousands, except share and per share amounts)
Revenues	$	682,258	$	603,966
Costs and Expenses:
Cost of operations	517,065		455,357
Research and development costs	2,013		1,490
Gains on asset disposals and impairments, net	(4,431)		—
Selling, general and administrative expenses	87,569		67,361
Total Costs and Expenses	602,216		524,208
Equity in Income of Investees	16,588		13,203
Operating Income	96,630		92,961
Other Income (Expense):
Interest income	722		846
Interest expense	(7,994)		(9,595)
Other – net	2,459		4,165
Total Other Income (Expense)	(4,813)		(4,584)
Income before Provision for Income Taxes	91,817		88,377
Provision for Income Taxes	16,291		19,843
Net Income	$	75,526	$	68,534
Net Income Attributable to Noncontrolling Interest	(64)		(66)
Net Income Attributable to BWX Technologies, Inc.	$	75,462	$	68,468
Earnings per Common Share:
Basic:
Net Income Attributable to BWX Technologies, Inc.	$	0.82	$	0.75
Diluted:
Net Income Attributable to BWX Technologies, Inc.	$	0.82	$	0.75
Shares used in the computation of earnings per share (Note 9):
Basic	91,594,084		91,555,384
Diluted	91,873,702		91,860,923

See accompanying notes to condensed consolidated financial statements.

Table of Contents

BWX TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF

COMPREHENSIVE INCOME


	Three Months Ended March 31,
	2025		2024
	(Unaudited) (In thousands)
Net Income	$	75,526	$	68,534
Other Comprehensive Income (Loss):
Currency translation adjustments	4,135		(11,308)
Derivative financial instruments:
Unrealized gains (losses) arising during the period, net of tax (provision) benefit of $(178) and $132, respectively	616		(385)
Reclassification adjustment for gains included in net income, net of tax provision of $37 and $21, respectively	(132)		(61)
Amortization of benefit plan costs, net of tax benefit of $(158) and $(161), respectively	639		670
Unrealized (losses) gains arising during the period, net of tax provision of $(85) and $(8), respectively	(60)		28
Investments:
Reclassification adjustment for gains included in net income, net of tax provision of $80 and $—, respectively	(301)		—
Other Comprehensive Income (Loss)	4,897		(11,056)
Total Comprehensive Income	80,423		57,478
Comprehensive Loss (Income) Attributable to Noncontrolling Interest	(64)		(66)
Comprehensive Income Attributable to BWX Technologies, Inc.	$	80,359	$	57,412

See accompanying notes to condensed consolidated financial statements.

Table of Contents

BWX TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

ASSETS


	March 31, 2025		December 31, 2024
	(Unaudited) (In thousands)
Current Assets:
Cash and cash equivalents	$	55,435	$	74,109
Restricted cash and cash equivalents	2,813		2,785
Accounts receivable – trade, net	89,142		99,112
Accounts receivable – other	43,256		53,199
Retainages	45,410		33,667
Contracts in progress	639,654		577,745
Inventories	49,648		40,288
Other current assets	50,427		49,092
Total Current Assets	975,785

SEC Form 10-Q filed by BWX Technologies Inc.