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BWXT’s Government Segment Income, Revenue Up in Q1 Fiscal 2023

BWX Technologies (NYSE: BWXT) reported a 7 percent growth in fiscal 2023 first quarter revenue from government operations and attributed the growth to a higher production volume for nuclear components and microreactors.

Sales in BWXT’s government segment for the period increased to $459.9 million, from the $431.8 million a year earlier, while the unit’s operating income grew by 25 percent year-over-year to $90.6 million, the company said Monday.

Rex Geveden, president and CEO of BWXT, highlighted the company’s work with the National Nuclear Security Administration and the U.S. Navy.

“On the national security front, our government customers have called on us to support some of their most important missions including the US Navy’s backing of the AUKUS trilateral security agreement and NNSA’s management of the Nation’s legacy uranium reserve,” Geveden said.

Total quarterly revenue climbed to $568.4 million from $530.7 million in fiscal 2022 first quarter, while net income rose 3 percent year-over-year to $61 million, or $0.67 per share.

The company reaffirmed its full-year 2023 revenue guidance of $2.4 billion and earnings of $2.80 to $3.00 per share.

In April, BWXT’s Hanford Tank Waste Operations & Closure partnership with Amentum and Fluor (NYSE: FLR) won a 10-year, $45 billion contract from the Department of Energy to manage environmental cleanup operations at the Hanford Site in Washington state.

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