BWX Technologies, Inc. (NYSE:BWXT) Q2 2023 Earnings Conference Call August 3, 2023 5:00 PM ET
Company Participants
Chase Jacobson - Vice President, Investor Relations
Rex Geveden - President and Chief Executive Officer
Robb LeMasters - Senior Vice President and Chief Financial Officer
Conference Call Participants
Peter Skibitski - Alembic Global
Bob Labick - CJS Securities
Peter Arment - Baird
David Strauss - Barclays
Michael Ciarmoli - Truist Securities
Andre Madrid - Bank of America
Operator
Ladies and gentlemen, welcome to BWX Technologies Second Quarter 2023 Earnings Conference Call. [Operator Instructions] I would now like to turn the call over to our host, Chase Jacobson, BWXT’s Vice President of Investor Relations. Please go ahead.
Chase Jacobson
Thank you, Brianna. Good evening and welcome to today’s call. Joining me are Rex Geveden, President and CEO; and Robb LeMasters, Senior Vice President and CFO. On today’s call, we will reference the second quarter 2023 earnings presentation that is available on the Investors section of the BWXT website.
We will also discuss certain matters that constitute forward-looking statements. These statements involve risks and uncertainties, including those described in the Safe Harbor provision found in the investor materials and the company’s SEC filings. We will frequently discuss non-GAAP financial measures which are reconciled to GAAP measures in the appendix of the earnings presentation that can be found on the Investors section of the BWXT website.
I would now like to turn the call over to Rex.
Rex Geveden
Thank you, Chase and good evening to everyone. Earlier today, we reported solid second quarter results that were slightly ahead of our expectations, highlighted by robust double-digit organic revenue growth, good execution and improved free cash flow. Given our strong performance in the first half of the year, coupled with favorable demand trends, we now expect high single-digit revenue growth and are raising the low end of our 2023 adjusted EPS guidance by $0.05 to $2.85 to $3.
Before I dive into the highlights of the quarter, I would like to provide a state of the union on what we are seeing in our key nuclear end markets. There are several underlying secular themes supported by the increasing use of nuclear solutions in our global security clean energy and nuclear medicine end markets. And given the BWXT’s extensive experience in the industry, our exceptional nuclear design capabilities, robust manufacturing footprint and vertical scale, we are very well positioned to benefit from the growing demand that we see in the years ahead. The first of two emerged on large themes driving heightened interest in nuclear is the great power competition. This drives the global security market, but is becoming an increasingly important stimulant in the commercial nuclear power market as well.