BWX Technologies, Inc. (NYSE:BWXT) Q1 2023 Earnings Conference Call May 8, 2023 5:00 PM ET

Company Participants

Chase Jacobson - VP of IR

Rex Geveden - President and CEO

Robb LeMasters - SVP and CFO

Conference Call Participants

Pete Skibitski - Alembic Global

Peter Arment - Baird

Bob Labick - CJS Securities

Scott Deuschle - Credit Suisse

Michael Ciarmoli - Truist

Ron Epstein - Bank of America

David Strauss - Barclays

Tate Sullivan - Maxim Group

Operator

Ladies and gentlemen, welcome to BWX Technologies First Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. Following the company's prepared remarks, we will conduct a question-and-answer session and instructions will be given at that time.

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, Hanna. 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 first quarter of 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. BWXT has started 2023 with good momentum. Earlier today, we reported strong first quarter results that were ahead of our expectations. Our recent wins highlight that BWXT is at the forefront of the nuclear industry, and it's becoming more apparent that our technologies are in high demand as our government and commercial clients seek to address their national security, clean energy, and medical requirements with nuclear solutions.

First quarter 2023 revenue was up 7%, and adjusted EBITDA was up 17% compared to the first quarter of 2022, driven by solid volume, good operational performance and higher performance fees in our Technical Services business line despite ongoing labor challenges.

Adjusted earnings per share grew 2% as adjusted EBITDA growth more than offset the unfavorable impact of non-operating items as we had anticipated.