BWX Technologies, Inc. (NYSE:BWXT) Q4 2022 Earnings Conference Call February 23, 2023 5:00 PM ET
Company Participants
Mark Kratz - Vice President of Investor Relations
Rex Geveden - President & Chief Executive Officer
Robb LeMasters - Senior Vice President & Chief Financial Officer
Conference Call Participants
Pete Skibitski - Alembic Global
Michael Ciarmoli - Truist
Scott Deuschle - Credit Suisse
Pete Lukas - CJS Securities
Operator
Ladies and gentlemen, welcome to BWX Technologies' Fourth Quarter and Full Year 2022 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, Mark Kratz, BWXT's Vice President of Investor Relations. Please go ahead.
Mark Kratz
Thank you, Joel. 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 the call, we will reference the fourth-quarter and full-year 2022 earnings presentation that is available on the Investors section at 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 a separate presentation that can also 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, Mark, and good evening to everyone. Earlier today we reported fourth quarter and full year results that were in line with our expectations as we closed out the year on a strong note. 2022 revenue and adjusted EBITDA each were up 5% and underlying operational profitability was up 9.5% factoring out pension headwinds. Despite macroeconomic pressures this year, earnings per share grew by 2% and we brought down capital spending by over $100 million.
Labor remains a focus area for the company as we experienced growth in all our major markets. We continue to monitor hiring and retention metrics and are making progress, streamlining our processes, and advancing our training programs, particularly on the government side of the business. We remain cautiously optimistic that our efforts will deliver the net employment required to support our growth. Having said that, we believe the challenging labor dynamics will mask some of the potential growth for BWXT this year, but is ultimately a hurdle we will clear.