BWX Technologies, Inc. (NYSE:BWXT)
Q2 2022 Earnings Conference Call
August 8, 2022 05:00 p.m. ET
Company Representatives
Rex Geveden - President, Chief Executive Officer
Robb LeMasters - Senior Vice President, Chief Financial Officer
Mark Kratz - Vice President of Investor Relations
Conference Call Participants
Bob Labick - CJS Securities
Pete Skibitski - Ambit Global
Peter Arment - Baird
David Strauss - Barclays
Michael Ciarmoli - Truist
Tate Sullivan - Maxim Group
Operator
Ladies and gentlemen, welcome to BWX Technologies Second Quarter 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, Amber. Good evening and welcome to BWXT’s second quarter 2022 earnings 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 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 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 robust second quarter 2022 results. Revenue was up 10%, net income and adjusted EBITDA were up 26% and earnings were up 32% per share. We also delivered good operating cash flow, which was up 29%.
These results were driven by a combination of strong site and commercial field services performance, along with favorable timing of activities that were originally planned for the third quarter. It is worth noting that we delivered these positive results in spite of some production and efficiencies in the naval component manufacturing business at our sites in Ohio and Indiana.
Strong second quarter performance reduces uncertainty for the year and leads us to increased underlying operational guidance and narrow the earnings outlook for 2022. The entire team continues to do a commendable job of supporting the ongoing operations while simultaneously building strategically significant new business lines in advanced micro reactors and nuclear medicine.