BWX Technologies, Inc. (NYSE:BWXT) Q1 2022 Earnings Conference Call May 9, 2022 5:00 PM ET
Company Participants
Mark Kratz - Vice President of Investor Relations
Rex Geveden - President and Chief Executive Officer
Robb LeMasters - Senior Vice President and Chief Financial Officer
Conference Call Participants
Pete Skibitski - Alembic Global
Bob Labick - CJS Securities
Pete Osterland - Truist Securities
Peter Arment - Baird
David Strauss - Barclays
Operator
Ladies and gentlemen, welcome to BWX Technologies First 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, Matt. Good evening, everyone, and welcome to BWXT's first quarter 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 first quarter earnings presentation, which 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 in our SEC filings.
We will frequently discuss non-GAAP financial measures, which are reconciled to GAAP measures in a separate presentation. It 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 everyone. Earlier today, we reported solid first quarter 2022 results. Revenue was up to $531 million and adjusted EBITDA was $94.4 million, demonstrating consistent operational and financial performance, despite some headwinds from COVID-19 absences early in the quarter. Equally as important, BWXT continued to move forward on several strategic growth initiatives. So let me give you an update on those before I turn the call over to Rob to walk through the financial details.
As noted in the earnings date announcement and detailed in our earnings release, we are in the final stretch in qualifying the Tech-99 generator production line. We spent the majority of the last two months conducting a comprehensive series of hot chemistry runs to fully test and optimize the manufacturing line to support our application to the FDA. This testing -- last month and achieving process qualification acceptance of our radiochemistry system. Over the next couple of weeks, we will be conducting end-to-process qualification runs ahead of the first of three registration batches, which will generate the final data set for the FDA package.