BWX Technologies, Inc. (NYSE:BWXT) Q3 2024 Earnings Conference Call November 4, 2024 5:00 PM ET
Company Participants
Chase Jacobson - VP, IR
Rex Geveden - President & CEO
Robb LeMasters - SVP & CFO
Conference Call Participants
Pete Skibitski - Alembic Global
Bob Labick - CJS
Scott Deuschle - Deutsche Bank
David Strauss - Barclays
Peter Arment - Baird
Ron Epstein - Bank of America Merrill Lynch
Andre Madrid - BTIG
Michael Ciarmoli - Joe Securities
Tate Sullivan - Maxim Group
Operator
Ladies and gentlemen, welcome to BWX Technologies Third Quarter 2024 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, Ron. Good evening, and welcome to today's call. Joining me are Rex Geveden, President and CEO; and Rob LeMasters, Senior Vice President and CFO. On today's call, we will reference the third quarter 2024 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 all of you. This afternoon, we reported strong third quarter results that were ahead of our expectations. We delivered 14% organic revenue growth which, combined with solid operational performance led to 19% adjusted EBITDA growth and 24% adjusted earnings per share growth. Given our strong year-to-date performance and despite weather-related challenges stemming from Hurricane Helene and other events, we are raising our 2024 adjusted earnings per share guidance to about $3.20, the high end of the previous guidance range, and we are maintaining our free cash flow guidance of $225 million to $250 million. As we look to 2025, we expect another record year with continued growth in Government Operations, complemented by accelerating growth in Commercial Operations.
Our preliminary 2025 outlook is for mid- to high single-digit revenue, EBITDA and earnings per share growth compared to 2024 with expectations for at least 10% free cash flow growth.