BWX Technologies, Inc. (BWXT) Q4 2024 Earnings Call Transcript

For the period ending December 31, 2024

February 24, 2025 5:00 p.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Ladies and gentlemen, welcome to BWX Technologies Fourth Quarter and Full Year 2024 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 instruction’s 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, Gail. Good evening, and welcome to today's call. Joining me are Rex Geveden, President and CEO; and Robb LeMasters, Executive Vice President and CFO. On today's call, we will reference the fourth 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 better than expected fourth quarter earnings, capping off another strong year for BWXT. We generated record revenue, adjusted EBITDA, adjusted earnings per share and free cash flow, all meeting or exceeding the full year guidance metrics we set last year.

Demand in our end markets is unprecedented. Major players in national security, clean energy and medical end markets view nuclear technologies as novel solutions for their mission needs. BWXT is well positioned to benefit from this accelerating demand, which drove our extremely strong fourth quarter and full year bookings.

We ended 2024 with a backlog of $4.8 billion, up 21% year-over-year from large contract awards in both of our operating segments. In addition to the focus on growth, we are obsessive about improving the business in all its aspects. Internally, we call this the BWXT Battle Plan. It has five elements that intertwine with one another, which are sustain and grow the core, invest strategically, expand into adjacent markets, drive performance and deliver the mission. The Battle Plan is our operating system, and I use it to communicate our purpose and to drive the focus on execution every day.