BWX Technologies, Inc. (BWXT) reported significant financial performance improvements for the third quarter and the first nine months of 2024, as detailed in its recent 10-Q filing. For the three months ended September 30, 2024, the company achieved revenues of $671.96 million, a 13.9% increase from $589.99 million in the same period of 2023. For the nine months, revenues rose to $1.96 billion, up 10.5% from $1.77 billion year-over-year.
The growth in revenue was primarily driven by the Government Operations segment, which saw a notable increase in demand for nuclear components and advanced technologies. Specifically, Government Operations revenues for Q3 2024 reached $560.1 million, up from $477.9 million in Q3 2023, while for the nine months, revenues increased to $1.59 billion from $1.43 billion. The increase was attributed to higher volumes in nuclear components for U.S. Government programs and growth in design and engineering work.
Operating income for the third quarter was $96.58 million, an increase of $11.2 million from $85.36 million in Q3 2023. For the nine months, operating income rose to $288.35 million, up from $259.87 million. Net income for Q3 2024 was $69.64 million, compared to $60.35 million in Q3 2023, while net income for the nine months increased to $211.22 million from $180.01 million. Basic earnings per share for Q3 2024 were $0.76, up from $0.66 in the prior year.
Total costs and expenses for the third quarter increased to $590.91 million from $517.28 million, reflecting higher operational costs associated with increased activity levels. The effective tax rate for Q3 2024 was 23.2%, slightly higher than 22.8% in Q3 2023.
On the strategic front, BWXT announced plans to acquire Aerojet Ordinance Tennessee, Inc. for approximately $98 million, expected to close in the fourth quarter of 2024. This acquisition will enhance BWXT's Government Operations segment. The company also reported an increase in total current liabilities to $437.47 million from $375.05 million as of December 31, 2023, while stockholders' equity rose to $1.06 billion from $933.35 million.
As of September 30, 2024, BWXT's total assets were $2.95 billion, up from $2.75 billion at the end of 2023. The company maintained compliance with its financial covenants and reported a working capital increase to $545.5 million. Cash and cash equivalents decreased to $35.52 million from $75.77 million at the end of 2023, reflecting operational cash flow dynamics.