BWX Technologies, Inc. reported a significant increase in its financial performance for the fiscal year ending December 31, 2024, with total revenues reaching $2.7 billion, an 8.3% increase from $2.5 billion in 2023. The Government Operations segment contributed $2.2 billion, up from $2.0 billion, while the Commercial Operations segment saw revenues rise to $524 million from $466 million. Despite the revenue growth, the company's operating income slightly decreased to $380.6 million from $383.1 million, primarily due to increased corporate expenses.
The company has made strategic moves to enhance its capabilities, including the acquisition of Aerojet Ordnance Tennessee, Inc. for approximately $105.5 million, completed on January 3, 2025. This acquisition is expected to bolster BWXT's Government Operations segment by providing advanced special materials. Additionally, BWXT has entered into an agreement to acquire Kinectrics Holdings, Inc. for approximately CAD 782.7 million, which is anticipated to close in mid-2025. Kinectrics specializes in lifecycle management services for the nuclear power sector and will be integrated into the Commercial Operations segment.
Operationally, BWX Technologies reported a backlog of $4.8 billion as of December 31, 2024, a notable increase from $4.0 billion in the previous year. This backlog includes $387.4 million of unfunded contracts, with approximately 48% of the backlog expected to be recognized as revenue by the end of 2025. The company employed approximately 8,700 individuals globally, with a significant portion based in the U.S. and Canada, reflecting a stable workforce to support its operations.
The filing also highlighted the company's focus on managing costs and improving operational efficiency. BWXT's total costs and expenses rose to $2.4 billion, up from $2.2 billion, driven by increased operational activities and investments in technology. The company continues to navigate challenges related to inflation and supply chain dynamics, which could impact future profitability. Looking ahead, BWXT remains optimistic about its growth trajectory, particularly in defense and nuclear energy sectors, while also emphasizing the importance of strategic investments and acquisitions to drive long-term value.
About BWX Technologies, Inc.
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