Third-quarter earnings for Virginia-based BWX Technologies showed big gains in both revenue and earnings per share compared to the same period a year ago.
In an earnings release after market close on Monday, the Department of Energy contractor reported third-quarter 2017 revenue of $419 million, a 10.5 percent increase from $380 million in the third quarter of 2016.
Net income was $46.55 million, up from $41.06 million in the third quarter of 2016. Earnings per share for the quarter that ended Sept. 30 came in at $0.46, a 17.9 percent uptick from $0.39 in 2016.
“Our Nuclear Services segment was awarded more than $1.0 billion of contracts during the third quarter and is leading a joint venture that was awarded a contract from the U.S. Department of Energy in October which could be worth up to $4.7 billion over 10 years if all options are exercised and we withstand the protest,” BWXT Executive Chairman John Fees said in the company’s earnings release.
Fees was referring to newly awarded contract for BWXT-led Savannah River EcoManagement to take over liquid waste management at the Savannah River Site in South Carolina. The company’s partners are Bechtel National and Honeywell International. The losing bidding teams, one led by AECOM and one led by Fluor, filed contract protests with the Government Accountability Office on Oct. 31.
BWXT’s Nuclear Services Group segment includes its DOE and National Nuclear Security Administration business. The group reported $27.5 million in third-quarter revenue.
BWXT also narrowed its company-wide guidance from the prior range of $1.97 to $2.07 in earnings per share to between $2.01 and $2.07 per share. Management did not list any reason for the guidance adjustment.
The company will hold an earnings conference call with financial analysts at 9 a.m. today.
