Lynchburg, Va.-based BWX Technologies saw its first quarter 2018 revenue rise 6.8 percent, to $457 million, from $428 million in the first three months of 2017.
BWXT issued its quarterly earnings after the markets closed on Friday. Company officials will discuss the results today at 9 a.m. Eastern time during its regular earnings call with Wall Street financial analysts.
Net income was also up significantly for the period. BWXT recorded $66.4 million, or $0.66 a share, for the quarter, compared with net income of $55.7 million, or $0.55 per diluted share, in the same period a year ago. The company attributed the better numbers to a combination of good operations and tax reform.
The Nuclear Services Group (NSG) segment, which included BWXT’s Energy Department cleanup business, had an operating income was $1.2 million, which is up $800,000 a year ago. NSG’s revenue was also improved, at $30 million for the quarter, compared with less than $28 million for the first three months of 2017.
The company just expanded its DOE cleanup portfolio. Newport News Nuclear BWXT-Los Alamos (N3B) just became the new contractor for legacy nuclear cleanup at the Los Alamos National Laboratory in New Mexico
BWXT also had a major non-DOE business acquisition recently.
“A few weeks ago, we announced a definitive agreement to acquire Sotera Health’s Nordion medical isotope business,” BWXT President and CEO Rex D. Geveden said in the earnings release. “This was an opportunistic addition that is aligned with the strategic initiative to commercialize our breakthrough medical isotope manufacturing technology, creating the first new major business line for the company in over 25 years.”
