BWX Technologies said Monday it posted $471 million in revenue for the second quarter of 2019, 7.4% better than the $439 million recorded for the same period in 2018.
Net income for the quarter dropped slightly to $58.9 million, or $0.62 per diluted share, from $60.7 million, or $0.60 per diluted share, a year earlier. On a non-generally accepted accounting principles basis, net income stepped up from $58 million, or $0.58 per diluted share, in second-quarter 2018 to $59.1 million, or $0.62 per diluted share, in the latest earnings period.
Revenue for BWXT’s Nuclear Operations Group, which includes the Navy nuclear business and uranium downblending for the Energy Department’s semiautonomous National Nuclear Security Administration (NNSA), jumped 7.9% to $358.4 million. That compares to $332.1 million for the quarter ended June 30, 2018. The increase was due in part to an increase in unspecified production volume and more long-lead material purchases, the Lynchburg, Va.-based company said in its earnings release.
Likewise, the Nuclear Power Group’s revenue made a big jump, 14.5%, to $86.6 million for the most recent quarter from the year-ago revenue of $75.7 million. The change was due in part to refurbishing components for the nuclear power industry and the 2018 acquisition of Sotera Health’s Nordion medical radioisotopes business.
The Nuclear Services Group, which includes BWXT’s work for DOE’s Office of Environmental Management, reported revenue of $29.8 million, down 8.6% from roughly $32.6 million in the second quarter of 2018. Contract completions was one factor that offset improved site performance.
The company reiterated its earlier guidance of $2.50 earnings per share for 2019.
“Our strong second quarter results demonstrate the resiliency of our business,” BWXT President and CEO Rex Geveden said in the earnings press release. “The Nuclear Operations Group drove superb results as we enter into an increasing Columbia-class production cadence and the Nuclear Power Group delivered another solid bottom-line quarter through focused execution.”
