BWX Technologies on Tuesday reported third-quarter 2018 revenue of $426 million, 1.5 percent more than the $419 million recorded for the same period in 2017.
The Lynchburg, Va.-based contractor to the Energy Department and the nuclear industry also said its net income for the quarter ended Sept. 30 was $77.9 million, or $0.78 per diluted share, up from $46.6 million, or $0.46 per diluted share, in third-quarter 2017.
BWXT’s Nuclear Services Group, which includes its DOE and National Nuclear Security Administration business, reported operating income of $6.5 million, up significantly from $0.8 million on a year-over-year basis. That was driven mostly by better operational performance, lower costs and new contract starts, the company said.
BWXT expects total company revenue for 2018 will be around $1.8 billion.
Executives will discuss the quarterly earnings during a conference call at 8:30 a.m. ET today.
A BWXT-led team, Savannah River EcoManagement, hopes to keep a 10-year, $4.7 billion-dollar contract it initially won in October 2017 for liquid waste management services at the Energy Department’s Savannah River Site in South Carolina. In February, however, the Government Accountability Office upheld a bid protest from a rival team of AECOM and CH2M. The Energy Department received updated proposals this spring and is expected to issue another award within a matter of weeks.
BWXT is a minority partner on a number of contracts within the DOE complex, including a Fluor-led decontamination and decommissioning contract at the Portsmouth Site in Ohio, valued at $3.7 billion, which was recently extended through March 2021.
