Earnings rose, though government operations fell, at BWX Technologies (BWXT), Lynchburg, Va., in the fourth quarter, which the company attributed to naval propulsion and commercial nuclear power awards.
Net earnings for the fourth quarter ended Dec. 31 were $93 million, or $1.01 a share, up from $71 million, or $0.92 a share, in the year-ago quarter. Quarterly revenue was $886 million, up year-over-year from $746 million.
Quarterly segment operating income for government operations was $90.3 million, down from $98.1 million a year ago. Segment revenue was $589 million, down from $595 million in the year-ago period. Senior officials on the earnings call said the 1% drop in revenue for government operations was “as expected” due to lower microreactor volumes and material procurement for naval propulsion equipment.
Net earnings for 2025 were $404.5 million or $3.58 a share up from $380.6 million or $3.07 per share for 2024, according to the release. The earnings slide presentation is also posted online.
BWXT is lead partner in a joint venture that has a contract potentially worth $45 billion over 10 years to empty and solidify liquid radioactive waste from underground tanks at the Hanford Site in Washington state.
BWXT acquired 97 acres of land in Oak Ridge, Tenn. in May after it was announced that the company would likely be awarded a sole source contract for a Domestic Uranium Enrichment Pilot Plant.
For the National Nuclear Security Administration (NNSA), BWXT completed construction of the centrifuge manufacturing development facility in Oak Ridge, Tenn., and is currently designing a new high purity depleted uranium manufacturing facility for a $1.6 billion contract, BWXT chief executive officer Rex Geveden said on the company’s earnings call with investors.
“We sit at the intersection of the national security and commercial nuclear power markets in a market leading position with unmatched scale, experiential qualifications and regulatory credentials,” Geveden said on the call.
Geveden and other execs also mentioned the Janus Program and Project Pele, which chief financial officer Mike Fitzgerald called a “precursor” to Project Janus. BWXT is already involved in Project Pele, a mobile microreactor prototype being developed at the Idaho National Laboratory for the Department of Defense. The Janus Program would involve the DoD and national labs deploying commercially owned and operated microreactors in the military by Sept. 2028, and Fitzgerald said the program is in procurement right now.
“They’re soliciting offers, offers from various technology providers, including us,” Fitzgerald said. “We see that one is a super interesting opportunity.”