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OFFON

BWX TECHNOLOGIES, INC.

(BWXT)
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BWX Technologies : 2Q21 Investor Briefing

08/03/2021 | 06:18am EDT

Investor Briefing

2Q21 results reported August 2, 2021

Forward-Looking Statements Disclaimer

BWX Technologies, Inc. ("BWXT") cautions that statements in this presentation that are forward-looking and provide other than historical information involve risks and uncertainties that may impact actual results and any future performance suggested in the forward-looking statements. The forward-looking statements in this presentation include, but are not limited to, statements relating to our 2021 and future strategic priorities, including U.S. Navy procurement, medical radioisotope industrialization and organic growth opportunities; bookings and backlog, to the extent they may be viewed as an indicator of future revenues; the expected U.S. Navy long-term procurement schedules and forecasts; estimated pension costs; expected future capital expenditure levels; the expected Canadian nuclear power forecast for services, refurbishment timelines and opportunities; disruptions to our supply chain and/or operations, changes in government regulations and other factors, including any such impacts of, or actions in response to the COVID-19 health crisis; our outlook, priorities, growth opportunities in our businesses; and guidance for 2021 and beyond. These forward-looking statements are based on current management expectations and involve a number of risks and uncertainties, including, among other things, the availability of federal appropriations to government programs in which we participate; our ability to win new project awards; capital spending of power generating utilities; the extent to which the COVID-19 health crisis impacts our businesses; the impact of COVID-19 on our employees, contractors, suppliers, customers and other partners and their business activities; the extent to which the length and severity of the COVID-19 health crisis exceeds our current expectations; the potential recurrence or subsequent waves or strains of COVID-19 or similar diseases; adverse changes in the industries in which we operate; termination, delays and other difficulties executing on contracts in backlog and adverse changes in the demand for or competitiveness of nuclear products and services. If one or more of these or other risks materialize, actual results may vary materially from those expressed. For a more complete discussion of these and other risks, please see BWXT's filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q. BWXT cautions not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.

2

BWXT company overview

$2.1 billion

in 2020 revenues

6,700(1)

highly skilled employees

12

major manufacturing facilities totaling ~4 million square feet

60+

years producing naval nuclear propulsion systems

1) As of June 30, 2021

Only manufacturer of large reactor components in North America

Reliable markets with potential for robust growth

Process-oriented R&D team developing disruptive products

Disciplined growth strategy with financial strength and premium competitive position

2020 Segment Operating Income

Nuclear

Nuclear

Operations

Power

Group

Group

Nuclear

Services

Group

3

Financial overview and key investment themes

($million, except per share amounts)

GAAP

17.3%

17.1%

17.5%

17.3%

16.7%

16.3%

operating

margin(2)

17.0%

16.9%

17.2%

16.9%

non-GAAP

15.0%

15.1%

2,124

operating

margin(1)(2)

1,895

3.03

1,800

2.62

1,688

2.39

2.91

1,551

2.05

2.55

Revenue

1,416

1.76

2.27

Non-GAAP

1.42

1.76

EPS(1)

GAAP EPS

1.31

1.47

2015

2016

2017

2018

2019

2020

Backlog

2,650

3,983

3,971

3,479

5,288

4,406

Capex

57

53

97

109

182

255

  1. Attractive growth opportunities with long- cycle businesses and positive outlook
  1. Track record of revenue growth and financial efficiency
  1. Capital allocation aligned to long-term growth strategy
  1. Efficient balance sheet use with additional capacity
  1. Continuous improvement culture
  1. See Appendix for reconciliation of GAAP to adjusted, non-GAAP items and slide 21 for leverage ratio.
  2. Historical operating income and operating margin amounts presented throughout have been adjusted to reflect the reclassification between operating income and other income

(expense) associated with the adoption of the new pension presentation accounting requirements. For further information see Note 1 to our March 31, 2018 Form 10-Q.

4

BWXT reporting segments

Nuclear Operations

Nuclear Power

Nuclear Services

Manufactures naval nuclear reactors for U.S. submarines and aircraft carriers; supplies research reactor fuel and elements for universities, national laboratories and international customers

Designs, services, engineers and manufactures components and fuel for CANDU nuclear power plants; medical isotope and radiopharmaceutical production for hospitals and radiopharmacies

Provides technical operations at government sites; advanced technology developments in space power and microreactors

o Solid, double-digit operating margins

o Only provider of large nuclear components

o

Long-term,high-visibility forecast

o

Attractive Canadian nuclear market

o

Specialized capabilities and licenses

o Unique isotope manufacturing technology

($million)

"high teens" +

Non-GAAP

($million)

16.0%

14.6%

20.9%

13.0%

GAAP

20.6%

19.8%

pension

operating

margin(1)

14.3%

15.3%

14.0%

operating

GAAP

up ~6%

margin

1,646

up slightly

operating

366

371

margin

353

1,429

1,319

Revenue

Revenue

2018

2019

2020

2021

2018

2019

2020

2021

guidance(2)

guidance (2)

  1. See Appendix for reconciliation of GAAP to adjusted, non-GAAP items.
  2. 2021 guidance reiterated August 2, 2021. For more information refer to the quarterly earnings and related material found on the BWXT investor relations website
  1. Nuclear owner/operator pedigree
  1. Best-in-classsafety and industry metrics
  1. Growth through technology investments

($million)

27

25 - 30

Non-GAAP

26

operating

income(1)

20

GAAP

17

operating

14

income

2018

2019

2020

2021

guidance(2)

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

BWX Technologies Inc. published this content on 02 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 August 2021 09:57:59 UTC.


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Mean consensus OUTPERFORM
Number of Analysts 7
Last Close Price 57,15 $
Average target price 72,14 $
Spread / Average Target 26,2%
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Managers and Directors
Rex D. Geveden President, Chief Executive Officer & Director
David S. Black Chief Financial Officer, Treasurer & Senior VP
John A. Fees Non-Executive Chairman
Jonathan W. Cirtain Chief Technology Officer & Vice President
Thomas E. McCabe Secretary, Chief Compliance Officer & Senior VP
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