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BWX TECHNOLOGIES, INC.

(BWXT)
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BWX Technologies : BWXT 2Q21 Earnings Presentation

08/03/2021 | 06:18am EDT

2021 Second Quarter Earnings Call

Presentation

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

2Q21 earnings call summary

  1. Solid 2Q and YTD results… earnings as expected at midpoint of year
  1. 2021 guidance reiterated… other information updated
  1. Continued progress on Technetium-99m generator commercialization… FDA submission on track and in sight
  1. Additional opportunities in medical including expansion of TheraSphereTM product with Boston Scientific
  1. New award for NASA/DOE Nuclear Thermal Propulsion…partnering with
    Lockheed Martin
  1. Anticipate awards for DOE/NNSA in Nuclear Services Group
  1. Investor Day in NYC on November 16, 2021… focusing on strategy and detailing future opportunities across the BWXT portfolio

TheraSphere is a trademark of Boston Scientific Corporation

3

2Q21 and 1H21 company results

($million, except per share amounts)

1,047

Revenue

505

505

flat

2Q20

2Q21

1H20

GAAP

0.67

1.46

1.50

Non-

0.71

GAAP(1)

0.62

EPS

(13)%

2Q20

2Q21

1H20

GAAP

82

181

and

16.3%

17.3%

185

Income

margin

Non-

86

GAAP(1)

74

17.7%

Op.

17.1%

14.6%

2Q20

2Q21

1H20

1,033

(1)%

1H21

1.35

(10)%

1H21

156

15.1%

1H21

  1. 2Q21 and 1H21 revenue ~flat and down 1% respectively as higher NPG revenue offset by lower NOG and NSG revenue.
  1. 2Q21 and 1H21 EPS down 13% and 10% respectively primarily from less operating segment earnings, higher commercialization expenses related to medical isotopes, higher interest expense and higher tax rate, partially offset by higher pension income, FX gains
  1. 2Q21 and 1H21 operating margin down primarily on lower NOG margin driven by fewer favorable EAC adjustments mostly due to timing
  1. Backlog remains strong at $4.85 billion
  1. Non-GAAPfigures exclude any mark-to-market adjustment for pension and postretirement benefits recognized and other one-time items. A reconciliation of GAAP to adjusted, non-GAAP items can be found in the appendix of this presentation or on the investor relations website at www.bwxt.com/investors.

4

2Q20 to 2Q21 non-GAAP(1) EPS bridge

($ per diluted share)

0.71

0.06

0.62

NOG volume, margins

0.04

0.04

0.02

(timing of favorable EAC

Higher

Pension income

0.01

adjustments)

Higher interest

commercialization

expense (Tc-99)

FX gains

expense from timing of

senior notes

NPG volume, margins

Higher Corporate

issuance/redemption

Unallocated costs

NSG income

2Q20

Operating

Other operating

Pension and

Interest

Tax rate

2Q21

segments

costs

other

expense

  1. Non-GAAPfigures exclude any mark-to-market adjustment for pension and postretirement benefits recognized and other one-time items. A reconciliation of GAAP to adjusted, non-GAAP items can be found in the appendix of this presentation or on the investor relations website at www.bwxt.com/investors.

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.


© Publicnow 2021
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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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