Lynchburg-based BWXT Technologies on Monday reported a lower first-quarter profit but reiterated its 2021 earnings-per-share guidance.
The nuclear-services firm, which has about 2,700 employees in the region, reported net income of $69.7 million, or 73 cents per share, down from GAAP net income of $75.5 million, or 79 cents per share, and non-GAAP net income of $75.6 million, or 79 cents per share, during the same quarter of 2020.
BWX Technologies (NYSE:BWXT) reports its earnings under GAAP, a standard for reporting financial results, and sometimes reports non-GAAP figures, which include factors unrelated to the firm’s core business, primarily changes in pension valuation.
In a news release Monday, the company reiterated its full-year guidance of $3.05 to $3.20 per share.
“Solid first quarter results were complemented by the achievement of several important milestones including new wins in microreactor programs, new agreements and progress in medical isotopes, and completion and booking of the multi-year pricing agreement with Naval Reactors,” BWXT President and CEO Rex Geveden said in a news release. “Not only do these milestones boost backlog to near-record levels, but they also strategically position the company to execute and continue to grow.”
Last month, the company announced the U.S. Naval Nuclear Propulsion Program awarded it $2.2 billion in contracts over eight years, assuming annual congressional appropriation.
Originally Appeared On: https://newsadvance.com/business/local/bwxt-reports-lower-1q-profit-reiterates-full-year-guidance/article_8a72934a-ac4f-11eb-be98-abffe89772dc.html