The stock market staged a robust recovery on Tuesday, but not every company surged ahead in price. Advancing only cautiously was nuclear engineering specialist BWX Technologies (BWXT 2.13%), which published its latest set of quarterly results after market hours Monday night. The following day, the stock closed 0.9% higher, against the more than 1% rise of the S&P 500 index.
A double beat, and double-digit growth
For its second quarter, BWX booked revenue of $681.5 million; this was 11% higher on a year-over-year basis. Of the company's two categories, government and commercial operations, it was the latter that saw the better improvement. Its revenue advanced by 17% to hit $141.5 million.
As for the company's bottom line, adjusted non-GAAP (generally accepted accounting principles) net income saw a bigger leap, rising by 27% to $75.4 million ($0.82 per share).
Both headline numbers were comfortably above the consensus analyst estimates. On average, prognosticators tracking BWX stock were projecting revenue slightly above $640 million, and adjusted net income of $0.74 per share.
In its earnings release, BWX said that there have been numerous developments supporting the nuclear energy segments, not least federal and state legislation on the development of small modular nuclear reactors.
The company quoted CEO Rex Geveden as saying, "These developments demonstrate the increasing appetite for nuclear solutions across the global security, clean energy, and medical markets, ultimately driving new and exciting opportunities for BWXT."
NYSE: BWXT
Key Data Points
Mixed guidance
BWX updated its guidance for the entirety of 2024, narrowing its adjusted net income estimate. These days, it expects to post a non-GAAP bottom-line profit of $3.10 to $3.20 per share. Previously it was modeling $3.05 to $3.20. Collectively, analysts are anticipating the company will earn $3.17.
Revenue, meanwhile, should land at around $2.6 billion. Pundits were expecting a slightly higher result of $2.63 billion.
For full-year 2023, BWX's revenue was just under $2.5 billion, and its per-share, adjusted net income was $3.02.
