Company: BWXT
Filing Date: 2025-03-19
Form Type: 10-K/A
Source: 0001486957-25-000015
Chunk: 62

Company: BWX Technologies, Inc.
Filing Date: 2025-03-19
Form: 10-K/A
Chunk 62
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ated Results of Operations

Year Ended December 31, 2024 vs. 2023

Consolidated revenues increased 8.3%, or $207.3 million, to $2,703.7 million in the year ended December 31, 2024 compared to $2,496.3 million in 2023, due to increases in revenues in our Government Operations and Commercial Operations segments of $154.0 million and $57.6 million, respectively.

Consolidated operating income decreased $2.5 million to $380.6 million in the year ended December 31, 2024 compared to $383.1 million in 2023. Operating income in our Government Operations and Commercial Operations segments increased $5.5 million and $9.3 million, respectively. These increases were more than offset by an increase in Unallocated Corporate expenses of $15.8 million when compared to the prior year.

Government Operations

|                  |     | Year Ended December 31, |      2024 |       |     |   |      2023 |       |     |   | $ Change |
|:-----------------|:----|:------------------------|----------:|:------|:----|:--|----------:|:------|:----|:--|---------:|
|                  |     | -In thousands           |           |       |     |   |           |       |     |   |          |
| Revenues         |     | $                       | 2,183,040 |       |     | $ | 2,031,337 |       |     | $ |  151,703 |
| Operating Income |     | $                       |   377,875 |       |     | $ |   374,682 |       |     | $ |    3,193 |
| % of Revenues    |     |                         |           | 17.3% |     |   |           | 18.4% |     |   |          |

Year Ended December 31, 2024 vs. 2023

Revenues increased 7.5%, or $151.7 million, to $2,183.0 million in the year ended December 31, 2024 compared to $2,031.3 million in 2023. The increase was primarily driven by higher volume in the manufacture of nuclear components for U.S. Government programs of $138.7 million when compared to the prior year. Continued