Company: BWXT
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0001486957-25-000026
Chunk: 66

Company: BWX Technologies, Inc.
Filing Date: 2025-05-05
Form: 10-Q
Item: Part I, Item 8
Chunk 66
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 of contracts. The aggregate impact of changes in estimates decreased our revenues and operating income as follows:

Three Months EndedMarch 31, 20252024 (In thousands)Revenues (1)$(11,590)$(693)Operating Income (1)$(11,558)$(1,271)

(1)During the three months ended March 31, 2025 and 2024, no adjustments to any one contract had a material impact on our consolidated financial statements.

Contracts may be modified at the request of our customer or initiated by us to amend all or part of an existing contract, including contract type. Depending on the nature of the modification, we consider whether to account for the modification as an adjustment to the existing contract or as a separate contract. Modifications to our contracts are generally accounted for as if they were part of the existing contract as these modifications are not distinct from the existing contract and accounted for as a cumulative adjustment to revenue.

Results of Operations – Three Months Ended March 31, 2025 vs. Three Months Ended March 31, 2024

Selected financial highlights are presented in the table below:

 Three Months EndedMarch 31,  20252024$ Change (In thousands)REVENUES:Government Operations$555,286 $487,121 $68,165 Commercial Operations128,310 117,038 11,272 Eliminations(1,338)(193)(1,145)$682,258 $603,966 $78,292 OPERATING INCOME:Government Operations$97,746 $85,686 $12,060 Commercial Operations6,466 8,591 (2,125)$104,212 $94,277 $9,935 Unallocated Corporate(7,582)(1,316)(6,266)Total Operating Income$96,630 $92,961 $3,669 

Consolidated Results of Operations

Three months ended March 31, 2025 vs. 2024

Consolidated revenues increased 13.0%, or $78.3 million, to $682.3 million in the three months ended March 31, 2025 compared to $604.0 million for the corresponding period of 2024, due to increases in our Government Operations and Commercial Operations segments of $68.2 million and $11.3 million, respectively.

Consolidated operating income increased $3.7 million to $96.6