Company: BWXT
Filing Date: 2025-03-19
Form Type: 10-K/A
Source: 0001486957-25-000015
Chunk: 63

Company: BWX Technologies, Inc.
Filing Date: 2025-03-19
Form: 10-K/A
Chunk 63
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 growth in design and engineering work executed by our advanced technologies business, particularly in the defense market, resulted in additional revenues of $62.2 million. These increases were partially offset by a decrease in revenues associated with our downblending operations as well as a decrease in revenues caused by the timing of long-lead material procurements of $36.5 million and $24.7 million, respectively.

Operating income increased $3.2 million to $377.9 million in the year ended December 31, 2024 compared to $374.7 million in 2023, primarily driven by the operating income impact of the changes in revenues noted above.

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Commercial Operations

|                  |     | Year Ended December 31, |    2024 |      |     |   |    2023 |      |     |   | $ Change |
|:-----------------|:----|:------------------------|--------:|:-----|:----|:--|--------:|:-----|:----|:--|---------:|
|                  |     | -In thousands           |         |      |     |   |         |      |     |   |          |
| Revenues         |     | $                       | 523,972 |      |     | $ | 466,344 |      |     | $ |   57,628 |
| Operating Income |     | $                       |  46,816 |      |     | $ |  37,532 |      |     | $ |    9,284 |
| % of Revenues    |     |                         |         | 8.9% |     |   |         | 8.0% |     |   |          |

Year Ended December 31, 2024 vs. 2023

Revenues increased 12.4%, or $57.6 million, to $524.0 million in the year ended December 31, 2024 compared to $466.3 million in 2023. The increase was primarily related to higher revenues in nuclear components, medical radioisotopes, fuel handling and fuel fabrication, partially offset by lower revenues related to on-site refurbishment work when compared to the prior year.

Operating income increased $9.3 million to $46.8 million in the year ended December 31, 2024 compared to $37.5 million in 2023. The increase was primarily due to the increase in revenues noted