Company: BWXT
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001486957-25-000008
Chunk: 149

Company: BWX Technologies, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 7
Chunk 149
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3 results and year-to-year comparisons between 2023 and 2022 that are not included in this Report can be found in Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2023.

Consolidated 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, 20242023$ Change(In thousands)Revenues$2,183,040 $2,031,337 $151,703 Operating Income$377,875 $374,682 $3,193 % of Revenues17.3%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 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, 202