BWX Technologies (NYSE: BWXT) reported Q1 EPS of $0.73, $0.02 better than the analyst estimate of $0.71. Revenue for the quarter came in at $528 million versus the consensus estimate of $524.38 million.

• Generates 1Q21 earnings of $0.73 per share on consolidated revenue of $528 million
• Reports robust backlog of nearly $5.2 billion driven by Naval Reactors bookings and other wins
• Reiterates 2021 guidance: non-GAAP earnings range of $3.05 to $3.20 per share
• Initiates new $500 million share repurchase authorization
• Commences new multi-year guidance framework for growth, free cash flow and capital allocation

“Solid first quarter results were complemented by the achievement of several important milestones including new wins in microreactor programs, new agreements and progress in medical isotopes, and completion and booking of the multi-year pricing agreement with Naval Reactors," said Rex D. Geveden, president and chief executive officer. "Not only do these milestones boost backlog to near-record levels, but they also strategically position the company to execute and continue to grow.”

“We also commenced a new multi-year guidance framework in our presentation materials, which we see as the first step towards a more comprehensive business outlook at an investor day later this year. Our focus over the medium-term will be to drive smart, long-term growth across the company, efficiently convert profits into cash, and return more than 50% of free cash flow to investors,” said Geveden.

GUIDANCE:

BWX Technologies sees FY2021 EPS of $3.05-$3.20, versus the consensus of $3.15.

BWXT reiterated all components of 2021 guidance:

• Non-GAAP EPS range of $3.05 – $3.20 (excludes pension and post-retirement benefits mark-to-market)
• Consolidated revenue growth of low-single digits vs. 2020 results
  • NOG revenue up slightly
  • NPG revenue growth of ~6%
• Non-GAAP operating income and margin
  • NOG operating margin of “high teens” with upside from CAS pension reimbursement
  • NPG operating margin of ~13%
  • NSG operating income range of $25-30 million
• Capital expenditures of ~$250 million

For earnings history and earnings-related data on BWX Technologies (BWXT) click here.