BWXT - Earnings call 4 2023 | BWX Technologies, Inc.

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Operator

Ladies and gentlemen, welcome to BWX Technologies Fourth Quarter and Full Year 2023 Earnings Conference Call. [Operator Instructions].

I would now like to turn the call over to our host, Chase Jacobson, BWX's Vice President of Investor Relations. Please go ahead.

Chase Jacobson

Thank you, John. to welcome and evening today's call. Good

year are LeMasters, Senior me we the reference and Investors Rex available the that On Geveden, Rob and will full quarter fourth website. CEO; section and the earnings Vice on call, presentation is President today's Joining XXXX BWXT President of CFO. and

the safe involve uncertainties, including and those We will that SEC matters investor and certain company's found constitute forward-looking the in risks the harbor also discuss statements. provision in These statements filings. described materials

We discuss to financial earnings which GAAP found of measures, measures can the section on that will of the non-GAAP frequently are BWXT the Investors in reconciled the presentation website. be appendix

will that I'd website year at Day on hosting beginning our Investor today's call in you be X:XX and focusing we'll a.m. Investor our will and Eastern, event quarter Because comments register investors@bwxt.com. an Day, Relations streamed guidance. be full Investor XXXX also we on results the be fourth and live New note the tomorrow of can at The York to state. our

to like turn call Rex. over now would I to the

Rex Geveden

originally all and guidance year. our X% person up you, to year, at government This the at in a brought and $X.X both Thank evening turn up Adjusted BWXT growth with organic XXXX revenue our double-digit and in everyone, at growth revenue with major looking We XX% This up positive double-digit quarter EBITDA lines. to our billion, EBITDA metrics the in in to to a a quarter was results. compared fourth set. segment finish the EBITDA we This Good business growth operations strong reported XX% last a BWXT seeing good for includes you in all of or growth Investor across the to for to forward Day. fourth reported with segments. afternoon, many Medical. was very we I'm strong quarter Chase. tomorrow It targets year XX% record above

adjusted to full per $X.XX of interest nonoperating such per operating income reported quarter higher This last compared share led as share more year offset up and fourth was from slightly by growth than X% other as $X.XX, items to year down in earnings earnings income expected. year expense lower adjusted of as we pension earnings last and

have working processes for the improved flow cash was we million, robust which $XXX of Free we a a capital increased and around year are proud fact management. focus as

efforts priority important progress but Our to fully always and business. and good the we drive quarter to have operational not visible, and time in good goals achieved Underpinning financial throughout some continue here we off, may take performance the year. are pay as we'll pleased making this to through are the our

to highlight want I First, workforce growth.

and in and past headcount, growth the invested for we the beginning the total management year, in Over we a growth reengineered view strategy. as process aggressive we the acquisition our roughly year Considering in with strong the acquisition numbers revenue we components opportunities established operating and see talent leading reported. goal XX% talent ahead BWXT, our foundational of of the at to we remarkable line matching

support with through will a This in recently units defense has an X-year government the we Administration's our contract Security now mid-XXXX. for enduring program and National down materials run it program $XXX franchise our operations, special blended Valley the business of objectives. Tennessee our at BWXT within announced extension to Nuclear Looking million been Authority

confirmed by exact multiyear elements in expect the next the which quarter, to $XXX fourth assumptions finalizing awarded the the contract the rates our of once other reactors of complete fuel and on manufacturing for product we is first we mid-XXXX. also through components, and In BWXT million nuclear all are were reactors naval naval for pricing agreement our mix a naval customer. step propulsion and This

our special of our and will to outside Day continue tomorrow. Investor We you materials more naval well, portfolio expand hear fuel at about downblending which as

as and and X-year DOE's strategic which program. includes Y-XX feedstock development [ programs advanced highly a driving purification given as and serve and National BWXT and such uranium contract its material further for competitive ], our where nuclear has industry position uranium to strengthening low-enriched for future the programs technical in contract are scrap licensing the reactor These experiential advantage for a qualifications, Security from unique high-assay, the the conversion to a This HALU material may Complex recycle NNSA or growth.

Despite cost and throughout the strong missile expected changes experienced along addition fourth a growth completed by well. higher that delivering government of driven tubes onboarding quite for that in was we customer we our the final ] closeout a year, our team footing we out-of-shop positive and a finished BWXT absorbed over efficiencies related on past to challenges the couple the to some than account EAC Notably, despite -- operations and quarter, loss better performed to years. [ previous with the by final that

digital to benefits management solid excellence drive margin focus on and intense continue our the initiatives see throughout performance. operational supply gains effectiveness organization, chain the use remarkable operational and we from equipment tools in to of including Finally,

Nuclear are engineering robust Operations Growth -- see the electricity Commercial for to world increasingly our In prospects to and our their Utilities we around for design strong. capabilities. needs. and services commercial generation demand Group, field continue market-leading Turning to turning Power segment. remain our manufacturing,

declaration the XXXX. At signed the XX the As XX you nuclear many stage same for put on countries conference signing goal. BWXT nuclear energy with by many pledge, zero industry have of to participants the the same more industry was COP December nuclear a triple seen, than time, at with other calling net along at end of global the

long-term units site nuclear its demand meeting growing it the modular as countries clean a reactors around significant and of increased new almost nuclear This In industrial end ] Pickering is province to X [ fleet. the into as with extension energy that committed electricity BWXT support provide X the announced put likely through with will base Ontario XX proceed world nuclear of and the add a or reactors. nuclear another scale that backlog small will larger CANDU the we look demand energy our market expect the at capacity reactor started this remains longer-term grid to opportunity We Power into scale large decade focus for in existing life of from a translate on grid that ago. visibility investment its and for that extension BWXT into work which January, in will more play Generation of life with global years significant

are We also will well the as supplier, continue SMR which we where positioned Day market, in to more see we a talk about at merchant growing demand tomorrow. Investor

fourth and our Full strong our even in in XXXX, kick drug diagnostic which over remained is $XX growth to the was compared last At BWXT year. in Tech-XX line. business new Medical manufacturing and year XX% revenue a sales million, in from before contract growth strong is quarter throughout base product and that business just that

diagnostic drugs that therapeutic treating to to as ] to As actinium we lutetium isotopes we of bring novel our market. continue in and is sales such by will see complemented have XXXX work expect demand therapeutic and the growth our isotopes cancer for healthy [ similar increasing discussed, be cut

approval through with Tech-XX to our We in continue XXXX. the continue product FDA expect to for and work the process commercialization generator

gain continue XXXX So and to overall, with We our we performance. XXXX. had markets objectives great business development key end us financial for positions achieved momentum. a strong well operational and This

and improving Our performance. guidance calls growth free EBITDA for cash and mid-single-digit revenue flow

on the clean we provide tomorrow. Investor I and remains articulating global strategy to security and important space, Day and work energy outlook focus medical Our with excellence markets. in operational technologies innovation forward at as nuclear our challenges most their look solve to to our customers

turn guidance. will on And more XXXX results with our to and and the fourth Rob through provide our to details detail that, of year over it full quarter walk I

Robb LeMasters

Slide up a solid both good million, our quarter organically robust consolidated line highlights with basis in about of and EBITDA everyone. as from start each in XX% up business the $XXX to Rex, segments. company given earnings up million, some with I'll well. was XX% Adjusted evening, financial a expectations total performance Fourth XX% Thanks, segment $XXX was revenue and presentation. on on X

and As closeout in EBITDA on we contract. At from adjusted in have throughout as EBITDA past to discussed which, is Medical, now tube missile improved benefited position. final the positive performance year, the recovery fourth expanded compared quarter driven Rex last our level, by segment EBITDA our a year, largely mentioned, modestly our the

XXXX costs. last adjusted was in compared because the had corporate year. costs HR consolidated remind was insurance of for our growth you quarter to releases. corporate underruns digital ahead. I low health in EBITDA and to This the lower higher However, that care corporate in posture slightly in to XXXX was mainly will step-up investments costs unusually due margin to captive related and exciting systems also retirements, finance and human capital year-over-year a

up from year. $X.XX share X% per earnings was last $X.XX, Adjusted

rate X was see year. a income was can effective operations EPS interest expense EPS helped the case as benefit low our of you higher the modest bridge offset but As throughout presentation, quarter, by in also in tax the and of and which majority our Slide growth lower was on from currency by FX partially a the came pension the

currency FX contributed Compared quarter to fourth result. benefits EPS our onetime and $X.XX tax to our final implied guidance,

been effective state Without would quarter our have prior quarter. discrete fourth to around was the tax year due timing tax taxes, those Our in true-ups, of including items rate the true-ups. rate XX% about XX.X%

rate on Operationally, The a to in XX.X%, earnings X% shows similar year in X of XXXX EPS approximately presentation full year-over-year. was fourth Full of EPS was was tax XXXX. year adjusted rate down and up expect $X.XX XX.X% a trend from $X.XX, our Our XXXX. results. that quarter XXXX of effective bridge adjusted Slide our EBITDA we tax

lower previously offset interest by and higher Although this I mentioned. pension that income the expense was

that million some Free the in that in cash the quarter corner and of a from now we'll about million time first certainly that driven capital working we cash we for guided year, in in the us quarter, an history. collections for million early provided have we target and cash climb up flow. free flow Free flow late was was the our and XXXX. $XXX positive and the initial was quarter, XXXX. $XXX our believe we had led in management ultimately bright spot And was versus beat in the solid significantly which $XXX cash This flow modest -- upward to see turned a by

requirements the programs. to investments Our capital CapEx expenditures $XXX full were consistent was our support million year. with microreactor in This select and for maintenance growth

free into prospects deeper a dive provide growth longer-term Investor will Day our We at expected cash tomorrow. flow

operations, operations government quarter million, up XX% by In Moving now nearly in growth was revenue in EBITDA from X. fourth the results of slightly to million segment last from EBITDA Adjusted XX% driven year. our fourth on Government Slide XXXX. all this was to $XXX of and margin XX.X% down in quarter $XXX was lines. business up XX.X% segment

two, and cost income. our we experience missile year-over-year a First, in XXXX, basis, the while relative contribution in our new special programs; modestly the tube last growth workforce; fourth lower modest in quarter I elements quarter from of recognize one, contributed a fourth labor also projects rapid we EAC of were: had from The to growth will on inefficiencies recovery performance. microreactor year's the related our note continue margin reimbursable strong decline we to technical and outsized services three, that materials the that to benefited

overall component was partially commercial because was That operations, was and mainly EBITDA Commercial medical which of to in services higher-margin by driven Medical. margin operations $XX.X contribute compared timing. million margin XX.X% will in the volume, -- mid-teens XXXX, offset the mix quarter in to profitability nearly by more services nuclear we of is anticipate as million up commercial nuclear medical XX% last of was In The the commercial improved largely increase lower revenue by and profile. to nuclear commercial the $XX.X increases benefits trend driven commercial growth. EBITDA this segment's toward year. throughout headwind adjusted was field XX%, Fourth field sales XXXX less options

which X outlook now line Turning and the with quarter. provided generally last preliminary XXXX to X in our guidance Slide on we is

low Navy's increasing of growth Columbia over with be ship as the schedule. offset ordering microreactors production in the that digits low we aircraft operations growth $X.X due growth in On the operations is to revenue to the growth special to and expect Government carrier expected outpacing line, higher of revenue the class by of top commercial billion government mid-single and operations. to materials work submarines, in cadence is mid-single-digit

grow in nuclear high growth in with the low to Commercial Medical. and complemented growth in operations double the in solid to digits, accelerating low single revenue expected is by commercial

to a margins. approximately XX.X%. line forecast $X.XX. offset grow XX%, lower the with other digits is We step-up an and also We we to higher a about absence the the operations XXXX EBITDA $X.XX in of will income $XX basis. to of operations be per Included nonnaval experienced year-over-year This margin will of of and lead adjusted and earnings The this to mix on mid-single slightly in components and of million, project tax recoveries by DNA a approximately share this approximately level. slightly margin any commercial to program rate lead XXXX expect adjusted $XXX government EBITDA will impacts million compressed business in of

to this a we first At quarterly half consistent the year. the thereafter. toward in slightly relatively back building earnings be share would we and quarters basis, EPS the weighted and per On second juncture, of performance expect expect

Lastly, driven million we million, conversion midpoint. to be working expect at will improvement further flow investment. capital $XXX cash by free of capital be to about free and cash disciplined the in XX% flow reflecting $XXX the growth This expenditure range

around growth to CapEx select compared to the expect in investments, we we CapEx as manage slightly maintenance flat to We pushing X% and near-term be at near to about visible our and would level saw sales, of lower that XXXX. XXXX

turned will the steady a now growth and increases ahead. free believe we see are at we in mentioned, I where flow As point cash have we corner

these and quarter sum solid to it growth end end markets remain continued a infrastructure energy to To well medical trends and expect XXXX. Demand and we had strong our across from another up, security, position unique us year strong capabilities in benefit global our and trends. clean

value. with flow to growth to allocation Investor forward of at drive are predictable conversion more financial you perspective cash seeing many a earnings driving we and strategy, on committed I our balanced more a meaningful to that We tomorrow. and capital approach free Day shareholder continue targets will believe providing and our look in-depth prospects

Chase Jacobson

Robb. Thanks,

ask questions Before kindly our for on it to for more providing fourth Q&A. we'll I outlook I over in-depth Q&A, will it that line open your tomorrow. be Ready full please results our and XXXX John the turn commentary and our quarter to you up and year John. to open and limit guidance, strategy to

Operator

Instructions]. [Operator

comes question from of the Labick line Your CJ Securities. from first Bob

Bob Labick

looking We're well. forward tomorrow you to as seeing

Unknown Executive

Great. Thank you, Bob.

Bob Labick

Sure. Yes.

about So very BWX very Can to you had stick with your rules, EBITDA I'll I year. were just and next in growth in forecasting And medical strong or better. strong you for any, driving Medical year into year? think about next ask Can you you to are equally if well. or breakeven like a strong obviously as this growth -- getting year much, which ] that [ or moly isotopes driving book and kind have dig talk drugs of which related are next baked down your you And little do how growth that?

Rex Geveden

one, so We have the side all the growing where the are strontium -- that strongly. is we diagnostic all product or -- very take within Bob. really growing germanium, lines medical the of I'll Yes, portfolio

course, in Actinium the Of we're market.

correct I the think the commercial of to say only Actinium market it's today. supplier we're in

of kind a And Boston good for a us. so Scientific continues compounded at contract to And and been gallop product TheraSphere, is rate. which manufactured just XX% product that's for along

year. the any don't the quite it over nicely. Maybe comments. we've this I to in didn't the we all Robb across any growing for ducks Tech-XX before, additional So said forecast flip really and portfolio think -- We are XXXX

Robb LeMasters

meaningful that laid we we you for to tech today. -- that's hit think I earlier any forecast don't right. contribution out the for No, require We'll

Bob Labick

for just strong is the visibility. what pretty locked other Great. tank jump year I'll impact strong And treating that then I project back wildcards hamper queue. your are much in one Super. And Okay. guess and everything else last How are almost me, of the big kind in you guidance? could given with the in

Robb LeMasters

have think year. that's the We I right. do Yes, actually

much note, prior $X.XX. we whereas given in $X.XX as as years, you this a we've of If gave range year,

increased overall process. on we've just think fidelity our I forecasting

So I'd there say, that. we lot I note year. a wildcards of also you're have not are right, that would this

pretty predictable The predict a we set essentially set a adjust. guidance Bob, time that businesses. items same where in of have thing, and We we our of probability

would Hanford. those of be One

We in. included have something And there probability but in adjusted, not came just items and year, certain items it's like meaningful. last really out certain fell right,

biting fall that sort not something else nails tech that's like of about. so that And If we're will something, comes again, I'm out. in, our sure

to and a have of have of ways get fire sticks we in lot there. So we multiple kind the

Bob Labick

Looking forward tomorrow. to you seeing

Operator

from comes Baird. from question next of Your Arment Peter line the

Peter Arment

color when that? your year that Is where X backlog they for to do start Is with that on through this associated the Pickering Thanks actually see X. units commentary. we the something

Rex Geveden

this of I'd say amount modest Yes, a year. that backlog for

As the be you to tend of items. Both know tend we or advanced from side, involved we lead sort the our Navy be to and in the business characteristics. commercial side procurement involved Peter, in. long on

to expect XX those for and we for X. those steam example, So total their Pickering generators make, reactors in for

And we'd year. bit so yes, see little I that ramp think this a a on of to start

Peter Arment

That's to it's so just, see great. turned the great. quickly, profitable. it's then great that just I understand And just Robb, medical, That's on

wouldn't kicking in that there's way assume about talked baked originally had kind I Tech-XX So of we you cost because see back. in that depreciation that no year this any that of

Robb LeMasters

depreciation phases. of was on a in or all the the before X last of What that in right. the fact call block. couple That's the not first comes about It's all, we talked call even on,

based assets the it getting in commercial of phases assets deployed. is kind then deployed getting different mostly really activity. And So on of terms

we and or the we're running depreciation. turn on just that ourselves market, not commercial for getting into we're So yet, again, don't if samples

and say, we're XXXX, that depreciation yes, that successful little offset come extent with and would the in to the get sale. in So frankly, a market, that late

say, meaningful either not get EPS same it's why the getting time. you target ultimately get because you or that's sales So DNA at our for the the

slowly it a profit of So ramp will sort standpoint. from up

Peter Arment

to all appreciate I forward color. tomorrow. the look I

Operator

from comes the line Deuschle question next Deutsche Scott Your from of Bank.

Scott Deuschle

how Robb, million nonnuclear the the you that $XX missile was from the the in talks quarter? XX-K recovery think was large [ components. ] the benefit I about received tube --

I if right was that So the check to want number.

Robb LeMasters

that's Yes, not.

out break elements So EAC couple a of disclosure, first, the see you'll we there. in different

the them total nonnaval One is just of and there. number a in there's company components, then

the little did component bit. Ultimately, to and down includes the really business, number right that successfully don't attributed so that to the talked and let we that given nonnaval we a Navy in around But we there just from amount and XXXX. some you You're forth. with quoted elements me help a right want break customer, the that different that then of transcript, that couple we you that about recover sensitivity

people that were number overall X pointed then We and continually million we did $XX full then at XXXX that think little successful, on let's have I a in And more. I to the performance contract. quarter. say, second that in recovering

really out, you you you where your those as close scrub as So know, EAC lands.

And item to that you so component EAC talked ultimate about. also that a meaningful was that

this And I'd just and the and leave around the customer negotiation competitors like sensitivity in there given the to just market. other

Scott Deuschle

on line to doses, then not was line wondering if in 'XX and that or of some of Medical Okay. Rex, able be revenue in Yes, in dollar was how XXXX, in product be helpful. terms that's the then either curious or actinium you fastest-growing could if BWX you that? really shed might at light might quantify whether terms all I large And

Rex Geveden

Yes.

certainly the products But I decline lines contribution from basis. revenue and that have meaningful sales out we say to some on think I break expect would fast-growing in product, the a we might 'XX -- actinium's that. product

Bob Labick

-- and better III that? if too Technetium if And Phase market than margins? being Okay. Or I supplier, only mean you're some then in the actinium, be the here are successful with commercial mean, thinking wishful trials am potentially of could I these larger opportunity with I

Robb LeMasters

Yes.

we therapeutics, for in hope product still of a the X any have think lot I Tech-XX.

there. where we've out targets think I our So are laid

pull-through germanium, clear, a driver tomorrow the happens follows really and other the to what the been pet lutetium items. therapeutics, as diagnostic Actinium portfolio about that a they're think right, which category talk as huge just [ well of within lot us. as for has growth ] not portfolio, specifically well to That's our I as that we're be in going just

still through get in But going as move only right, you you patients. it, to exactly samples patient 'XX, which thousands turn maybe you call XXX patients those to multiples, commercial walk Phase 'XX and what tomorrow, II, we're Phase of from, Phase you're I said, as call is of, it, you having III,

And so up the scale goes meaningfully.

of lutetium trial. your Phase [ of So convert address -- explode line, A size a actinium common the 'XX to lot those kind frame. the read that from fall, when III of but it you the it's you ] can see time we or a specific about And in question can 'XX, meaningfully of to actually a predicted sort around. are

so And alongside when that's even drug some more that. and manufacturing we'll get contract hopefully isotopes

Scott Deuschle

question. last And Great. Okay.

Just light in before Rex, Tech-XX when I line shed sales to forward time whether not the commercialize able adding and go maybe the or contract. currently lot year you on you to think of that be might can what's fall a the on some approval

Rex Geveden

-- think and we're that track. I expect we still approval no consistently There's We that. on change been saying we've in in 'XX, that Yes. here

Operator

line comes Chardan of question [ of Bank Your America. next ] Diane from from the

Unknown Analyst

discussions to? question talks. reimbursement. you CapEx the the that would something guys have We're Just about expect benefit Or hearing ] Is starting HR business. naval they're had Navy are from report hearing on saying suppliers to it it? suppliers, to are in defense a [ other you other from

Rex Geveden

broader perspective off, are little first I'd attitude and BWXT, I'll submarines your aircraft So for give one, maybe here lead I'll reactors say and long -- that items remember carriers. from that maybe our fuel for those Jordan, question. take change a and where

before the frankly capital had we shipyards so And those did. get out needs to of in front

top in we X Columbia and put considerable on And of buy buildup had through then at so and that our capital went the if to that, to for with actually look that. X-carrier the Virginias you

our campaigns. we ahead that, So was capital of that got one of and major

that that's done frankly we submarine of kind base activity. of were industrial funding so And ahead for And us.

] so That the would [ where we've see Colombia, to that and example, some said, example our accelerated customer in, discussions for we then volume there capital and sort as we have do that's with certainly with well bear And deal new out comes we're of where been, equipped the ahead. scope or inertness the to is with customer appropriate about discussions our the load. have place

So those discussions would that to do certainly relative the issue shipyards. I go on, we capital the but of say ahead got

Operator

the Your Michael from comes next from Securities. Truist question of line Ciarmoli

Michael Ciarmoli

with Rex, later I just they're there? back the color right this any back to know you're about process. or sort or the year, approval Tech-XX forth now? like? surprises FDA new and doing with you're What's what requesting What's anything talking the dialogue Any of give can but and the us? what you

Rex Geveden

batches some Yes. some work that including modifications all to that. findings FDA sort issues sort the thing, through we're to down, some and There's and reference new some of just running right there, Michael. nothing from had equipment We and run really of

on said to several in absolutely posture we've the everything relative No it's at quarters. track last change all. So for

Michael Ciarmoli

we in And government. Robb, guess, growth just Okay. 'XX think about the specifically and I then, as revenue Perfect.

a it more give headwinds just offsetting the the us bit what's of Can start up some I picking of any of have think microreactors, Or portfolio? been Is from the us initial kind you conservative. view sense of those what's really sense more kind to give programs? little some some as momentum the in carrier? kind really of a new may that

Robb LeMasters

performance bids drivers roll seeing contributed nonnaval of to the for on couple Thanks a name in through naval QX the top we're Yes, frankly, of outside general, question. on will of side, couple and the can. line I business, the really we're They're Yes, that nicely. in the ramping core outsized a the DRACO to government those. within XXXX in

space that's our program. microreactor So

us that As standing supply you get know, that, getting from get allowed working. ] capital learned and efficiently and the lot need after people chain and materials Paylain terms the and up to [ hire spend we we a of to

So going you I saw the in fourth that's that good in think roll quarter, pretty and some through. growth to

reimbursable are those cost programs. Now

drags the quickly to of customers good story sort one that's those and of ramping serving to that's our be me, So news well. margin. on a But

our Then been on time talking, processing of in key capabilities going of to we're the special materials business and that spend that we've handling. on lot around tomorrow terms a

think a people a about business business. and fuel new metal, this over some as terrific think that HALU where of we're program to turning lot landed now scraps downblending those a around [ winners. ARDP But I and ] we've recovering

prospects expand other that have to We franchise.

we you on special programs, on that's that revenue good bringing do So as margin. you're within materials standing mature portfolio, with up. But comes have HALU new and or so as again, good a you're metal that bring it

are core notable. going a we've the But is a margin with coming It's and Those NOG just got the our NOG, workforce And doing revenue new approach, as from top we right? the just it's well. overall then about of So that that XX% has implications our perspective. talk the to in also as well, -- which business hiring workforce line legacy but lines net geo, is now, about, we shipbuilding naval XXXX propulsion talked all line in business. particularly as ones in grow top the to really a in allow us nicely business core naval company

Michael Ciarmoli

aren't that out of of be to you class, supply throwing Got we on although function Virginia maybe of guys kind what environment thoughts a they're be Got know aware there? last impacted And I there even looking Helpful. should the just the know risks at chain kind But seems that 'XX, any can handle. resolution. But by one. it. continuing any then of I wildly just budget it.

Rex Geveden

our here, that in thoughts a some our footprint government or record, I little programs resolutions to a portfolio ] everything a commercial of of course, Michael, program programs certainly that Yes. And that's our the every [ little is are NNSA. the national to mean the We've bit, from affected U.K. by But continuing Navy meaningful, just got our our with it actions business security our noise, broad completely programs insulated and appropriations. from is of naturally to in on Maybe extent program stalling maybe out just frame Canada. Pala in business

-- those don't our on very influence those business are because doesn't much that multiyear So crucial money. are programs

talk type standdown say the you Sue funding this would about have sort can one tomorrow, a place where might you mode. us, that the that I a is one go might this DOE cleanup into and site affect break of Sterner the can and to place work affect

business pretty kind and can So those of is of have But well overall, action. really things insulated in kind happened the from our past. that

Michael Ciarmoli

Got I'll it. Okay. you tomorrow. see

Operator

our concludes That call to Chase session. brief would turn to I Jacobson like the back for remarks. closing over Q&A

Chase Jacobson

for with at Yes. upcoming many look to investor events. everybody, We us and Thanks, seeing of forward speaking you tomorrow today. joining and

If Thank you at you e-mail XXX-XXXX-XXXX me or by at [ phone investors.bwxt.com. have can by you. ] reach any questions,

Operator

This Thank concludes the Conference XXXX Year Call. BWX Technologies for participation. you Fourth Quarter your Full and

You may now disconnect.

BWX (BWXT) 27 Feb 242023 Q4 Earnings call transcript