•1Q23 revenue of $568.4 million

•1Q23 net income of $61.0 million, adjusted EBITDA(1) of $110.7 million

•1Q23 diluted GAAP EPS of $0.67, non-GAAP(1) EPS of $0.70

•Awarded a $428 million, five-year contract by the National Nuclear Security Administration (NNSA) to provide purification and conversion services for highly enriched uranium.

•BWXT-led JV chosen to provide environmental management operations for the DOE’s Hanford Integrated Tank Disposition Contract

•Reaffirms 2023 guidance

Lynchburg, VA – May 8, 2023 - BWX Technologies, Inc. (NYSE: BWXT) ("BWXT", "we", "us" or the "Company") reported first quarter 2023 GAAP net income attributable to BWXT of $61.1 million, or diluted earnings per share (EPS) of $0.67, on revenue of $568.4 million. First quarter 2023 non-GAAP(1) net income attributable to BWXT was $64.1 million, or $0.70 diluted EPS. First quarter 2023 adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA)(1) was $110.7 million. A reconciliation of non-GAAP results are detailed in Exhibit 1.

“BWXT had a solid start to 2023 with strong operational performance and continued momentum toward achieving our company-wide growth objectives,” said Rex. D. Geveden, president and chief executive officer. “First quarter 2023 results were seasonally stronger, driven by favorable timing and strong execution in Government Operations, despite the ongoing and industry-wide labor challenges.”

“There have been a number of exciting announcements in recent months highlighting nuclear energy’s role in helping to address some of the major challenges faced by our government and commercial partners,” said Geveden. “On the national security front, our government customers have called on us to support some of their most important missions including the US Navy’s backing of the AUKUS trilateral security agreement and NNSA’s management of the Nation's legacy uranium reserve. In commercial nuclear, BWXT is working with various SMR designers in engineering and building advanced nuclear solutions that will help meet global clean energy generation goals, while also enabling key nuclear medicine innovators to find diagnostic and therapeutic healthcare solutions that improve the lives of those with cancer.”

“BWXT is at the forefront of the nuclear industry, and we are excited about the many growth opportunities we see in 2023 and beyond. While we had a strong first quarter and are making progress on our operational and financial goals for the year, we continue to push to meet staffing levels to match the existing and expected demand across our businesses. With that backdrop, we reaffirm our 2023 guidance ranges for revenue, EBITDA, EPS and cash flow,” said Geveden.

NM = Not Meaningful

(2) Items named in the Financial Results Summary differ from names in BWXT Financial Statement. Operating Cash Flow = Net Cash Provided by Operating Activities; Capital Expenditures = Purchases of Property, Plant and Equipment; Share Repurchases = Repurchases of Common Stock; Dividends Paid = Dividends Paid to Common Shareholders

First quarter revenue increased in both operating segments. The Government Operations increase was driven by higher naval nuclear component production and microreactors volume, partially offset by lower long-lead material production. The Commercial Operations increase was driven by a higher volume of nuclear components manufacturing as well as higher revenues from field services and fuel handling and an increase in medical sales.

Operating Income and Adjusted EBITDA(1)

First quarter operating income increased, driven by higher operating income in Government Operations that was partially offset by lower operating income in Commercial Operations. The Government Operations increase was driven by higher naval nuclear component production volume and income from technical services joint ventures, mitigated by decreased labor efficiencies and lower long-lead material production. The Commercial Operations decrease was due to a less favorable business mix.

First quarter total adjusted EBITDA(1) increased for the reasons noted above as higher Government Operations adjusted EBITDA(1) was partially offset by lower Commercial Operations adjusted EBITDA(1).

The first quarter GAAP and non-GAAP EPS(1) increase was driven primarily by higher operating income which was partially offset by lower pension income and higher interest expense.

Decreased operating cash flow was primarily driven by increased working capital and higher cash taxes. Lower capital expenditures were driven by lower spending on two major growth capital campaigns, for U.S. naval nuclear reactors and medical radioisotopes, that are nearing completion, partially offset by an increase in capital expenditures for microreactors.

BWXT paid $21.7 million in dividends to shareholders in first quarter 2023. On May 2, 2023, the BWXT Board of Directors declared a quarterly cash dividend of $0.23 per common share payable on June 8, 2023, to shareholders of record on May 19, 2023.

BWXT reaffirmed all components of 2023 financial guidance.

Additional information can be found in the 2023 first quarter earnings call presentation on the BWXT investor relations website at www.bwxt.com/investors. The Company does not provide GAAP guidance because it is unable to reliably forecast most of the items that are excluded from GAAP to calculate non-GAAP results. These items could cause GAAP results to differ materially from non-GAAP results.

Date: Monday, May 8, 2023, at 5:00 p.m. EST

Live Webcast: Investor Relations section of website at www.bwxt.com

A full version of this earnings release is available on our Investor Relations website at http://investors.bwxt.com/1Q2023-release.

BWXT may use its website (www.bwxt.com) as a channel of distribution of material Company information. Financial and other important information regarding BWXT is routinely accessible through and posted on our website. In addition, you may elect to automatically receive e-mail alerts and other information about BWXT by enrolling through the “Email Alerts” section of our website at http://investors.bwxt.com.

BWXT uses and makes reference to adjusted EBITDA, free cash flow and free cash flow conversion, which are not recognized measures under GAAP. BWXT is providing these non-GAAP measures to supplement the results provided in accordance with GAAP and it should not be considered superior to, or as a substitute for, the comparable GAAP measures. BWXT believes the non-GAAP measures provide meaningful insight and transparency into the Company’s operational performance and provides these measures to investors to help facilitate comparisons of operating results with prior periods and to assist them in understanding BWXT's ongoing operations. Definitions for the non-GAAP measures are provided below and reconciliations are detailed in Exhibit 1, except that reconciliations of forward-looking GAAP measures are not provided because the company is unable to reliably forecast most of the items that are excluded from GAAP to calculate non-GAAP results. Other companies may define these measures differently or may utilize different non-GAAP measures, thus impacting comparability.

Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) is calculated using non-GAAP net income, plus provision for income taxes, less other – net, less interest income, plus interest expense, plus depreciation and amortization.

Adjusted pre-tax income is non-GAAP income before provision for income taxes.

Free Cash Flow (FCF) is calculated using net income to derive net cash provided by (used in) operating activities less purchases of property, plant and equipment.

Free Cash Flow conversion is free cash flow divided by net income.

BWXT cautions that this release contains forward-looking statements, including, without limitation, statements relating to backlog, to the extent they may be viewed as an indicator of future revenues; our plans and expectations for each of our reportable segments, including the expectations, timing and revenue of our strategic initiatives, such as medical radioisotopes, SMR components and recent acquisitions; disruptions to our supply chain and/or operations, changes in government regulations and other factors, including any such impacts of, or actions in response to the COVID-19 health crisis; and our expectations and guidance for 2023 and beyond. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties, including, among other things, our ability to execute contracts in backlog; the lack of, or adverse changes in, federal appropriations to government programs in which we participate; the demand for and competitiveness of nuclear products and services; capital priorities of power generating utilities and other customers; the timing of technology development, regulatory approval and automation of production; the receipt and/or timing of government approvals; the potential recurrence of subsequent waves or strains of COVID-19 or similar diseases; labor market challenges, including employee retention and recruitment; adverse changes in the industries in which we operate; and delays, changes or termination of contracts in backlog. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. For a more complete discussion of these and other risk factors, see BWXT’s filings with the Securities and Exchange Commission, including our annual report on Form 10-K for the year ended December 31, 2022 and subsequent Form 10-Q filings. BWXT cautions not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.

At BWX Technologies, Inc. (NYSE: BWXT), we are People Strong, Innovation Driven. Headquartered in Lynchburg, Va. BWXT is a Fortune 1000 and Defense News Top 100 manufacturing and engineering innovator that provides safe and effective nuclear solutions for global security, clean energy, environmental restoration, nuclear medicine and space exploration. With approximately 7,0000 employees, BWXT has 14 major operating sites in the U.S., Canada and the U.K. In addition, BWXT joint ventures provide management and operations at a dozen U.S. Department of Energy and NASA facilities. Follow us on Twitter at @BWXT and learn more at www.bwxt.com

RECONCILIATION OF NON-GAAP OPERATING INCOME AND EARNINGS PER SHARE(1)(2)(3)

RECONCILIATION OF CONSOLIDATED ADJUSTED EBITDA(1)(2)(3)

RECONCILIATION OF REPORTING SEGMENT ADJUSTED EBITDA(1)(2)(3)

RECONCILIATION OF CONSOLIDATED FREE CASH FLOW(1)(2)(3)