BWX Technologies, Inc. (BWXT) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Ladies and gentlemen, welcome to BWX Technologies' first quarter 2026 earnings conference call. At this time, all participants are in listen-only mode. Following the company's prepared remarks, we will conduct a question and answer session, and instructions will be given at that time. I would now like to turn the call over to our host, Chase Jacobson, BWXT's Vice President of Investor Relations. Please go ahead. Thank you. Good evening and welcome to today's call. Joining me are Rex Cheveden, President and CEO, and Mike Fitzgerald, Senior Vice President and CFO. On today's call, we will reference the first quarter 2026 earnings presentation that is available on the investor section of the BWXP website. We will also discuss certain matters that constitute forward-looking statements. These statements involve risks and uncertainties, including those described in the safe harbor provision founded the investor materials in the company's SEC filings. We will frequently discuss non-GAAP financial measures, which are reconciled to GAAP measures, in the appendix of the earnings presentation that can be found on the investor section of the BWXP website. I would now like to turn the call over to Rex. Thank you, Chase, and good evening to all of you. We had a great start to 2026 with very strong first quarter results. Revenue grew 26%. 11% of which was organic. Adjusted EBITDA grew 14%, and earnings per share grew 22%, all ahead of expectations. Outperformance in the quarter was driven by improved throughput, favorable pacing of work, and exceptional operational execution across our business lines. We ended the quarter with a backlog of $8.7 billion, up 77% year-over-year and 19% sequentially. supported by robust bookings in government and consistent backlog in commercial, provi...