• 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.”

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