US Navy awards $1B contract for manufacture of naval nuclear reactor components

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A BWX Technologies subsidiary has secured a naval contract worth up to approximately $1 billion.

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The contract, which was awarded to BWXT Nuclear Operations Group, is for the manufacture of naval nuclear reactor components.

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BWXT BWX TECHNOLOGIES INC 68.63 +0.08 +0.12%

“We are proud to provide nuclear propulsion systems that enable U.S. Navy sailors and aviators to protect freedom around the globe,” BWXT President and Chief Executive Officer Rex Geveden said. “We appreciate the U.S. Navy’s continued trust in our employees and our capability to perform this important work.”

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The Lynchburg, Virginia-based BWX Technologies said the initial contract award, which represents two-thirds of the anticipated value, booked in the fourth quarter of 2019. The remaining option, which is subject to congressional appropriations, is expected to be awarded later this year.

The award announced Monday is in addition to the submarine reactor component and fuel manufacturing and long-lead materials contract announced last year. Together, the contracts are worth almost $4 billion, including future year options.

BWX is set to report its fourth-quarter results ahead of the opening bell on Feb. 25. Wall Street analysts surveyed by Refinitiv are expecting adjusted earnings of 64 cents a share on revenue of $494.8 million.

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Shares have climbed 10.6 percent year-to-date through Friday, outperforming the S&P 500’s 4.6 percent gain.

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