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BWXT BWX Technologies , Inc. news release ● BWX Technologies Reports First Quarter 2021 Results and Commences New Multi - Year Guidance Framework Generates 1Q21 earnings of $ 0.73 per share on consolidated revenue of $ 528 million Reports robust backlog of nearly $ 5.2 billion driven by Naval Reactors bookings and other wins Reiterates 2021 guidance : non - GAAP earnings range of $ 3.05 to $ 3.20 per share • Initiates new $ 500 million share repurchase authorization Commences new multi - year guidance framework for growth , free cash flow and capital allocation Lynchburg , VA - May 3 , 2021 - BWX Technologies , Inc. ( NYSE : BWXT ) ( " BWXT " , " we " , " us " or the " Company " ) reported first quarter 2021 revenue of $ 528 million , a 2.6 % decrease compared with $ 542 million in the first quarter 2020. Net income for the first quarter 2021 was $ 69.7 million , or $ 0.73 per diluted share , compared with GAAP net income of $ 75.5 million , or $ 0.79 per diluted share and non GAAP net income of $ 75.6 million , or $ 0.79 per diluted share , in the prior - year period . A reconciliation of non - GAAP results is detailed in Exhibit 1 . " Solid first quarter results were complemented by the achievement of several important milestones including new wins in microreactor programs , new agreements and progress in medical isotopes , and completion and booking of the multi - year pricing agreement with Naval Reactors , " said Rex D. Geveden , president and chief executive officer . " Not only do these milestones boost backlog to near - record levels , but they also strategically position the company to execute and continue to grow . " " We also commenced a new multi - year guidance framework in our presentation materials , which we see as the first step towards a more comprehensive business outlook at an investor day later this year . Our focus over the medium - term will be to drive smart , long - term growth across the company , efficiently convert profits into cash , and return more than 50 % of free cash flow to investors , " said Geveden . Segment Results Nuclear Operations Group ( NOG ) segment revenue was $ 402 million for the first quarter 2021 , a 5.1 % decrease from the prior - year period , driven by higher production volume which was more than offset by lower long - lead material production . NOG operating income was $ 74.4 million in the first quarter 2021 , an 18 % decrease compared with the prior - year period driven by the less long - lead material production and fewer favorable contract adjustments that were driven in part by the negative impacts from COVID absences early in the year , resulting in first quarter 2021 segment operating margin of 18.5 % . Nuclear Power Group ( NPG ) segment revenue was $ 107 million for the first quarter 2021 , a 22 % increase from the prior - year period primarily due to higher field service , parts manufacturing and fuel handling activity , partially offset by lower component manufacturing volume . NPG operating income was $ 10.3 million for the first quarter 2021 , a 22 % and 20 % respective GAAP and non - GAAP increase from the prior - year period driven primarily from higher volume . First quarter 2021 segment operating margin was 9.6 % .