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Mar 31, 2023
Huntington Ingalls Q1 2023 Earnings Report
Huntington Ingalls Industries reported record first quarter revenues and reaffirmed FY23 guidance expectations.
Key Takeaways
Huntington Ingalls Industries (HII) reported a 3.8% increase in first-quarter revenue, reaching a record $2.7 billion, driven by growth in Newport News Shipbuilding and Mission Technologies. The company reaffirmed its FY23 guidance expectations. New contract awards in the first quarter of 2023 were approximately $2.6 billion, bringing total backlog to approximately $47.0 billion as of March 31, 2023.
Record first quarter revenues of $2.7 billion, up 3.8% compared to first quarter 2022
Net earnings of $129 million or $3.23 diluted earnings per share
Awarded $1.3 billion contract for amphibious transport dock LPD 32
Company reaffirms FY23 guidance expectations
Huntington Ingalls
Huntington Ingalls
Huntington Ingalls Revenue by Segment
Revenue by Segment
Ingalls Shipbuilding Revenue
CapyFin.comNewport News Shipbuilding Revenue
CapyFin.comMission Technologies Revenue
CapyFin.com Forward Guidance
HII reaffirms its prior 2023 outlook expectations.
Positive Outlook
- Expect FY23 shipbuilding revenue between $8.4 and $8.6 billion
- Expect FY23 shipbuilding operating margin between 7.7% and 8.0%
- Expect FY23 Mission Technologies revenue of approximately $2.5 billion
- Expect FY23 Mission Technologies segment operating margin between 2.5% and 3.0%
- Expect FY23 Mission Technologies EBITDA margin between 8.0% and 8.5%
Challenges Ahead
- Operating FAS/CAS Adjustment: ($68M)
- Non-current State Income Tax Expense: ~$0M
- Interest Expense: ($105M)
- Non-operating Retirement Benefit: $149M
- Effective Tax Rate: ~21%
Revenue & Expenses
Visualization of income flow from segment revenue to net income