Huntington Ingalls Q1 2024 Earnings Report
Key Takeaways
HII reported a strong start to 2024 with record first quarter revenues of $2.8 billion, up 4.9% compared to the first quarter of 2023. Operating income increased by 9.2% to $154 million, and net earnings were $153 million, or $3.87 diluted earnings per share. New contract awards totaled $3.1 billion, resulting in a backlog of $48.4 billion.
Record first quarter revenues of $2.8 billion, a 4.9% increase year-over-year.
Operating income rose to $154 million, up 9.2% from the previous year.
Net earnings reached $153 million, with diluted earnings per share at $3.87.
New contract awards amounted to $3.1 billion, boosting the total backlog to $48.4 billion.
Huntington Ingalls
Huntington Ingalls
Huntington Ingalls Revenue by Segment
Forward Guidance
HII reaffirmed its FY24 outlook and 5-year (2024-2028) free cash flow outlook of $3.6B.
Positive Outlook
- Shipbuilding Revenue: $8.8B - $9.1B
- Shipbuilding Operating Margin: 7.6% - 7.8%
- Mission Technologies Revenue: $2.7B - $2.75B
- Mission Technologies Segment Operating Margin: 3.0% - 3.5%
- Mission Technologies EBITDA Margin: 8.0% - 8.5%
Challenges Ahead
- Operating FAS/CAS Adjustment: ($63M)
- Interest Expense: ($90M)
- Non-operating Retirement Benefit: $178M
- Effective Tax Rate: ~21%
- Capital Expenditures: ~5.3% of Sales
Revenue & Expenses
Visualization of income flow from segment revenue to net income