https://assets.capyfin.com/instruments/678fdc13234e27009c5d58df.png avatar
Huntington Ingalls
🇺🇸 NYSE:HII
View Company
OverviewEarningsDividends
•
Jun 30, 2024

Huntington Ingalls Q2 2024 Earnings Report

Reported record revenues and increased profitability, driven by growth across all segments and strong performance in Mission Technologies and Newport News Shipbuilding.

Key Takeaways

HII reported a strong second quarter with record revenues of $3.0 billion, up 6.8% year-over-year. Operating income increased by 21.2% to $189 million, and net earnings rose to $173 million, or $4.38 per diluted share. The company delivered the Virginia-class submarine New Jersey (SSN 796) and the amphibious transport dock Richard M. McCool Jr. (LPD 29).

Record second quarter revenues of $3.0 billion, up 6.8% compared to second quarter 2023.

Operating income of $189 million, up 21.2% compared to second quarter 2023.

Net earnings of $173 million or $4.38 diluted earnings per share.

Company raises the Mission Technologies revenue guidance range.

Total Revenue
$2.98B
Previous year: $2.79B
+6.8%
EPS
$4.38
Previous year: $3.27
+33.9%
Total Backlog
$48.5B
Previous year: $46.9B
+3.4%
Gross Profit
$432M
Previous year: $389M
+11.1%
Cash and Equivalents
$11M
Previous year: $313M
-96.5%
Free Cash Flow
-$99M
Previous year: $14M
-807.1%
Total Assets
$11.3B
Previous year: $10.9B
+4.2%

Huntington Ingalls

Huntington Ingalls

Huntington Ingalls Revenue by Segment

Forward Guidance

HII reaffirms FY24 outlook for shipbuilding revenue and operating margin, raises FY24 Mission Technologies revenue guidance range, reaffirms FY24 outlook for Mission Technologies operating margin, updates interest expense outlook, and reaffirms five-year (2024-2028) free cash flow outlook of $3.6B.

Positive Outlook

  • Reaffirming FY24 outlook for shipbuilding revenue
  • Reaffirming FY24 outlook for shipbuilding operating margin
  • Raising FY24 Mission Technologies revenue guidance range
  • Reaffirming FY24 outlook for Mission Technologies operating margin
  • Reaffirming five-year (2024-2028) free cash flow outlook of $3.6B

Challenges Ahead

  • Updating interest expense outlook
  • The financial outlook, expectations and other forward-looking statements provided by the company for 2024 and beyond reflect the company's judgment based on the information available at the time of this release.
  • Non-GAAP measures.
  • Outlook is based on current tax law and assumes the provisions requiring capitalization of R&D expenditures for tax purposes are not deferred or repealed.
  • Repeal or deferral of provisions requiring capitalization of R&D expenditures would result in elevated non-current state income tax expense.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

View Huntington Ingalls