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Sep 30, 2023
Huntington Ingalls Q3 2023 Earnings Report
HII reported record revenues and increased guidance for shipbuilding and Mission Technologies.
Key Takeaways
HII reported a strong third quarter with record revenues of $2.8 billion, up 7.2% compared to Q3 2022. The company also increased its FY23 free cash flow guidance and reaffirmed shipbuilding and Mission Technologies FY23 margin guidance.
Revenues reached a record $2.8 billion, a 7.2% increase year-over-year.
Net earnings were $148 million, or $3.70 diluted earnings per share.
Free cash flow was $293 million for the quarter.
New contract awards totaled $5.4 billion, resulting in a backlog of approximately $49 billion.
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 is increasing shipbuilding midpoint and Mission Technologies revenue guidance. The company is also reaffirming shipbuilding and Mission Technologies FY23 margin guidance and increasing free cash flow guidance for FY23.
Positive Outlook
- Shipbuilding revenue is revised from $8.4 - $8.6 billion to $8.5 - $8.6 billion.
- Mission Technologies revenue is increased from approximately $2.5 billion to approximately $2.55 billion.
- Shipbuilding operating margin is expected to be between 7.7% and 8.0% for FY23.
- Mission Technologies segment operating margin is expected to be between 2.5% and 3.0% for FY23.
- Free cash flow is increased from $400 - $450 million to approximately $500 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income