Loading...
•
Sep 30, 2024
Huntington Ingalls Q3 2024 Earnings Report
HII's third quarter results were reported with revenues of $2.7 billion and diluted earnings per share of $2.56. The company updated its fiscal 2024 outlook and withdrew its 5-year free cash flow outlook.
Key Takeaways
HII reported a decrease in third-quarter revenue to $2.7 billion, a 2.4% decrease year-over-year, driven by lower volume at Ingalls Shipbuilding and Newport News Shipbuilding, which was partially offset by growth at Mission Technologies. Net earnings were $101 million, or $2.56 per share, compared to $148 million, or $3.70 per share, in the third quarter of 2023. The company is providing an updated fiscal 2024 outlook and withdrawing its 5-year free cash flow outlook.
Third quarter revenues were $2.7 billion.
Third quarter net earnings were $101 million or $2.56 diluted earnings per share.
Third quarter free cash flow was $136 million.
Total backlog reached approximately $49.4 billion as of September 30, 2024.
Revenue by Segment
Forward Guidance
HII provided updated fiscal 2024 outlook, increasing FY24 Mission Technologies expected revenue range to between $2.8B and $2.85B and increasing FY24 Mission Technologies expected operating margin to approximately 3.75%.
Positive Outlook
- FY24 shipbuilding revenue expected to be approximately $8.8B
- FY24 shipbuilding operating margin expected to be between 5.0% and 6.0%
- Increasing FY24 Mission Technologies expected revenue range to between $2.8B and $2.85B
- Increasing FY24 Mission Technologies expected operating margin to approximately 3.75%
- Capital expenditures expected to be approximately 3.4% of sales
Challenges Ahead
- FY24 free cash flow expected to be between $0M and $100M
- Company is withdrawing 5-year free cash flow outlook
- Shipbuilding Operating Margin decreasing from 7.6% - 7.8% to 5.0% - 6.0%
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...