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Dec 31, 2020
Huntington Ingalls Q4 2020 Earnings Report
Huntington Ingalls Industries reported an increase in revenue and diluted earnings per share for the fourth quarter of 2020.
Key Takeaways
Huntington Ingalls Industries (HII) reported Q4 2020 revenues of $2.8 billion, a 14.3% increase from Q4 2019. Diluted earnings per share was $6.15, compared to $3.61 in the same period of 2019. New contract awards in the quarter were approximately $3.5 billion, bringing total backlog to approximately $46.0 billion as of Dec. 31, 2020.
Revenues were $2.8 billion in the quarter, up 14.3% from Q4 2019.
Operating margin was 11.1% in the quarter, compared to 7.7% in Q4 2019.
Diluted earnings per share was $6.15 in the quarter, compared to $3.61 in Q4 2019.
Backlog of $46.0 billion at year end.
Revenue by Segment
Forward Guidance
Huntington Ingalls Industries provided its financial outlook for 2021. Expect FY21 shipbuilding revenue between $8.2 and $8.4 billion; and shipbuilding operating margin between 7.0% and 8.0%. Expect FY21 Technical Solutions revenue of approximately $1.0 billion and segment operating margin between 3.0% and 5.0%. Expect FY21 free cash flow between $150 and $250 million
Positive Outlook
- Shipbuilding Revenue between $8.2B - $8.4B
- Shipbuilding Operating Margin between 7.0% - 8.0%
- Technical Solutions Revenue ~$1.0B
- Technical Solutions Segment Operating Margin 3.0% - 5.0%
- Free Cash Flow $150M - $250M
Challenges Ahead
- Operating FAS/CAS Adjustment ($163M)
- Non-current State Income Tax Expense ~($5M)
- Interest Expense ($72M)
- Non-operating Retirement Benefit $181M
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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