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Dec 31, 2023
Huntington Ingalls Q4 2023 Earnings Report
Huntington Ingalls Industries reported record fourth quarter revenues and increased earnings per share compared to the same period last year.
Key Takeaways
HII reported a strong fourth quarter with revenues up 13% year-over-year to $3.2 billion and diluted earnings per share of $6.90. The company's total backlog reached approximately $48.1 billion. HII anticipates continued growth and cash generation in the coming years.
Fourth quarter revenues increased by 13% year-over-year, reaching $3.2 billion.
Diluted earnings per share for the fourth quarter was $6.90, compared to $3.07 in the fourth quarter of 2022.
Total backlog reached approximately $48.1 billion as of December 31, 2023.
Operating income in the fourth quarter of 2023 was $312 million, with an operating margin of 9.8%.
Revenue by Segment
Forward Guidance
HII anticipates mid to long term revenue growth of 4%+, with shipbuilding revenue growth of approximately 4% and Mission Technologies revenue growth of approximately 5%. FY24 free cash flow is expected to be between $600 to $700 million.
Positive Outlook
- Mid to long term HII revenue growth of 4%+
- Mid to long term shipbuilding revenue growth of approximately 4%
- Mid to long term Mission Technologies revenue growth of approximately 5%
- FY24 shipbuilding revenue between $8.8 and $9.1 billion; expect shipbuilding operating margin between 7.6% and 7.8%
- FY24 Mission Technologies revenue between $2.7 to $2.75 billion, Mission Technologies segment operating margin between 3.0% and 3.5%; and Mission Technologies EBITDA margin between 8.0% and 8.5%
Challenges Ahead
- 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tax law and assumes the provisions requiring capitalization of R&D expenditures for tax purposes are not deferred or repealed.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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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