Huntington Ingalls Industries Inc.
HII Reports Third Quarter 2024 Results and Updates Outlook
Summary
Huntington Ingalls Industries, Inc. (HII) reported third-quarter 2024 results with revenues of $2.7 billion, a decrease of 2.4% from the prior year, driven by lower volume at Ingalls Shipbuilding and Newport News Shipbuilding. Operating income was $82 million with a margin of 3.0%, down from $172 million and 6.1% in the same period of 2023. Net earnings were $101 million, or $2.56 diluted earnings per share, compared to $148 million, or $3.70 diluted earnings per share, in the third quarter of 2023. HII updated its fiscal 2024 outlook and withdrew its 5-year free cash flow outlook. New contract awards in Q3 2024 were $3.6 billion, bringing total backlog to approximately $49.4 billion.
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About Huntington Ingalls Industries Inc.
Huntington Ingalls Industries Inc. operates as a comprehensive shipbuilding company specializing in designing, building, and maintaining nuclear and non-nuclear ships globally. As America's largest military shipbuilding firm, Huntington Ingalls plays a critical role in the defense industry by constructing and maintaining a considerable portion of the U.S. Navy and Coast Guard's fleet. Established in 2011 and headquartered in Newport News, Virginia, the company extends its expertise to complex logistics, design, engineering, and construction of naval vessels such as aircraft carriers, submarines, and amphibious assault ships. Huntington Ingalls' influence is notable across defense, national security, and marine engineering sectors. The company also diversifies with its technical solutions segment, offering wide-ranging services including unmanned systems, nuclear support, and oil and gas engineering. This diversification solidifies its position within both defense and broader industrial realms, ensuring resilience in fluctuating economic conditions and technological advancements.
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