Huntington Ingalls Industries ( (HII) ) has released its Q3 earnings. Here is a breakdown of the information Huntington Ingalls Industries presented to its investors.
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Huntington Ingalls Industries (HII) is a prominent defense contractor known for its expertise in military shipbuilding and all-domain defense solutions, headquartered in Newport News, Virginia.
In its latest earnings report for the third quarter of 2024, HII reported revenues of $2.7 billion, a decline of 2.4% compared to the same period last year, influenced by reduced activity at its shipbuilding divisions. Net earnings stood at $101 million, translating to $2.56 per diluted share. The company also provided an updated fiscal outlook, highlighting a withdrawal of its five-year free cash flow projections.
Key financial metrics revealed a decrease in operating income and margins, with operating income at $82 million and a margin of 3.0%, down from $172 million and 6.1% respectively in the previous year. The decline was primarily attributed to lower performance at Newport News and Ingalls Shipbuilding. Nevertheless, the Mission Technologies segment showed growth, with revenues up by 3.5% to $709 million and improved operating margins driven by increased volumes in cyber and electronic warfare sectors.
Looking ahead, HII remains focused on optimizing operations to enhance shipbuilding performance and cost efficiencies. The company continues to invest in workforce, infrastructure, and technology to meet the Navy’s needs and stabilize its financial performance amid challenges such as supply chain delays and workforce inefficiencies linked to COVID-19 disruptions.
