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- Huntington Ingalls Industries Inc HII reported second-quarter revenue growth of 10.1% year-over-year to $2.23 billion, beating the consensus of $2.17 billion.
- EPS was $3.20, and Pension Adjusted EPS was $3.05, beating the consensus of $2.49.
- Revenues by segments: Ingalls Shipbuilding $670 million (+7.7% Y/Y), Newport News Shipbuilding $1.36 billion (+21.5% Y/Y) and Technical Solutions $237 million (-25.9% Y/Y).
- Higher revenues in submarine and aircraft carrier construction contributed to Newport News Shipbuilding's revenue growth.
- The operating income increased by 124.6% Y/Y to $128 million, and the margin expanded by 293 bps to 5.7%.
- Segment operating income was $169 million, compared to a loss of $5 million a year ago, and margin recovered by 782 bps to 7.6%.
- Huntington Ingalls generated cash from operating activities year-to-date of $139 million, compared to $269 million a year ago. Free cash flow of $7 million.
- The company's backlog as of June 30, 2021, was $47.7 billion, with new contract awards of $1.2 billion in Q2.
- Price Action: HII shares are trading higher by 0.82% at $202.05 on the last check Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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