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Wednesday, December 7, 2016

Huntington Ingalls Reports Q2 Results

August 7, 2013

Mike Petters, HII's president and chief executive officer

Mike Petters, HII's president and chief executive officer

Program Execution Generates Operating Margin and EPS Growth

•Revenues were $1.68 billion for the second quarter of 2013
•Segment operating margin was 8.1%, a 70 bps improvement over Q2 2012
•Total operating margin was 6.9%, up from 6.2% in the same period last year
•Diluted earnings per share was $1.12 for the quarter; pension-adjusted diluted earnings per share was $1.36
•Cash and cash equivalents at the end of the quarter were $623 million

Huntington Ingalls Industries (HII) (HII) reported second quarter 2013 revenues of $1.68 billion, down 2.2% from the same period last year. Segment operating income for the second quarter was $136 million, compared to $127 million in the same period last year. Total operating income for the quarter was $116 million, up 9.4% from $106 million in the same period last year. Pension-adjusted operating income for the second quarter was $134 million, or 8% of revenue, up from $125 million, or 7.3% of revenue, in the comparable period of 2012. The income increases were primarily attributable to additional risk retirement on the SSN-774 Virginia-class (VCS) and National Security Cutter (NSC) programs, partially offset by lower volumes on amphibious assault ships and the receipt of $7 million for resolution of a contract dispute with a private party in the same period last year.

Second quarter diluted earnings per share was $1.12, compared to $1.00 in the same period of 2012. Pension-adjusted diluted earnings per share for the quarter was $1.36, compared to $1.24 in the comparable period of 2012.

New business awards for the quarter were $5.3 billion, bringing total backlog at the end of the quarter to $20.7 billion, of which $13.7 billion is funded. Significant new awards during the period included contracts for the construction of five DDG-51 Arleigh Burke- class destroyers, the inactivation of CVN-65 USS Enterprise and the construction of NSC-6 Munro.

"I am very pleased with the program execution at both Ingalls and Newport News as we drive performance toward our 2015 target of 9% operating margin," said Mike Petters, HII's president and chief executive officer. "We also continue to strengthen our backlog and long-term revenue visibility through the receipt of major new contract awards."

huntingtoningalls.com
 



 
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