HII Q3 2012 Reports Significant 2015 Milestones Reached

Press Release
Thursday, November 08, 2012

Huntington Ingalls Industries reports third quarter 2012 revenues of $1.60 billion, up 0.2 percent from the same period last year.

Highlights:

  • Revenues were $1.60 billion for the third quarter 2012
  • Diluted earnings per share was $0.26 for the quarter
  • Adjusted diluted earnings per share, which excludes a non-cash workers' compensation charge and the impact of a non-cash tax expense, was $0.74
  • Cash and cash equivalents were $766 million at quarter-end

Segment operating income in the quarter was $89 million, with a segment operating margin of 5.6 percent, compared to a loss of $187 million in the same period last year. Total operating income for the quarter was $66 million, compared to a loss of $190 million in the same period of 2011. The increase was primarily attributable to the absence in 2012 of the goodwill impairment charge recorded in 2011. Total operating margin was 4.1 percent for the quarter.

Cash provided by operating activities in the third quarter was $137 million, down $95 million from the same period last year. New business awards for the quarter were $1.7 billion, bringing total backlog to $16.4 billion as of Sept. 30, of which $12.9 billion is funded.

"Core operating performance at HII continues to improve, and the company remains on pace to deliver 9 percent plus operating margins by 2015," said Mike Petters, HII's president and chief executive officer. "Although the underperforming ships at Ingalls continue to prove challenging, we delivered LPD-23 Anchorage during the third quarter, and we expect to deliver LPD-24 Arlington by the end of this year.

Our backlog remains healthy at $16.4 billion and we are working diligently with our Navy and Coast Guard customers to provide affordable and high-quality warships."
 

Maritime Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

First Two Mooring Boats Launched for Port of Ras Laffan

Nakilat has celebrated the delivery of two 16-meter mooring boats built by shipbuilder Nakilat Damen Shipyards Qatar for towage operator Nakilat Svitzer Wijsmuller.

Doosan Delivers a ‘World’s First’ to NASSCO

Doosan Engine has confirmed delivery of the world’s first dual-fuel, low-speed ME-GI engine to the American National Steel and Shipbuilding Company (NASSCO) shipyard in San Diego, USA.

OSV Hull Arrives at Havyard's Leirvik Yard

Havyard says that newbuild number 118 has arrived from Turkey at the yard in Leirvik, being the first of two vessels that will be outfitted to provide service and

Finance

Refiners Seek Jones Act Workarounds as Crude Export Debate Heats Up

As the first U.S. oil condensate exports head to Asia from the Gulf Coast, crude producers and refiners are exploring ways to get around a century-old law that

Lukoil Shipped Canadian Crude from Houston

Russian oil major Lukoil has emerged as one of the first companies to buy Canadian crude re-exported from a U.S. port, shipping one cargo last month to its refinery in Augusta,

Vestas Profit Beats Forecast

Danish wind turbine maker Vestas Wind Systems posted much higher than expected second-quarter earnings and slightly increased its guidance for the full year, signaling

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Port Authority Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1298 sec (8 req/sec)