Marine Link
Sunday, December 11, 2016

HII Logged US$2.2-Billion of New Business in Q1 2014

May 9, 2014

Photo courtesy of HII

Photo courtesy of HII

Huntington Ingalls Industries (HII) has reported first quarter 2014 revenues of US$1.59-billion, up 2.0 percent compared to the same period last year. Selected details from the financial report as follows:

  • Revenues were $1.59 billion for the first quarter of 2014
  • Segment operating margin was 8.6 percent, a 91 bps improvement over Q1 2013
  • Total operating margin was 10.0 percent, up from 6.1 percent in the same period last year
  • Diluted earnings per share was $1.81 for the quarter
  • Adjusted diluted earnings per share, which excludes the FAS/CAS Adjustment, was $1.53 for the quarter
  • Cash and cash equivalents at the end of the quarter were $742 million

New business awards for the quarter were approximately $2.2 billion, consisting primarily of contracts for continued construction preparation for CVN-79 John F. Kennedy and construction of NSC-7 Kimball. Total backlog at the end of Q1 2014 was $18.7 billion, of which $13.0 billion was funded.

"Notwithstanding continued debate surrounding the defense budget and the impact of sequestration, HII has continued to maintain a healthy backlog and strong operating performance at both segments," said Mike Petters, HII's president and chief executive officer. "With the delivery of LHA-6 America in April 2014, HII has reached a significant milestone on its path to 9 plus percent margins in 2015."
 
HII add that Newport News operating income for the quarter was $94 million, a $2 million decrease from the same period in 2013. Newport News operating margin was 9.0 percent for the quarter, down from 9.5 percent in Q1 2013.

These decreases were mainly related to lower risk retirement on the VCS program and the execution contract for CVN-71 USS Theodore Roosevelt RCOH, partially offset by risk retirement on the construction contract for CVN-78 Gerald R. Ford.

More information at: www.huntingtoningalls.com
 



 
Maritime Reporter Magazine Cover Nov 2016 - Workboat Edition

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Subscribe
Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News