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

Posted by George Backwell
Friday, May 09, 2014
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 June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Port Lafito Officially Opens

GB Group, a diversified group of industrial and trading companies, has announced that Port Lafito, a world-class modern container port in Haiti, is open and operational.

Indonesia Expects Total to Decide on Mahakam within days

French oil firm Total  will decide how much interest it will retain from 2018 in Indonesia's offshore Mahakam oil and gas block over the next two days, the

Research Vessel Heincke: Serving Science for 25 years

7 July 2015. A quarter of a century old, with over 900,000 kilometres (488,842 nautical miles) logged and still on the cutting edge of science and technology:

Shipbuilding

Shipping Gloomiest Since 2009

The shipping industry is the most pessimistic in six years about its prospects as a fleet surplus persists, according to a survey by law firm Norton Rose Fulbright, says a report in Reuters.

South Korea Tops in Shipbuild Orders

South Korean shipbuilders, led by industry leader Hyundai Heavy Industries Co., have secured the largest amount of new orders in the first six months of the year to retain the top slot,

Drydocks World Completes World’s Largest Turret

Drydocks World the leading provider of maritime and offshore services to the shipping, oil, gas and energy sectors marked a major milestone in successfully completing

Navy

Egyptian Vessel Sinks

Taba, an Egyptian ferry, carrying passengers, cargo and trucks, sank in the Red Sea early on Sunday, according to state-owned news agency MENA.   The 6,600-gt

Fincantieri to Supply Four OPVs to the Bangladesh Coast Guard

Fincantieri has been awarded the contract with the Bangladesh Coast Guard (BCG) for the supply of four Italian Navy “Minerva” class corvettes to be upgraded and

Saab Bags $1 bln Order for Swedish Submarines

The Swedish Defence Materiel Administration (FMV) has awarded contracts worth Skr8.6bn ($1.03bn) to Saab AB for the construction of two new Type A26 submarines

Finance

CMES Rides High on Hope

China Merchants Energy Shipping (CMES), a major Chinese international oil tanker operator, projects that its profit would be more than doubled in the first half of 2015 from a year ago.

Possibly the Worst Quarter on Zero DSV Utilisation

According to a research note released today from UOB Kay Hian, Singapore offshore vessel operator Pacific Radiance achieved an ominous vessel utilization of 0%

Fund Targets Mols-Linien

The Danish equity fund Polaris makes a tender offer on all shares of the ferry operator Mols-Linien, which sails on routes Odden-Ebeltoft and Odden-Aarhus.    Polaris

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Pod Propulsion Port Authority Salvage Ship Electronics Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | 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: 0.3378 sec (3 req/sec)