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

People & Company News

World’s 1st LNG Hybrid Barge Christened "Hummel"

The world’s first LNG hybrid barge of Becker Marine Systems was christened with the name "Hummel" on October 18, 2014, at Grasbrook Quay in HafenCity Hamburg.

Shadrin is D.G. of Gazprom Investholding

On October 13 the Gazprom leadership acceded to Alisher Usmanov's request for releasing him from his position as Director General of Gazprom Investholding. At the meeting Alexey Miller,

A2SEA Signs for Dudgeon

Dudgeon Offshore Wind Limited has awarded the Charter for WTG transport and installation to A2SEA A/S. A2SEA shall provide the jack-up vessel Sea Installer

Shipbuilding

Austal Launches 5th CCP Boat

Austal launched yesterday its fifth in-series Cape Class Patrol Boat (CCPB) at the Company’s Australian Defence Facility in Henderson, Western Australia. Cape

World’s 1st LNG Hybrid Barge Christened "Hummel"

The world’s first LNG hybrid barge of Becker Marine Systems was christened with the name "Hummel" on October 18, 2014, at Grasbrook Quay in HafenCity Hamburg.

NSPR Set to Reduce Weld Distortion

Since weld distortion is a very costly problem for U.S. shipyards, the National Shipbuidling Research Program (NSRP) has embarked on a project to reduce weld

Navy

Mount Whitney Departs Batumi, Georgia

The U.S. 6th Fleet command and control ship USS Mount Whitney (LCC 20) departed Batumi, Georgia, Oct. 18 after completing a successful port visit. While in Batumi,

USS Constitution Not to Set Sail Until 2018

The crew of USS Constitution embarked on their final Boston Harbor underway demonstration aboard Old Ironsides this year, Oct. 17. Constitution set out into

US Navy to Christen Littoral Combat Ship Detroit

The Navy will christen littoral combat ship (LCS) Detroit, on Oct. 18 during a ceremony at Marinette Marine Corporation shipyard in Marinette, Wisconsin. Secretary of the Navy Ray Mabus,

Finance

Maduro Says Venezuela's 2015 Budget to Put Oil at $60

Venezuela's 2015 budget will be based on a target oil price of $60 dollars per barrel, President Nicolas Maduro said on Friday night, but he repeated expectations that prices will recover.

No Merger of Yara & CF Industrie

Yara International ASA and CF Industries have terminated their discussions regarding a potential merger of equals transaction. "This has been a constructive process,

Hurricane Ana Heads towards Hawaii

Tropical Storm Ana strengthened into a hurricane on Friday and was moving in the direction of Hawaii but was not expected to make a direct hit on the islands, the U.

 
 
Maritime Contracts Maritime Standards Naval Architecture Pipelines Port Authority Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.1667 sec (6 req/sec)