An aerial view of the Newport News Shipbuilding and Drydock shipyard on the James River in Norfolk. Credit: Don S. Montgomery/US Department of Defense/commons.wikimedia.org.

Huntington Ingalls Industries (HII) has reported revenues of $10.7bn for fiscal year 2022 (FY22), which is 12.1% higher than $9.5bn in 2021.

HII’s diluted earnings per share for the year, which ended on 31 December 2022, was $14.44 while it was $13.50 in 2021.

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Operating income for the full year 2022 stood at $565m, with an operating margin of 5.3%.

In addition, net cash generated by the operating activities for the reported year was $766m, along with a free cash flow of $494m. The figures in 2021 were $760m and $449m, respectively.

For the fourth quarter (Q4) of 2022, the company has registered a 5% jump in revenues to $2.8bn, compared with $2.6bn in Q4 of 2021.

Operating income for the last quarter of 2022 was $105m and the operating margin was 3.7%. The Q4 2022 diluted earnings per share was recorded at $3.07.

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The company’s total new contracts for Q4 were estimated to be valued at $3.2m, resulting in a total backlog of approximately $47.1bn.

For the new fiscal year 2023, HII has predicted that its shipbuilding revenue will range from $8.4bn to $8.6bn and free cash flow to be between $400m and $450m.

Segment wise, the company’s Ingalls Shipbuilding revenues were $2.6bn, its Newport News Shipbuilding revenues were $5.9bn, and Mission Technologies revenues were $2.4bn.

HII president and CEO Chris Kastner said: “We finished the year with strong fourth quarter cash generation, which keeps us on track to meet our five-year free cash flow commitment of $2.9bn from 2020 to 2024.

“I am looking forward to 2023, as we are expecting to deliver five ships, and we will continue to grow the Mission Technologies division, capitalising on the significant $66bn pipeline.”

In a separate development, HII has started the construction of a new Multi-Class Submarine Production Facility at Newport News Shipbuilding division to support the US Navy’s Columbia- and Virginia-class submarines.