New contract awards for HII in Q1 2024 totalled $3.1bn. Credit: Alpha Photo/Flickr (Creative Commons).

Huntington Ingalls Industries (HII) has reported net earnings of $153m in the first quarter (Q1) of fiscal year 2024 (FY24), up by 18.6% from $129m in Q1 FY2023. 

For the quarter ended on 31 March 2024, the company’s diluted earnings per share was $3.87, compared to $3.23 in the previous year’s Q1. 

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Revenues for HII in Q1 FY24 reached $2.8bn, showing a 4.9% increase from $2.6bn reported in the Q1 of last year.  

The Mission Technologies segment was a significant contributor to the company’s overall revenue growth.  

This segment saw a 20.2% rise in revenue to $750m in Q1 FY24 from $624m in Q1 FY23, largely attributed to heightened activities in command, control, computers, communications, cyber, intelligence, surveillance, and reconnaissance, electronic warfare, cyber, and space. 

HII’s Ingalls Shipbuilding segment experienced a revenue growth of 13.5% to $655m in Q1 FY24 from $577m in the corresponding quarter of FY23.  

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However, the Newport News Shipbuilding segment saw a decrease in revenues, down 4.8% to $1.4bn in Q1 FY24 from $1.5bn in the Q1 of 2023.  

Operating income for Q1 FY24 stood at $154m with an operating margin of 5.5%, compared to $141m and 5.3% in the same quarter of the previous year. 

The company’s cash flow indicated more significant expenditures, with net cash used in operating activities reaching $202m and a free cash flow of negative $274m.  

New contract awards for HII in the Q1 of 2024 totalled $3.1bn, contributing to a substantial backlog of approximately $48.4bn as of 31 March 2024.  

Looking ahead to the full year 2024, HII anticipates Mission Technologies revenue to be in the range of $2.7bn to $2.75bn and Shipbuilding Revenue to be between $8.8bn and $9.1bn. 

HII president and CEO Chris Kastner said: “The first quarter was a good start to the year.  

Strong growth in Mission Technologies and stable shipbuilding progress provide a solid foundation for the balance of 2024 and beyond.”