The company’s Newport News Shipbuilding segment reported a 5.1% growth in revenue in the second quarter of 2022. Credit: The Focal Project/Flickr (Creative Commons).

Military shipbuilding company Huntington Ingalls Industries (HII) has reported a 19.3% year-on-year (YoY) increase in revenue in the second quarter (Q2) of 2022.

The US-based company’s revenue was $2.7bn, compared to $2.2bn in the same period a year ago.

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The rise in revenue was attributed to the acquisition of Alion Science and Technology in the third quarter of 2021, and developments at its Newport News Shipbuilding division.

The quarterly operating income went up by 49.2% to $191m, from the previous year’s $128m. The operating margin also increased from 5.7% to 7.2% in the second quarter. 

According to the company, this performance was driven by a higher segment operating income and favourable, non-current state income taxes.

In the three-month period that ended on 30 June 2022, net earnings were $178m. A year ago, the figure was $129m.

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The company’s diluted earnings per share in the quarter was $4.44, compared to $3.20 in Q2 2021.

HII also secured new contracts worth $2.0bn in the second quarter of 2022. This brought its total backlog to nearly $47.2bn as of 30 June 2022.

HII president and CEO Chris Kastner said: “We are pleased with another quarter of consistent shipbuilding programme execution and stronger operating income at each of our divisions, compared to the prior year.

“We remain confident in the positioning of the business for long-term value creation, given the tremendous volume of shipbuilding work we have secured in backlog and a Mission Technologies division that is poised for robust growth in markets of critical importance to our customers.”

The company expects its full year shipbuilding revenue to be between $8.2bn and $8.5bn.