US-based military shipbuilding company Huntington Ingalls Industries (HII) has posted revenues of $2.67bn in the fourth quarter of 2021, that ended on 31 December 2021.

The figure represents a 2.9% decline from the $2.76bn recorded in the same quarter of 2020.

The company’s net earnings also fell by 51.8%, from $249m in Q4 2020 to $120m in Q4 2021, primarily due to a decrease in shipbuilding operations amid Covid-19 related challenges.

The company’s segments Ingalls Shipbuilding, Newport News Shipbuilding, and Technical Solutions all reported a reduction in quarterly revenues.

HII’s operating income in Q4 2021 was $120m, down 60.7% compared to $305m in Q4 2020. The company’s operating margin also fell from 11.1% to 4.5% on a year-on-year (YoY) basis.

Diluted earnings per share were $2.99 in the quarter. The figure was $6.15 in the same period a year ago.

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HII’s annual revenues increased 1.7% YoY to $9.5bn. Net earnings totalled $544m in 2021, down from $696m a year ago.

HII president and CEO Mike Petters said: “We are pleased with another year of consistent programme execution in the face of a challenging operational environment on multiple fronts.

“Over the course of 2021, we completed transformational changes in our technical solutions division, and we believe we have positioned the enterprise for sustainable, long-term value creation as we move forward.”

The company expects that shipbuilding revenue will be between $8.2bn and $8.5bn in FY22. The shipbuilding operating margin is expected to be between 8% and 8.1%.

In November 2021, HII reported a 33.8% drop in Q3 net earnings.