Huntington Ingalls (HII) reported $2.75 billion in revenue for the quarter ended September 2024, representing a year-over-year decline of 2.4%. EPS of $2.56 for the same period compares to $3.70 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $2.88 billion, representing a surprise of -4.51%. The company delivered an EPS surprise of -33.33%, with the consensus EPS estimate being $3.84.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings ...

Group 1: Earnings Performance - Huntington Ingalls reported quarterly earnings of $2.56 per share, missing the Zacks Consensus Estimate of $3.84 per share, and down from $3.70 per share a year ago, representing an earnings surprise of -33.33% [1] - The company posted revenues of $2.75 billion for the quarter ended September 2024, missing the Zacks Consensus Estimate by 4.51%, and down from $2.82 billion year-over-year [2] - Over the last four quarters, the company has surpassed consensus EPS estimates three times and topped consensus revenue estimates three times [2] Group 2: Stock Performance and Outlook - Huntington Ingalls shares have lost about 3.5% since the beginning of the year, while the S&P 500 has gained 21.9% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the coming quarter is $4.47 on $3.11 billion in revenues, and for the current fiscal year, it is $16.49 on $11.78 billion in revenues [7] Group 3: Industry Context - The Aerospace - Defense industry, to which Huntington Ingalls belongs, is currently in the top 32% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, suggesting that tracking these revisions can be beneficial for investors [5] - The current estimate revisions trend for Huntington Ingalls is mixed, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6]

Exhibit 99.1 News Release Contacts: Brooke Hart (Media) brooke.hart@hii-co.com 202-264-7108 Christie Thomas (Investors) christie.thomas@hii-co.com 757-380-2104 HII Reports Third Quarter 2024 Results and Provides Updated Outlook NEWPORT NEWS, Va. (October 31, 2024) - HII (NYSE: HII) today reported results for the third quarter of fiscal 2024 and provided an update on its outlook. Highlights Third quarter revenues were $2.7 billion Third quarter net earnings were $101 million or $2.56 diluted earnings per sha ...

NEWPORT NEWS, Va., Oct. 31, 2024 (GLOBE NEWSWIRE) -- HII (NYSE: HII) today reported results for the third quarter of fiscal 2024 and provided an update on its outlook. Highlights Third quarter revenues were $2.7 billion Third quarter net earnings were $101 million or $2.56 diluted earnings per share Third quarter free cash flow1 was $136 million Company is providing updated fiscal 2024 outlook Company is withdrawing 5-year free cash flow1 outlook Third Quarter Results Third quarter 2024 revenues of $2.7 bil ...

NEWPORT NEWS, Va., Oct. 30, 2024 (GLOBE NEWSWIRE) -- HII (NYSE: HII) announced today that its Board of Directors has declared a quarterly cash dividend of $1.35 per share, a $0.05 increase over the $1.30 per share dividend paid in each of the prior four quarters. The $1.35 per share dividend will be payable on Dec. 13, 2024, to shareholders of record as of the close of business on Nov. 29, 2024. About HII HII is a global, all-domain defense provider. HII's mission is to deliver the world's most powerful shi ...

Core Points - HII's scholarship fund awarded 194 scholarships for the 2024-2025 school year and renewed 94 previously awarded scholarships [1] - Over the life of the program, the fund has awarded more than $3.6 million in 1,555 scholarships, benefiting over 700 children of employees [2] - The scholarship amounts range from $1,500 for two-year degree or vocational programs to $3,000 for four-year programs and early childhood school-readiness programs [3] Scholarship Fund Details - The HII Scholarship Fund is administered through Scholarship America, with an independent selection process based on academic merit and financial need [4] - Eligibility for the scholarship includes children of all HII employees, excluding children of senior executives and those with less than two years of service [4] Company Overview - HII is a global all-domain defense provider, focusing on delivering powerful ships and solutions to enhance national security [6] - As the largest military shipbuilder in the U.S., HII has a workforce of 44,000 and a history of over 135 years in advancing national security [7]

Core Viewpoint - Huntington Ingalls Industries, Inc. (HII) is expected to report solid third-quarter 2024 earnings driven by strong revenue performance across its business segments, particularly in shipbuilding, with an anticipated earnings per share of $3.84, reflecting a 3.8% increase year-over-year [1][5]. Group 1: Revenue Performance - The Ingalls unit is projected to achieve third-quarter revenues of $742 million, indicating a growth of 4.4% compared to the same quarter last year, primarily due to higher revenues from surface combatants and amphibious assault ships [2]. - The Newport News unit is expected to report revenues of $1.51 billion for the third quarter, representing a 3.8% increase from the previous year, driven by higher volumes from the Columbia-class submarine program [3]. - The Mission Technologies unit is likely to see revenue growth due to increased sales from C5ISR and cyber, electronic warfare, and space contracts, with recent deliveries of uncrewed underwater vehicles contributing to performance [4]. Group 2: Overall Financial Estimates - The overall sales estimate for HII in the third quarter is pegged at $2.88 billion, suggesting a 2.2% increase from the prior-year figure, supported by solid sales expectations across most business segments [5]. - The company has a four-quarter average earnings surprise of 26.17%, indicating a history of exceeding earnings expectations [1]. Group 3: Earnings Prediction Model - The current Earnings ESP for HII stands at -0.69%, and it holds a Zacks Rank of 3 (Hold), suggesting that the model does not predict a definitive earnings beat for this quarter [6].

Core Viewpoint - HII's Mission Technologies division is consolidating its six operational groups into four to optimize for long-term growth, effective October 28, 2024 [1][2] Group Summaries - The new operational groups are: - All-Domain Operations, led by Todd Gentry, includes C5ISR operations, platforms and logistics support, and intelligence analysis [1] - Global Security, led by Michael Lempke, encompasses live, virtual, constructive (LVC) solutions, fleet sustainment, nuclear and environmental services, and the Australia business [1] - Warfare Systems, led by Grant Hagen, covers cyber and mission IT, electronic warfare, and C5ISR systems [1] - Uncrewed Systems, led by Duane Fotheringham, consists of unmanned underwater vehicles (UUVs), unmanned surface vehicles (USVs), and autonomy software [1] Operational Model - The four groups will align to a common operating model with specialized roles: operations leader, growth leader, portfolio leader(s), and quality leader [2] Financial Performance - Mission Technologies reported $2.7 billion in revenues for 2023, reflecting a 13% organic growth increase compared to 2022 [2] - In the first half of 2024, the division generated $1.5 billion in revenue, marking a 19% organic growth increase over the same period in 2023 [2] - The third quarter earnings will be announced on October 31, 2024 [2] Company Overview - HII is a global, all-domain defense provider and the largest military shipbuilder in the U.S., with a history of over 135 years in advancing national security [3] - The company employs a workforce of 44,000 and focuses on delivering critical capabilities from ships to unmanned systems, cyber, ISR, AI/ML, and synthetic training [3]

The market expects Huntington Ingalls (HII) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended September 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on October 31, 2024, might help the stock move higher if these key n ...

Core Insights - HII has promoted John Bell to Chief Technology Officer (CTO) for its Mission Technologies division, aligning the CTO office with corporate objectives to support growth and innovation in defense technologies [1][2] Company Overview - HII is a global defense provider focused on delivering advanced military capabilities, including ships, unmanned systems, and technologies in AI, cybersecurity, and synthetic training [5] Leadership and Expertise - John Bell has extensive experience, having served as the technical director for Mission Technologies' Live, Virtual, and Constructive (LVC) Solutions business group, and has been with HII for 29 years [3][4] - His leadership has been pivotal in developing key LVC enterprise programs such as the Navy Continuous Training Environment (NCTE) and Mobility Air Force Distributed Mission Operations (MAF DMO) [4]