Financial Data and Key Metrics Changes - Record second quarter revenue was $3 billion, up 6.8% from a year ago, and diluted earnings per share was $4.38 for the quarter, up from $3.27 in the second quarter of 2023 [4][10] - Operating income for the quarter was $189 million, an increase of $33 million or 21.2% from the second quarter of 2023, with an operating margin of 6.3% compared to 5.6% in the same period last year [10] - New contract awards during the quarter were $3.1 billion, resulting in a backlog of $48.5 billion at the end of the quarter, of which $27 billion is currently funded [5][10] Business Line Data and Key Metrics Changes - At Mission Technologies, revenues were $765 million, an increase of $129 million or 18.6% compared to the second quarter of 2023, with a trailing 12-month book-to-bill ratio of 1.15 [5][13] - Ingalls revenues were $712 million, up $48 million or 7.2% from the same period last year, driven by higher volumes in amphibious assault ships and surface combatants [11] - Newport News revenues were $1.5 billion, up $26 million or 1.7% from the same period last year, with operating income of $111 million and an operating margin of 7.2% [12] Market Data and Key Metrics Changes - The company continues to see bipartisan support for its programs in Washington, reflected in the fiscal year 2025 defense appropriations and authorization bills [8] - The Senate authorizers included additional funding authority for various shipbuilding programs, indicating strong market support for the company's initiatives [8] Company Strategy and Development Direction - The company is focused on executing its programs and meeting commitments to customers, with significant efforts in shipyards to create labor stability and improve capacity [3][6] - Long-term investments in capital and employee development are expected to stabilize and improve performance as the portfolio shifts towards new contracts [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving financial commitments to shareholders and highlighted the importance of executing on fundamentals in programs [9] - The company is optimistic about the second half of the year, anticipating strong cash collections and contract awards [17][28] Other Important Information - Cash used in operations was $9 million in the quarter, with net capital expenditures of $90 million [15] - The company paid dividends of $1.30 per share, totaling $51 million, and repurchased approximately 250,000 shares at a cost of approximately $65 million [15] Q&A Session Summary Question: Labor and Attrition - Management confirmed that hiring goals are being met, but attrition remains a challenge, with efforts focused on improving attendance and labor stability [20][21] Question: Free Cash Flow Visibility - Management indicated that achieving the expected free cash flow in Q4 will depend on meeting milestones and contract incentives, with some variability expected [24][25] Question: Ship Contracts and Pricing - The company expects to put another 21 boats under contract in the next 6 to 12 months, reflecting current macroeconomic pricing [29] Question: Ingalls Margin and Performance - Management acknowledged a dip in Ingalls margin due to milestone timing and lower risk retirement, but expects recovery in future quarters [31] Question: Block IV and Block V Work - Management provided updates on the progress of Block IV and Block V work, indicating that negotiations for Block VI are ongoing [33][34] Question: Free Cash Flow Guidance - Management reiterated a conservative approach to free cash flow guidance, with expectations for significant cash generation in Q4 [50][53]

Huntington Ingalls Industries, Inc.'s (HII) second-quarter 2024 earnings of $4.38 per share increased a solid 33.9% from $3.27 reported in the prior-year quarter. The bottom line also surpassed the Zacks Consensus Estimate of $3.55 by 23.4%. The year-over-year improvement can be attributed to solid sales as well as operating income growth as compared with the year-ago quarter's reported actuals. Total Revenues Revenues for the quarter totaled $2.98 billion, which beat the Zacks Consensus Estimate of $2.84 b ...

Huntington Ingalls (HII) came out with quarterly earnings of $4.38 per share, beating the Zacks Consensus Estimate of $3.55 per share. This compares to earnings of $3.27 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 23.38%. A quarter ago, it was expected that this shipbuilder would post earnings of $3.50 per share when it actually produced earnings of $3.87, delivering a surprise of 10.57%. Over the last four quarters, the ...

Record second quarter revenues of $3.0 billion, up 6.8% compared to second quarter 2023 Operating income of $189 million, up 21.2% compared to second quarter 2023 Net earnings of $173 million or $4.38 diluted earnings per share Delivered Virginia-class submarine New Jersey (SSN 796) Delivered amphibious transport dock Richard M. McCool Jr. (LPD 29) Company reaffirms previously issued shipbuilding guidance1 Company raises the Mission Technologies revenue guidance range1 Company reaffirms previously issued fr ...

Record second quarter revenues of $3.0 billion, up 6.8% compared to second quarter 2023 Operating income of $189 million, up 21.2% compared to second quarter 2023 Net earnings of $173 million or $4.38 diluted earnings per share Delivered Virginia-class submarine New Jersey (SSN 796) Delivered amphibious transport dock Richard M. McCool Jr. (LPD 29) Company reaffirms previously issued shipbuilding guidance1 Company raises the Mission Technologies revenue guidance range1 Company reaffirms previously issued fr ...

Of these, perhaps no stock market trend is more popular than value investing, which is a strategy that has proven to be successful in all sorts of market environments. Value investors use tried-and-true metrics and fundamental analysis to find companies that they believe are undervalued at their current share price levels. Huntington Ingalls Industries (HII) is a stock many investors are watching right now. HII is currently sporting a Zacks Rank of #2 (Buy), as well as a Value grade of A. The stock is tradi ...

Wall Street analysts forecast that Huntington Ingalls (HII) will report quarterly earnings of $3.55 per share in its upcoming release, pointing to a year-over-year increase of 8.6%. It is anticipated that revenues will amount to $2.84 billion, exhibiting an increase of 2.1% compared to the year-ago quarter. Analysts' assessment points toward 'Sales and Service Revenues- Mission Technologies' reaching $654.14 million. The estimate indicates a year-over-year change of +1.4%. The combined assessment of analyst ...

NEWPORT NEWS, Va., July 30, 2024 (GLOBE NEWSWIRE) -- HII (NYSE:HII) announced today that its Board of Directors has declared a quarterly cash dividend of $1.30 per share, payable on Sept. 13, 2024, to shareholders of record as of the close of business on Aug. 30, 2024. HII is a global, all-domain defense provider. HII's mission is to deliver the world's most powerful ships and alldomain solutions in service of the nation, creating the advantage for our customers to protect peace and freedom around the world ...

There are plenty of strategies for discovering value stocks, but we have found that pairing a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system produces the best returns. The Zacks Rank is a proven strategy that targets companies with positive earnings estimate revision trends, while our Style Scores work to grade companies based on specific traits. Another notable valuation metric for HII is its P/B ratio of 2.64. The P/B ratio pits a stock's market value against i ...

Huntington Ingalls Industries, Inc. (HII) is scheduled to release its second-quarter 2024 earnings on Aug 1 before market open. Ingalls: Anticipated Growth in Revenues The Zacks Consensus Estimate for the Ingalls unit's second-quarter revenues is pegged at $684.2 million, which indicates growth of 3% from the year-ago quarter's reported figure. Higher revenues from the construction of aircraft carriers are likely to have boosted the Newport News segment's revenue performance in the to-be-reported quarter. M ...