Huntington Ingalls Industries(US:HII)2024-08-01 18:20Financial Performance - HII reported record second quarter revenues of $3 billion, a 6.8% year-over-year increase[3] - Operating income reached $189 million, up 21.2% year-over-year[3] - Net income increased to $173 million, a 33.1% year-over-year rise[3] - Diluted EPS grew to $4.38, marking a 33.9% year-over-year increase[3] - The company's quarter-end backlog stood at $48.5 billion[3] Segment Results - Ingalls Shipbuilding's revenue increased from $664 million to $712 million, a 7% increase[9] with operating income decreasing 14%[10] - Newport News Shipbuilding's revenue increased from $1.509 billion to $1.535 billion, a 2% increase[11] with operating income increasing 17%[11] - Mission Technologies revenue increased from $645 million to $765 million, a 19% increase[13] with operating income increasing 300%[15] Capital Deployment - Distributions to shareholders totaled $116 million, including $51 million in dividends and $65 million spent to repurchase 250 thousand shares[19] - Net capital expenditures accounted for 3.0% of revenues in Q2[19] Financial Outlook - The company reaffirmed its FY24 shipbuilding revenue guidance of $8.8 billion to $9.1 billion and shipbuilding operating margin of 7.6% to 7.8%[22] - Mission Technologies revenue guidance was raised to a range of $2.75 billion to $2.8 billion[22] - The company reaffirmed its 5-year (FY24-FY28) Free Cash Flow outlook of $3.6 billion[21]