Loading...
Loading...
- Huntington Ingalls Industries Inc HII reported a first-quarter FY23 sales and service revenue increase of 3.8% year-over-year to $2.672 billion, beating the consensus of $2.60 billion.
- EPS was $3.23 (-7.7% Y/Y), beating the consensus of $2.90.
- Operating income increased by 2.2% Y/Y to $141 million, and the margin contracted by 8 bps to 5.3%.
- Segment operating income was $156 million (-11.4% Y/Y), and the margin contracted by 100 bps to 5.8%.
- Revenues by segments: Ingalls Shipbuilding $577 million (-8.6% Y/Y), Newport News Shipbuilding $1.51 billion (+8.3% Y/Y), and Mission Technologies $624 million (+5.8% Y/Y).
- Huntington Ingalls's net cash used in operating activities reduced to $(9) million from $(83) million in 1Q22. Free cash outflow was $(49) million.
- "First quarter results reflect a good start to the year, as we stay on course executing our nearly $50 billion of backlog and growing our Mission Technologies business in markets that support our customers," commented Chris Kastner, HII's president, and CEO.
- Also Read: Huntington Ingalls Bags $1.3B Contract To Support US Africa Command's Life-Saving Operations
- New contract awards in Q1 were ~$2.6 billion, bringing the total backlog to ~$47.0 billion as of March 31, 2023.
- FY23 Outlook reaffirmed: Huntington Ingalls Industries sees Shipbuilding revenue of $8.4 billion-$8.6 billion, and the corresponding operating margin of 7.7%-8.0%
- It sees Mission Technologies Revenue Of ~$2.5 billion, with operating margin of 2.5%-3.0%, and Mission Technologies EBITDA margin between 8.0% -8.5%
- HII expects a Free Cash Flow of $400 million -$450 million and Continues to expect cumulative FY20-FY24 free cash flow of ~$2.9 billion.
- Price Action: HII shares are trading lower by 1.66% at $193.57 on the last check Thursday.
Loading...
Loading...
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Date | ticker | name | Actual EPS | EPS Surprise | Actual Rev | Rev Surprise |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in