US-based military shipbuilding company Huntington Ingalls Industries (HII) has reported revenues of $2.6bn in the first quarter of this year.

The figure represents an increase of 13.1% year-over-year (Y-o-Y) from $2.28bn recorded a year ago.

In the three-month period that ended on 31 March 2022, the company’s net earnings totalled $140m. It fell from $148m registered in the corresponding quarter of 2021.

Diluted earnings per share in the quarter stood at $3.50.

Mission Technologies, a business segment of HII which was formerly called Technical Solutions, reported a 127.8% growth in quarterly revenues.

The unit’s revenues totalled $590m in Q1 2022, up from $259m reported in Q1 2021.

The company’s other two businesses, namely Ingalls Shipbuilding, and Newport News Shipbuilding, recorded a drop in quarterly revenues.

Ingalls Shipbuilding’ revenues fell from $649m to $631m on a Y-o-Y basis while Newport News Shipbuilding revenues fell 1.2% from the same quarter last year to $1.39bn.

HII president and CEO Chris Kastner said: “We are pleased with another quarter of consistent program execution, and results that were slightly ahead of our initial expectations, as we continue to navigate through a challenging operational environment.

“We believe HII is well positioned for long-term value creation with very strong shipbuilding backlog and demand signals, as well as a highly capable Mission Technologies division that has been strategically shaped to address our customers most pressing needs.”

During the quarter, HHI secured new contracts worth approximately $2bn. This brings the company’s total backlog to nearly $47.9bn as of 31 March 2022.

In the fourth quarter of 2021, HHI reported a 2.9% drop in revenues.