Huntington Ingalls Industries (HII) has reported revenues of $2.6bn in the third quarter (Q3) of 2022, representing an increase of 12.3% from $2.3bn in 2021.
The company said that this year-over-year increase is due to the revenue growth at HII’s Newport News Shipbuilding (NNS) and the acquisition of Alion Science and Technology in Q3 last year.
NNS revenues were up by $91m, or 6.7%, to $1.4bn, compared to $1.3bn in Q3 in 2021.
HII’s current quarterly net earnings were $138m, a decline of 6.1% from $147m in the third quarter of 2021.
The company’s diluted earnings per share (EPS) in Q3 of 2022 was $3.44, compared to $3.65 in the third quarter of 2021.
According to HII, this decline was due to the negative impacts of equity investments in the year and tax benefits in last year.
HII president and CEO Chris Kastner said: “Notwithstanding a continued challenging economic environment, we remain focused on consistent shipbuilding programme execution and capturing contract awards at our Mission Technologies division.
“We are confident in the positioning of the business for long-term value creation, given the tremendous volume of shipbuilding work we have secured in backlog and a Mission Technologies division that is poised for growth in markets of critical importance to our customers.”
During Q3 that ended on 30 September 2022, operating income increased to $131m, from $118m posted last year in Q3. The operating margin was 5%, the same for both the current and previous year.
In addition, HII has secured new contracts worth $2.1bn in Q3 of this year, which brings its total backlog to nearly $46.7bn.
