HII Reports Record First Quarter 2024 Results
HII (NYSE: HII) has reported its first quarter 2024 revenues at $2.8 billion, marking a 4.9% increase from the first quarter of 2023. The company's operating income in the first quarter of 2024 was $154 million, representing a 9.2% increase from the same period in 2023.
Net earnings for the quarter were $153 million, a rise from $129 million in the first quarter of 2023. Diluted earnings per share also saw an uptick, reaching $3.87 compared to $3.23 in the first quarter of 2023.
New contract awards in the first quarter of 2024 totaled $3.1 billion, resulting in a backlog of approximately $48.4 billion as of March 31, 2024.
The company's key segments displayed the following performances:
Ingalls Shipbuilding: Revenues for the first quarter of 2024 were $655 million, up 13.5% from the same period in 2023. Segment operating income for the first quarter of 2024 was $60 million, an increase from the same period in 2023. * Segment operating margin in the first quarter of 2024 was 9.2% compared to 9.5% in the same period last year.
Newport News Shipbuilding: Revenues for the first quarter of 2024 were $1.4 billion, a decrease of 4.8% from the same period in 2023. Segment operating income and margin were primarily driven by the lower volumes described above.
Mission Technologies: Revenues for the first quarter of 2024 were $750 million, a 20.2% increase from the same period in 2023. Segment operating income for the first quarter of 2024 was $28 million, compared to $17 million in the first quarter of 2023. * Mission Technologies EBITDA margin in the first quarter of 2024 was 7.7%, a decrease from 8.0% in the first quarter of 2023.
HII's president and CEO, Chris Kastner, commented, "The first quarter was a good start to the year. Strong growth in mission technologies and stable shipbuilding progress provide a solid foundation for the balance of 2024 and beyond."
The company also reaffirmed its previously issued financial guidance, including shipbuilding revenue and operating margin outlook, as well as mission technologies revenue and segment operating margin and EBITDA margin outlook for fiscal year 2024.
These results indicate a positive trajectory for HII as it continues to strengthen its position in the market and drive growth in its key segments. Following these announcements, the company's shares moved -11.2%, and are now trading at a price of $246.15. Check out the company's full 8-K submission here.
