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Huntington Ingalls (HII) Beats on Q3 Earnings, Revenues Up Y/Y
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Huntington Ingalls Industries, Inc.’s (HII - Free Report) third-quarter 2021 adjusted earnings of $3.58 per share declined 4% from $3.73 reported in the prior-year quarter.
The company reported GAAP earnings of $3.65 per share compared with $5.45 in third-quarter 2020.
The Zacks Consensus Estimate for third-quarter earnings is pegged at $3.13.
Total Revenues
Total revenues came in at $2,338 million, surpassing the Zacks Consensus Estimate of $2,306 million by 1.4%. The top line also inched up 1% from $2,314 million in the year-ago quarter. The increase was primarily driven by growth in the Technical Solutions segment.
Huntington Ingalls Industries, Inc. Price, Consensus and EPS Surprise
Huntington Ingalls reported segment operating income of $163 million compared with $162 million in third-quarter 2020. The company’s operating margin was 7%, which came in line with the prior-year quarter’s figure.
Huntington Ingalls received orders worth $600 million during the third quarter. As a result, the company’s total backlog reached $50.1 billion as of Sep 30, 2021.
Segmental Performance
Newport News Shipbuilding: Revenues totaled $1,354 million in this segment, down 0.3% year over year on account of lower revenues in naval nuclear support services.
The segment reported operating earnings of $88 million for the quarter, which improved 11.4% year over year.
Ingalls Shipbuilding: Revenues in this segment totaled $628 million, down 7% year over year on account of lower revenues in the Legend-class National Security Cutter (NSC) program, the Arleigh Burke-class guided missile (DDG) program and amphibious assault ships.
Segment operating income remained flat year over year at $62 million.
Technical Solutions: Revenues in this segment totaled $394 million, up 23.1% year over year, primarily driven by the acquisition of Alion.
Operating income plunged 38.1% year over year to $13 million.
Financial Update
Cash and cash equivalents as of Sep 30, 2021 were $555 million, up from $512 million on Dec 31, 2020.
Long-term debt as of Sep 30, 2021 was $3,321 million compared with the 2020-end level of $1,686 million.
Cash from operating activities at the end of the first nine months of 2021 was $489 million, down from $491 million at the end of September 2020.
Leidos Holdings, Inc.’s (LDOS - Free Report) third-quarter 2021 adjusted earnings of $1.80 per share exceeded the Zacks Consensus Estimate of $1.60 by 12.5%.
L3Harris Technologies, Inc.’s (LHX - Free Report) third-quarter 2021 adjusted earnings came in at $3.21 per share, which surpassed the Zacks Consensus Estimate of $3.16 by 1.6%.
Hexcel Corporation (HXL - Free Report) reported third-quarter 2021 adjusted earnings of 13 cents per share, which exceeded the Zacks Consensus Estimate of 8 cents by 62.5%.
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Huntington Ingalls (HII) Beats on Q3 Earnings, Revenues Up Y/Y
Huntington Ingalls Industries, Inc.’s (HII - Free Report) third-quarter 2021 adjusted earnings of $3.58 per share declined 4% from $3.73 reported in the prior-year quarter.
The company reported GAAP earnings of $3.65 per share compared with $5.45 in third-quarter 2020.
The Zacks Consensus Estimate for third-quarter earnings is pegged at $3.13.
Total Revenues
Total revenues came in at $2,338 million, surpassing the Zacks Consensus Estimate of $2,306 million by 1.4%. The top line also inched up 1% from $2,314 million in the year-ago quarter. The increase was primarily driven by growth in the Technical Solutions segment.
Huntington Ingalls Industries, Inc. Price, Consensus and EPS Surprise
Huntington Ingalls Industries, Inc. price-consensus-eps-surprise-chart | Huntington Ingalls Industries, Inc. Quote
Operational Performance
Huntington Ingalls reported segment operating income of $163 million compared with $162 million in third-quarter 2020. The company’s operating margin was 7%, which came in line with the prior-year quarter’s figure.
Huntington Ingalls received orders worth $600 million during the third quarter. As a result, the company’s total backlog reached $50.1 billion as of Sep 30, 2021.
Segmental Performance
Newport News Shipbuilding: Revenues totaled $1,354 million in this segment, down 0.3% year over year on account of lower revenues in naval nuclear support services.
The segment reported operating earnings of $88 million for the quarter, which improved 11.4% year over year.
Ingalls Shipbuilding: Revenues in this segment totaled $628 million, down 7% year over year on account of lower revenues in the Legend-class National Security Cutter (NSC) program, the Arleigh Burke-class guided missile (DDG) program and amphibious assault ships.
Segment operating income remained flat year over year at $62 million.
Technical Solutions: Revenues in this segment totaled $394 million, up 23.1% year over year, primarily driven by the acquisition of Alion.
Operating income plunged 38.1% year over year to $13 million.
Financial Update
Cash and cash equivalents as of Sep 30, 2021 were $555 million, up from $512 million on Dec 31, 2020.
Long-term debt as of Sep 30, 2021 was $3,321 million compared with the 2020-end level of $1,686 million.
Cash from operating activities at the end of the first nine months of 2021 was $489 million, down from $491 million at the end of September 2020.
Zacks Rank
Huntington Ingalls currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Defense Releases
Leidos Holdings, Inc.’s (LDOS - Free Report) third-quarter 2021 adjusted earnings of $1.80 per share exceeded the Zacks Consensus Estimate of $1.60 by 12.5%.
L3Harris Technologies, Inc.’s (LHX - Free Report) third-quarter 2021 adjusted earnings came in at $3.21 per share, which surpassed the Zacks Consensus Estimate of $3.16 by 1.6%.
Hexcel Corporation (HXL - Free Report) reported third-quarter 2021 adjusted earnings of 13 cents per share, which exceeded the Zacks Consensus Estimate of 8 cents by 62.5%.