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Huntington Ingalls (HII) Q2 Earnings & Sales Beat Estimates

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·3 min read
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Huntington Ingalls Industries, Inc.’s HII second-quarter 2021 adjusted earnings of $3.20 per share surpassed the Zacks Consensus Estimate of $2.49 by 28.5%. The bottom line also improved 146.2% from $1.3 reported in the prior-year quarter.

The company reported GAAP earnings of $3.05 per share against a loss of 49 cents in second-quarter 2020.

Total Revenues

Total revenues came in at $2,231 million, surpassing the Zacks Consensus Estimate of $2,117 million by 5.4%. The top line also increased 10.1% from $2,027 million in the year-ago quarter. The increase was driven by growth in both Newport News and Ingalls Shipbuilding divisions.

Huntington Ingalls Industries, Inc. Price, Consensus and EPS Surprise

Huntington Ingalls Industries, Inc. Price, Consensus and EPS Surprise
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 total operating income of $169 million versus a loss of $5 million in second-quarter 2020. The company’s operating margin came in at 7.6%, up 782 basis points (bps) from the prior-year quarter.

Huntington Ingalls received orders worth $1.2 billion during the second quarter. As a result, the company’s total backlog reached $47.7 billion as of Jun 30, 2021.

Segmental Performance

Newport News Shipbuilding: Revenues totaled $1,363 million in this segment, up 21.5% year over year on account of higher revenues in submarine and aircraft carrier construction.

The segment reported operating earnings of $76 million for the quarter, which improved 210.1% year over year.

Ingalls Shipbuilding: Revenues in this segment totaled $670 million, up 7.7% year over year driven by higher revenues from the Arleigh Burke-class DDG program and amphibious assault ships.

Also, operating income improved 45.5% year over year to $80 million.

Technical Solutions: Revenues in this segment totaled $237 million, down 25.3% year over year on account of divestiture of the oil and gas business as well as lower volumes in Unmanned Systems.

Operating income improved 44.4% year over year to $13 million.

Financial Update

Cash and cash equivalents as of Jun 30, 2021 were $348 million, down from $512 million on Dec 31, 2020.

Long-term debt as of Jun 30, 2021 was $1,689 million compared with the 2020-end level of $1,686 million.

Cash from operating activities at the end of first-half 2021 grossed $139 million, down from $269 million at the end of first-half 2020.

Zacks Rank

Huntington Ingalls carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Other Releases

Textron Inc. TXT reported second-quarter 2021 adjusted earnings of 81 cents per share, which beat the Zacks Consensus Estimate of 61 cents by 32.8%.

Raytheon Technologies’ RTX second-quarter 2021 adjusted earnings per share of $1.23 outpaced the Zacks Consensus Estimate of 92 cents by 33.7%.

Hexcel Corporation HXL reported second-quarter 2021 adjusted earnings of 8 cents per share, which surpassed the Zacks Consensus Estimate of a penny.


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