Q2 2024 Huntington Ingalls Industries Inc Earnings Call Transcript
Key Points
- Record second quarter revenue of $3 billion, up 6.8% from a year ago.
- Diluted earnings per share increased to $4.38 from $3.27 in the second quarter of 2023.
- New contract awards during the quarter totaled $3.1 billion, resulting in a backlog of $48.5 billion.
- Mission Technologies achieved its seventh consecutive quarter of record revenue with sales of $765 million, up 19% from the previous year.
- Significant progress in shipbuilding with the delivery of multiple ships and continued investments in labor stability and proficiency.
- Attrition rates have not materially improved, impacting workforce stability.
- Some shipbuilding milestones have been adjusted due to workforce availability and sequencing issues.
- Free cash flow for the quarter was negative $99 million, consistent with previous guidance but still a concern.
- Shipbuilding operating margin, while improved, still faces challenges with lower risk retirement on surface combatants.
- Mission Technologies' overperformance in the quarter included material and work that may not reoccur consistently, affecting future revenue predictability.
Yes, ladies and gentlemen, thank you for standing by, and welcome to the second quarter 2024 HII earnings conference call. (Operator instructions) Please be advised that today's conference is being recorded. If you need further assistance, press star zero to reach an operator, I would now like to hand the call over to Christie Thomas, Vice President of Investor Relations. Mr. Thomas, you may begin.
Thank you, operator, and good morning. I'd like to welcome everyone to the HII second quarter 2024 earnings conference call. Joining me today on the call are Chris Kastner, our President and CEO, and Tom Seeley, Executive Vice President and CFO.
As a reminder, statements made today that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties and other factors that may
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