HII Books 3.8% Q1 Revenue Hike; Chris Kastner Highlights Growth in Newport News, Mission Technologies Divisions

HII (NYSE: HII) logged first-quarter revenue of $2.7 billion, up 3.8 percent from prior-year period figures, and the company attributed the growth to strong performance by its Newport News Shipbuilding and Mission Technologies divisions.

The company said Thursday net earnings for the quarter totaled $129 million, or $3.23 per share, compared to $140 million, or $3.50 per share, a year earlier. Operating income rose to $141 million from $138 million.

HII’s Newport News Shipbuilding division logged first-quarter revenue of $1.5 billion, up 8.3 percent from $1.39 billion, owing to higher revenues in aircraft carriers and submarines.

At the Mission Technologies division, revenue for the period went up to $624 million from $590 million a year earlier, on the back of higher volumes in mission-based solutions.

Revenue in the Ingalls Shipbuilding division amounted to $577 million, compared to $631 million in the first quarter of 2022.

HII’s reported $2.5 billion in new contract awards during the quarter and $47 billion in total backlog as of March 31, 2023.

Chris Kastner, HII president and CEO, said the company will continue to invest in workforce training, development and retention programs.

“We successfully hired over 1,500 craftsmen and women in the first quarter, which is at 30% of our full-year plan of approximately 5,000. This solid pace for hiring reflects continued recovery and stability in rebuilding our labor workforce post-COVID,” Kastner said during a conference call with analysts.

HII shares opened higher at $201.16 on Friday, compared to a previous close of $196.84.

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