HII Reports 4.9% Revenue Growth to $2.8B in Q1 2024; Chris Kastner Quoted

HII (NYSE: HII) has posted $2.8 billion in revenues during the first quarter of 2024, a 4.9 percent increase from the prior-year period, and reported an operating income of $154 million, up 9.2 percent compared to the previous year.

The company attributed its revenue increase to growth in its mission technologies and Ingalls Shipbuilding segments, which gained $750 million and $655 million in Q1 revenues, respectively, according to an earnings statement published Thursday.

“Strong growth in Mission Technologies and stable shipbuilding progress provide a solid foundation for the balance of 2024 and beyond,” said Chris Kastner, president and CEO of HII.

At an earnings call Thursday, Kastner said Mission Technologies won key contract awards during the quarter, including a $305 million contract from the Defense Intelligence Agency to help protect U.S. regional interest in South Korea and a $74 million contract to research, analyze and develop enhanced capabilities for the Mk 41 and Mk 57 vertical launching systems onboard U.S. Navy surface ships.

HII received $3.1 billion in Q1 contract awards, bringing its total backlog to approximately $48.4 billion as of March 31.

The company also posted $153 million in net earnings, compared to $129 million in the first quarter of
2023, and $3.87 in diluted earnings per share, compared to $3.23 in the same quarter last year.

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