Sector: Industrials|Industry: Aerospace & Defense|Market Cap: $7.31B|Employees: 44K
Huntington Ingalls Industries, Inc. designs, builds, overhauls, and repairs military ships in the United States. It operates through three segments: Ingalls, Newport News, and Mission Technologies. The company is involved in the design and construction of non-nuclear ships comprising amphibious assault ships; expeditionary warfare ships; surface combatants; and national security cutters for the U.S. Navy and U.S. Coast Guard. It also provides nuclear-powered ships, such as aircraft carriers and submarines, as well as refueling and overhaul, and inactivation services of nuclear-powered aircraft carriers. In addition, the company offers naval nuclear support services, including fleet services comprising design, construction, maintenance, and disposal activities for in-service the U.S. Navy nuclear ships; and maintenance services on nuclear reactor prototypes. Further, the company provides C5ISR systems and operations; application of artificial intelligence and machine learning to battlefield decisions; defensive and offensive cyberspace strategies and electronic warfare; live, virtual, and constructive solutions; unmanned, autonomous systems; and fleet sustainment; and critical nuclear operations. Huntington Ingalls Industries, Inc. was founded in 1886 and is headquartered in Newport News, Virginia.
Sales and service revenues increased by $131 million, or 5%, compared to the same period in 2023. This increase was primarily driven by higher volumes at Mission Technologies, indicating a strong performance in that segment.
Cash used in operating activities was $202 million, compared to $9 million used in the same period in 2023. This unfavorable change was primarily due to an unfavorable change in trade working capital, driven by the timing of receipts and payments.
The effective income tax rate decreased to 16.8% from 20.9% in the prior year. This decrease was primarily due to research and development tax credits and income tax benefits associated with stock award settlement activity.