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 7% YoY to $2.977 billion for the three months ended June 30, 2024, and 6% YoY to $5.782 billion for the six months ended June 30, 2024. This growth was primarily due to higher volumes at Mission Technologies, Ingalls, and Newport News.
Operating income increased by 21% to $189 million for the three months ended June 30, 2024, and 15% to $343 million for the six months ended June 30, 2024. This increase was primarily driven by the higher sales and service revenues.
Net cash used in operating activities was $211 million for the six months ended June 30, 2024, compared to cash provided of $73 million for the same period in 2023. The unfavorable change was primarily due to an unfavorable change in trade working capital driven by the timing of payments of accounts payable and receipts of accounts receivable.