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Huntington Ingalls Industries Inc. (HII+4.99%) has filed its annual report on Form 10-K for the fiscal year ended December 31, 2024. The full report is available for review filing.
The report details that Huntington Ingalls Industries Inc. generated $11.5 billion in sales and service revenues for the year, a slight increase from $11.4 billion in 2023. The increase was attributed to higher volumes at Mission Technologies and Ingalls, offset by lower volumes at Newport News.
Operating income for the year was $535 million, a decrease from $781 million in 2023. This decline was primarily due to lower performance at Ingalls and Newport News, partially offset by improved performance at Mission Technologies.
The company reported net earnings of $550 million, down from $681 million in the previous year. This decrease was influenced by lower operating income and changes in the effective tax rate.
Huntington Ingalls Industries Inc.'s backlog as of December 31, 2024, was approximately $48.7 billion, with 21% expected to convert into sales in 2025. The backlog includes significant contracts for the construction and maintenance of naval ships.
The company made significant investments in capital expenditures, totaling $353 million in 2024, up from $278 million in 2023. These expenditures were primarily focused on maintaining and upgrading shipbuilding facilities.
Huntington Ingalls Industries Inc. increased its quarterly cash dividend to $1.35 per share in November 2024 and repurchased 607,841 shares of its common stock during the year.
The report also highlights various risk factors including dependence on U.S. Government contracts, competition in the defense industry, and potential impacts from regulatory changes and cybersecurity threats.
Huntington Ingalls Industries Inc. continues to focus on its core shipbuilding operations and expanding its Mission Technologies segment, which provides a wide range of defense and security solutions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Huntington Ingalls Industries Inc. annual 10-K report dated February 6, 2025. To report an error, please email earnings@qz.com.