HII Q1 revenue $2.6B (+13.1%), EPS $3.50; reaffirms FY22 guidance

HUNTINGTON INGALLS INDUSTRIES, INC.

2022-Q1 EPS reported $3.50 revenue$2,576,000,000

Net earnings $140M ($3.50 diluted EPS) vs $148M ($3.68) YoY; operating margin 5.4% vs 6.5%.
Segment operating income $176M (6.8% margin), down from $191M (8.4%) on lower risk retirement at Newport News.
Newport News Shipbuilding revenue $1.39B (-1.2%); submarine revenue up on Columbia/Virginia-class, offset by aircraft carrier decline.
Mission Technologies revenue $590M (+127.8%) on Alion acquisition; EBITDA margin 7.3%.
Reaffirmed FY22 shipbuilding rev $8.2-8.5B, free cash flow $300-350M; updated pension expectations to $273M non-operating retirement benefit.

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