HII Q3 EPS $2.56 vs $3.70 YoY; FY24 FCF outlook cut to $0-100M from $600-700M

HUNTINGTON INGALLS INDUSTRIES, INC.

2024-Q3 EPS reported $10.81 revenue$8,531,000,000

Q3 revenue $2.7B (-2.4% YoY); net earnings $101M ($2.56 diluted EPS) vs $148M ($3.70) YoY.
Newport News Shipbuilding took $78M unfavorable cumulative adjustment; segment operating margin fell to 3.5% from 6.6%.
FY24 free cash flow outlook slashed to $0-100M from $600-700M; shipbuilding operating margin cut to 5-6% from 7.6-7.8%.
CEO cites uncertainty on submarine block awards, supply chain delays, labor inefficiency, and rework as performance drivers.
New contract awards $3.6B in Q3; total backlog $49.4B as of Sept 30, 2024.

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