HII 2Q results, and outlook

NEWPORT NEWS, Va. - Huntington Ingalls Industries (HII) reported second quarter 2020 revenues of $2B, down 7.4 percent from the 2Q of 2019. Operating income in the quarter was $57M and operating margin was 2.8 percent, compared to $175M and 8 percent, respectively, in the 2Q34 of 2019. The decreases were primarily driven by unfavorable cumulative catch-up adjustments totaling $167M resulting from updated cost and schedule assumptions across all programs - $61M resulting from discrete COVID-19 related delay and disruption estimates across all programs. It also includes impacts from lower employee attendance, availability of critical skills, and out-of-sequence work, attributable to, among other things, orders of civil authorities associated with COVID-19 and steps taken to mitigate the effects of COVID-19. (Source: HII 08/06/20) https://newsroom.huntingtoningalls.com/releases/huntington-ingalls-industries-reports-second-quarter-2020-results-provides-covid-19-update-and-updates-2020-outlook