HII's first quarter revenue up 3.8%

HII logged first-quarter revenue of $2.7B, up 3.8% from 1Q prior-year figures. The company attributed the growth to strong performance by its Newport News Shipbuilding and Mission Technologies divisions. Net earnings for 1Q totaled $129M compared to $140M a year earlier. Operating income rose to $141M from $138M. Revenue at HII's Ingalls Shipbuilding division in coastal Mississippi amounted to $577M, compared to $631M in the 2022 first quarter. HII’s reported $2.5B in new contract awards during 1Q, and $47B in total backlog as of March 31. (GovWire 05/05.23) HII Books 3.8% Q1 Revenue Hike; Chris Kastner Highlights Growth in Newport News, Mission Technologies Divisions - GovCon Wire