NEWPORT NEWS, Va. - HII reported second quarter 2023 revenues of $2.8B, up 4.7% from the second quarter of 2022, driven primarily by growth at Newport News Shipbuilding and Mission Technologies.
Operating income in Q2 was $156M and operating margin was 5.6%, compared to $191M and 7.2%, respectively, in the Q2 of 2022.
The decreases were primarily driven by lower segment operating income compared to the prior year, partially offset by favorable changes to the operating FAS/CAS adjustment and non-current state income taxes.
New contract awards in Q2 were about $2.6B billion, bringing total backlog to around $46.9B as of June 30. (HII 08/03/23) HII Reports Second Quarter Earnings 2023 - HII
In a follow-on meeting with media, CEO/President Chris Kastner provided updates on the company’s shipbuilding programs, including the completion of builder’s trials for National Security Cutter Calhoun (NSC 10) and delivery of the first Flight III Arleigh Burke-class guided-missile destroyer Jack H. Lucas (DDG 125) to the Navy.
HII expects to launch DDG 128 Ted Stevens and LHA 8 Bougainville and deliver NSC 10 and LPD 29 Richard M. McCool Jr. later this year.
HII reaffirmed its shipbuilding guidance for FY-23, projecting to record between $8.4B and $8.6B in full-year sales.
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