Earnings rose at Huntington Ingall Industries, Newport News, Va., in the first quarter, which the weapons and defense contractor attributed to growth in Mission Technologies and shipbuilding.
Net earnings for the quarter ended March 31 were $153 million, or $3.87 a share, up from $129 million, or $3.29 a share, in the year-ago quarter, according to a Thursday press release. Quarterly revenue was $2.8 billion, up year-over-year from $2.7 billion.
Quarterly segment operating income for Missions Technologies was $28 million, up from $17 million a year ago. Segment revenue was $750 million, up from $624 million in the year-ago period. Drivers for Mission Technologies include contracts for surface and underwater ships for the US Navy and international customers, according to the press release.
Quarterly segment operating income for Newport News Shipbuilding, HII’s nuclear naval shipbuilding segment, was $82 million, down from $84 million a year ago. Segment revenue was $1.4 billion, down from $1.5 billion in the year-ago period. HII still had growth in its Ingalls Shipbuilding segment, alongside Mission Technologies, which CEO Chris Kastner said would provide a stable and strong balance for the rest of 2024.
HII provides personnel for nuclear operations and manufacturing for the Triad Nuclear Security, which operates in labs such as the Los Alamos National Laboratory. The company also leads a $1.8-billion contract to clean up Manhattan Project and Cold War radioactive waste at the Los Alamos National Laboratory.
After it released earnings Thursday, HII’s stock price declined about $14.76 a share, according to data tracked by Yahoo! Finance.
