Huntington Ingalls Industries, Newport News, Va., reported lower earnings in the quarter ended June 30 but called out revenue growth in shipbuilding and the Mission Technologies segment, which handles business with the Department of Energy.
Net earnings for the quarter ended June 30 were $130 million, or $3.27 a share, down from $178 million or $4.44 a share year ago, according to a Thursday press release.
Quarterly company revenue was about $2.8 billion, up year-over-year from roughly $2.7 billion, “driven primarily by growth at Newport News Shipbuilding and Mission Technologies,” the company wrote in the release.
Despite revenue gains, quarterly segment operating income for the Mission Technologies segment, where HII quarterbacks its National Nuclear Security Administration and Department of Energy Office of Environmental Management joint ventures, was $9 million, down from $25 million a year ago.
Non-recurring gains a year ago and one-time costs in the quarter just ended accounted for the drop, the company wrote in its earnings press release.
The quarterly segment revenue was $645 million up from $600 million in 2022.
A Huntington Ingalls company is the lead partner in Newport News Nuclear-BWXT Los Alamos, the nuclear cleanup contractor at DOE’s Los Alamos Laboratory in New Mexico. HII is also an integrated subcontractor within Triad National Security, which operates Los Alamos for the National Nuclear Security Administration. The company is also a junior partner on Savannah River Nuclear Solutions, the Fluor-led prime running the Savannah River Site in South Carolina.
“The teams at Newport News and Ingalls continue to hit important shipbuilding milestones and Mission Technologies secured another quarter of robust growth and record revenue generation,” Chris Kastner, the company’s CEO, said in the release.
