Earnings rose at Huntington Ingalls Industries, Newport News, Va., in the fourth quarter, which the shipbuilder and federal contractor attributed to growth in those core businesses.
Net earnings for the quarter ended Dec. 31 were $123 million, or $3.07 a share, up from $ 120 million or $2.99 a share, in the year-ago quarter, according to a Feb. 9 press release. For the year, Huntington Ingalls Industries (HII) had net earnings of $579 million or $14.44 per share, up from $544 million or $13.50 a share.
Quarterly revenue was $2.8 billion, up year-over-year from $2.7 billion. Annual revenue was $10.7 billion up from $9.5 billion in 2021.
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 $15 million, down from $17 million a year ago. The 2022 yearly operating income was $63 million, up from $50 million in 2021.
The quarterly segment revenue was $602 million up from $586 million in 2021. Yearly segment revenue was about $2.4 billion, up from $1.5 billion in 2021, the company reported.
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.
“2022 represented another year of steady progress on our ship programs and growth in our Mission Technologies division,” said Huntington Ingalls Industries CEO Chris Kastner.
