$HII
HUNTINGTON INGALLS INDUSTRIES, INC.

2023 Q2 Form 10-Q Financial Statement

#000150158523000016 Filed on May 04, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $2.787B $2.674B
YoY Change 4.7% 3.8%
Cost Of Revenue $2.398B $2.324B
YoY Change 5.55% 4.36%
Gross Profit $389.0M $350.0M
YoY Change -0.26% 0.29%
Gross Profit Margin 13.96% 13.09%
Selling, General & Admin $238.0M $220.0M
YoY Change 4.85% 1.38%
% of Gross Profit 61.18% 62.86%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $87.00M $55.00M
YoY Change 0.0% 5.77%
% of Gross Profit 22.37% 15.71%
Operating Expenses $237.0M $221.0M
YoY Change 4.87% 1.38%
Operating Profit $152.0M $141.0M
YoY Change -20.42% 2.17%
Interest Expense -$20.00M $24.00M
YoY Change -176.92% -7.69%
% of Operating Profit -13.16% 17.02%
Other Income/Expense, Net $37.00M $9.000M
YoY Change -470.0% -228.57%
Pretax Income $169.0M $163.0M
YoY Change -23.87% -7.39%
Income Tax $39.00M $34.00M
% Of Pretax Income 23.08% 20.86%
Net Earnings $130.0M $129.0M
YoY Change -26.97% -7.86%
Net Earnings / Revenue 4.66% 4.82%
Basic Earnings Per Share $3.27 $3.23
Diluted Earnings Per Share $3.27 $3.23
COMMON SHARES
Basic Shares Outstanding 39.89M shares 39.86M shares
Diluted Shares Outstanding 39.80M shares 39.90M shares

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $313.0M $318.0M
YoY Change -16.53% -3.64%
Cash & Equivalents $313.0M $318.0M
Short-Term Investments
Other Short-Term Assets $78.00M $78.00M
YoY Change 5.41% 1.3%
Inventory $190.0M $190.0M
Prepaid Expenses
Receivables $2.052B $755.0M
Other Receivables $184.0M $113.0M
Total Short-Term Assets $2.817B $2.752B
YoY Change -0.11% -1.22%
LONG-TERM ASSETS
Property, Plant & Equipment $3.460B $3.182B
YoY Change 11.54% 2.84%
Goodwill $2.618B $2.618B
YoY Change -0.61% -0.38%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.009B $1.046B
YoY Change 41.12% 51.59%
Total Long-Term Assets $8.042B $8.097B
YoY Change 3.55% 4.2%
TOTAL ASSETS
Total Short-Term Assets $2.817B $2.752B
Total Long-Term Assets $8.042B $8.097B
Total Assets $10.86B $10.85B
YoY Change 2.58% 2.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $519.0M $505.0M
YoY Change -1.7% -7.17%
Accrued Expenses $574.0M $559.0M
YoY Change -3.37% -5.25%
Deferred Revenue $833.0M $810.0M
YoY Change 10.04% 18.25%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $484.0M $399.0M
YoY Change
Total Short-Term Liabilities $2.927B $2.867B
YoY Change 19.62% 18.42%
LONG-TERM LIABILITIES
Long-Term Debt $2.396B $2.498B
YoY Change -22.76% -21.94%
Other Long-Term Liabilities $1.531B $368.0M
YoY Change 330.06% 2.22%
Total Long-Term Liabilities $3.927B $2.866B
YoY Change 13.56% -19.49%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.927B $2.867B
Total Long-Term Liabilities $3.927B $2.866B
Total Liabilities $7.213B $7.286B
YoY Change -5.51% -5.8%
SHAREHOLDERS EQUITY
Retained Earnings $4.434B $4.354B
YoY Change 7.8% 9.34%
Common Stock $2.030B $2.024B
YoY Change 1.4% 1.45%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.227B $2.220B
YoY Change 1.88% 2.35%
Treasury Stock Shares
Shareholders Equity $3.646B $3.563B
YoY Change
Total Liabilities & Shareholders Equity $10.86B $10.85B
YoY Change 2.58% 2.77%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $130.0M $129.0M
YoY Change -26.97% -7.86%
Depreciation, Depletion And Amortization $87.00M $55.00M
YoY Change 0.0% 5.77%
Cash From Operating Activities $82.00M -$9.000M
YoY Change -69.29% -89.16%
INVESTING ACTIVITIES
Capital Expenditures $68.00M $43.00M
YoY Change -215.25% 0.0%
Acquisitions
YoY Change
Other Investing Activities $58.00M -$17.00M
YoY Change 5700.0%
Cash From Investing Activities -$10.00M -$60.00M
YoY Change -82.76% 39.53%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $10.00M
YoY Change -90.0%
Cash From Financing Activities -77.00M -$80.00M
YoY Change -53.05% -53.22%
NET CHANGE
Cash From Operating Activities 82.00M -$9.000M
Cash From Investing Activities -10.00M -$60.00M
Cash From Financing Activities -77.00M -$80.00M
Net Change In Cash -5.000M -$149.0M
YoY Change -111.11% -49.83%
FREE CASH FLOW
Cash From Operating Activities $82.00M -$9.000M
Capital Expenditures $68.00M $43.00M
Free Cash Flow $14.00M -$52.00M
YoY Change -95.71% -58.73%

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CY2023Q1 us-gaap Nature Of Operations
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DESCRIPTION OF BUSINESSHuntington Ingalls Industries, Inc. ("HII" or the "Company") is a global, all-domain defense partner, building and delivering the world’s most powerful, survivable naval ships and technologies that safeguard America’s seas, sky, land, space, and cyber. HII is organized into three reportable segments: Ingalls Shipbuilding ("Ingalls"), Newport News Shipbuilding ("Newport News"), and Mission Technologies. For more than a century, the Company's Ingalls segment in Mississippi and Newport News segment in Virginia have built more ships in more ship classes than any other U.S. naval shipbuilder, making HII America's largest shipbuilder. The Mission Technologies segment delivers high-value engineering and technology solutions to enable multi-domain distributed operations in the government and commercial services markets.
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The quarterly information is labeled using a calendar convention; that is, first quarter is consistently labeled as ending on March 31, second quarter as ending on June 30, and third quarter as ending on September 30. It is management's long-standing practice to establish interim closing dates using a "fiscal" calendar, which requires the businesses to close their books on a Friday near these quarter-end dates in order to normalize the potentially disruptive effects of quarterly closings on business processes. The effects of this practice only exist for interim periods within a reporting year.
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Accounting Estimates - The preparation of the Company's unaudited condensed consolidated financial statements requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingencies at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Estimates have been prepared on the basis of the most current and best available information, and actual results could differ materially from those estimates.
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CY2023Q1 us-gaap Unrecognized Tax Benefits
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CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
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