2024 Q3 Form 10-Q Financial Statement

#000150158524000036 Filed on August 01, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $2.749B $2.977B
YoY Change -2.38% 6.82%
Cost Of Revenue $2.427B $2.545B
YoY Change 1.13% 6.13%
Gross Profit $322.0M $432.0M
YoY Change -22.6% 11.05%
Gross Profit Margin 11.71% 14.51%
Selling, General & Admin $252.0M $255.0M
YoY Change -0.4% 7.14%
% of Gross Profit 78.26% 59.03%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $82.00M $80.00M
YoY Change -3.53% -8.05%
% of Gross Profit 25.47% 18.52%
Operating Expenses $252.0M $254.0M
YoY Change -0.4% 7.17%
Operating Profit $82.00M $189.0M
YoY Change -52.33% 24.34%
Interest Expense $23.00M $24.00M
YoY Change 4.55% -220.0%
% of Operating Profit 28.05% 12.7%
Other Income/Expense, Net $9.000M $5.000M
YoY Change 350.0% -86.49%
Pretax Income $112.0M $216.0M
YoY Change -40.74% 27.81%
Income Tax $11.00M $43.00M
% Of Pretax Income 9.82% 19.91%
Net Earnings $101.0M $173.0M
YoY Change -31.76% 33.08%
Net Earnings / Revenue 3.67% 5.81%
Basic Earnings Per Share $2.56 $4.38
Diluted Earnings Per Share $2.56 $4.38
COMMON SHARES
Basic Shares Outstanding 39.22M shares 39.43M shares
Diluted Shares Outstanding 39.50M shares 39.50M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.00M $11.00M
YoY Change -90.83% -96.49%
Cash & Equivalents $10.00M $11.00M
Short-Term Investments
Other Short-Term Assets $91.00M $106.0M
YoY Change -14.15% 35.9%
Inventory $205.0M $198.0M
Prepaid Expenses
Receivables $436.0M $706.0M
Other Receivables $173.0M $197.0M
Total Short-Term Assets $2.629B $2.912B
YoY Change 1.62% 3.37%
LONG-TERM ASSETS
Property, Plant & Equipment $3.384B $3.342B
YoY Change 5.72% -3.41%
Goodwill $2.618B $2.618B
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.393B $1.342B
YoY Change 33.43% 33.0%
Total Long-Term Assets $8.453B $8.398B
YoY Change 5.22% 4.43%
TOTAL ASSETS
Total Short-Term Assets $2.629B $2.912B
Total Long-Term Assets $8.453B $8.398B
Total Assets $11.08B $11.31B
YoY Change 4.34% 4.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $579.0M $652.0M
YoY Change 8.22% 25.63%
Accrued Expenses $569.0M $579.0M
YoY Change -2.57% 0.87%
Deferred Revenue $743.0M $886.0M
YoY Change -15.38% 6.36%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $898.0M $942.0M
YoY Change 252.16% 94.63%
Total Short-Term Liabilities $3.336B $3.563B
YoY Change 18.42% 21.73%
LONG-TERM LIABILITIES
Long-Term Debt $1.709B $1.715B
YoY Change -22.77% -28.42%
Other Long-Term Liabilities $406.0M $387.0M
YoY Change 7.69% -74.72%
Total Long-Term Liabilities $2.115B $2.102B
YoY Change -18.34% -46.47%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.336B $3.563B
Total Long-Term Liabilities $2.115B $2.102B
Total Liabilities $6.879B $7.132B
YoY Change -0.13% -1.12%
SHAREHOLDERS EQUITY
Retained Earnings $5.026B $4.977B
YoY Change 10.9% 12.25%
Common Stock $2.037B $2.029B
YoY Change -0.05% -0.05%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.449B $2.414B
YoY Change 8.94% 8.4%
Treasury Stock Shares
Shareholders Equity $4.203B $4.178B
YoY Change
Total Liabilities & Shareholders Equity $11.08B $11.31B
YoY Change 4.34% 4.15%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $101.0M $173.0M
YoY Change -31.76% 33.08%
Depreciation, Depletion And Amortization $82.00M $80.00M
YoY Change -3.53% -8.05%
Cash From Operating Activities $213.0M -$9.000M
YoY Change -36.42% -110.98%
INVESTING ACTIVITIES
Capital Expenditures $88.00M $90.00M
YoY Change 66.04% 32.35%
Acquisitions
YoY Change
Other Investing Activities $12.00M -$1.000M
YoY Change 0.0% -101.72%
Cash From Investing Activities -$76.00M -$91.00M
YoY Change 85.37% 810.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -138.0M 101.0M
YoY Change -72.29% -231.17%
NET CHANGE
Cash From Operating Activities 213.0M -9.000M
Cash From Investing Activities -76.00M -91.00M
Cash From Financing Activities -138.0M 101.0M
Net Change In Cash -1.000M 1.000M
YoY Change -99.51% -120.0%
FREE CASH FLOW
Cash From Operating Activities $213.0M -$9.000M
Capital Expenditures $88.00M $90.00M
Free Cash Flow $125.0M -$99.00M
YoY Change -55.67% -807.14%

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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 develops integrated solutions that enable today's connected, all-domain force.
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<div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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. This practice only exists for interim periods within a reporting year.</span></div>
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<span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Accounting Estimates</span> - 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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CY2024Q2 us-gaap Revenues
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CY2023Q2 us-gaap Revenues
Revenues
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us-gaap Revenues
Revenues
5782000000 usd
us-gaap Revenues
Revenues
5461000000 usd
CY2024Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
48500000000 usd
hii Revenueperformanceobligationrecognitionpercentageyeartwo
Revenueperformanceobligationrecognitionpercentageyeartwo
0.35
hii Revenueperformanceobligationrecognitionpercentageyearfour
Revenueperformanceobligationrecognitionpercentageyearfour
0.30
CY2024Q2 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
1694000000 usd
CY2023Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
1537000000 usd
CY2024Q2 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
886000000 usd
CY2023Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
1063000000 usd
CY2024Q2 hii Net Contract Assets
NetContractAssets
808000000 usd
CY2023Q4 hii Net Contract Assets
NetContractAssets
474000000 usd
hii Increase Decreasein Net Contract Assets
IncreaseDecreaseinNetContractAssets
334000000 usd
CY2024Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
283000000 usd
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
924000000 usd
CY2023Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
122000000 usd
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
673000000 usd
CY2024Q2 us-gaap Revenues
Revenues
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CY2023Q2 us-gaap Revenues
Revenues
2787000000 usd
us-gaap Revenues
Revenues
5782000000 usd
us-gaap Revenues
Revenues
5461000000 usd
CY2024Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
189000000 usd
CY2023Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
156000000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
343000000 usd
CY2024Q2 us-gaap Assets
Assets
11310000000 usd
CY2023Q4 us-gaap Assets
Assets
11215000000 usd
CY2024Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.199
CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.231
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.185
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2024Q2 us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
2000000 usd
us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
4000000 usd
CY2024Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
102000000 usd
CY2024Q2 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
79000000 usd
CY2023Q4 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit
-17000000 usd
CY2024Q2 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit
-5000000 usd
CY2024Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
2000000 usd
us-gaap Loss Contingency Number Of Defendants
LossContingencyNumberOfDefendants
32 numberofreinsurers
hii Percentageofworkforcesubjectto Collective Bargaining Arrangements
PercentageofworkforcesubjecttoCollectiveBargainingArrangements
0.45
CY2024Q2 hii Numberof Collective Bargaining Agreements
NumberofCollectiveBargainingAgreements
9
CY2024Q2 hii Number Of Site Stabilization Agreements
NumberOfSiteStabilizationAgreements
1
us-gaap Other Postretirement Benefits Payments
OtherPostretirementBenefitsPayments
18000000 usd
us-gaap Other Postretirement Benefits Payments
OtherPostretirementBenefitsPayments
16000000 usd
us-gaap Pension And Other Postretirement Benefit Contributions
PensionAndOtherPostretirementBenefitContributions
24000000 usd
us-gaap Pension And Other Postretirement Benefit Contributions
PensionAndOtherPostretirementBenefitContributions
21000000 usd
CY2024Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.199
CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.231
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.185
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.220
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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exhibit311q22024.htm Edgar Link pending
exhibit312q22024.htm Edgar Link pending
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