Revenues were $2.8 billion in the quarter; $9.4 billion in 2020
The operating margin was 11.1% in the quarter; 8.5% in 2020
Diluted earnings per share were $6.15 in the quarter, $17.14 in 2020
Cash from operations was $1.1 billion, and free cash flow1 was $757 million in 2020
The backlog of $46.0 billion at year-end
NEWPORT NEWS, VA (STL.News) Huntington Ingalls Industries (NYSE:HII) reported fourth-quarter 2020 revenues of $2.8 billion, up 14.3% from the fourth quarter of 2019. Operating income in the quarter was $305 million, and operating margin was 11.1%, compared to $186 million and 7.7%, respectively, in the fourth quarter of 2019. Diluted earnings per share in the quarter was $6.15, compared to $3.61 in the same period of 2019.
For the full year, revenues of $9.4 billion increased 5.2% over 2019. Operating income in 2020 was $799 million, and operating margin was 8.5%, compared to $736 million and 8.3%, respectively, in 2019. Diluted earnings per share for the full year was $17.14, compared to $13.26 in 2019.
Cash from operations in 2020 was $1.1 billion, and free cash flow1 was $757 million, compared to $896 million and $460 million, respectively, in 2019.
New contract awards in the quarter were approximately $3.5 billion, bringing the total backlog to approximately $46.0 billion as of Dec. 31, 2020.
“2020 will be remembered as one of the most challenging business environments that we have ever had to navigate. Throughout the COVID-19 pandemic, we have made decisions that are focused on the safety and well being of our employees, and I could not be prouder of the way our team responded to the challenges. We enter 2021 as a stronger and more agile company with positive momentum and an enormous opportunity in front of us to leverage our $46 billion backlogs to drive long-term, sustainable value creation,” said Mike Petters, HII’s president, and CEO.
Huntington Ingalls Industries – 2021 Financial Outlook
- Expect FY21 shipbuilding revenue1 between $8.2 and $8.4 billion, and shipbuilding operating margin1 between 7.0% and 8.0%
- Expect FY21 Technical Solutions revenue of approximately $1.0 billion and segment operating margin1 between 3.0% and 5.0%
- Expect FY21 free cash flow1 between $150 and $250 million.
- Expect cumulative FY20-FY24 free cash flow1 of approximately $3 billion
NOTE: This is NOT the complete release but only a summary.
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