USA: HII Reports 4Q Results

Huntington Ingalls Industries reported fourth quarter 2011 sales of $1.74 billion, consistent with the fourth quarter of 2010.

Highlights:

  • Total sales were $1.74 billion for the fourth quarter and $6.58 billion for 2011
  • Adjusted total operating margin was 6.6 percent for the fourth quarter and 6.1 percent for 2011
  • Adjusted diluted earnings per share was $1.19 for the fourth quarter and $3.97 for 2011
  • Cash provided by operations was $474 million for the fourth quarter and $528 million for 2011

The impact of a $10 million non-cash goodwill impairment finalization adjustment resulted in reported net earnings of $69 million for the quarter and $1.39 diluted earnings per share on a GAAP basis. Excluding the goodwill impairment adjustment in the fourth quarter, total operating margin was 6.6 percent, up from 6.0 percent for the same period last year, and diluted earnings per share was $1.19 for the quarter.

For the full year 2011, sales were $6.58 billion, down 2.2 percent from 2010. The impact of a $290 million non-cash goodwill impairment charge resulted in a reported net loss of $94 million for 2011 and a $1.93 loss per share on a GAAP basis. Excluding the charge, total operating margin was 6.1 percent, up from 3.7 percent last year, and diluted earnings per share was $3.97 for 2011, up from $2.77 in 2010.

Cash provided by operations in the fourth quarter of 2011 was $474 million, up $266 million, or 128 percent, over the fourth quarter of 2010. Full year 2011 cash provided by operations was $528 million, up $169 million, or 47 percent, over 2010. New business awards for 2011 were $5.6 billion, of which $0.8 billion was awarded in the fourth quarter, bringing total backlog to $16.3 billion as of Dec. 31, 2011.

“Our overall performance was very strong for the quarter, and we remain on track to deliver our long-term financial performance goals,” said Mike Petters, HII’s president and chief executive officer. “In addition, the delivery of the amphibious ship LPD-22 San Diego in December marked a major milestone toward completing the turnaround at our Ingalls Shipbuilding segment. Despite the uncertainty around the defense budget, our focus remains on continuing to deliver high-quality ships that are valued by our customers, the U.S. Navy and Coast Guard.”

Shipbuilding Tribune Staff, March 29, 2012

 

Share this article

Follow World Maritime News

Posted on March 29, 2012

In Depth>

Events>

<< Apr 2015 >>
MTWTFSS
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 1 2 3

Ice Class Vessels

Many kinds of Vessel operate near the poles, all of which are exposed to a number of unique demands…

read more >

17th Annual Global Liner Shipping Conference

Participants of GLS 2014 assessed industry’s most critical topics:
– Analysed the potential impact of the P3 alliance…

read more >

7th International Conference & Exhibition

The conference is a targeted event specially designed for, and aimed at, representatives from operations, maintenance and engineering from…

read more >

Sea Asia 2015

Sea Asia 2015 is expected to attract more than 14,000 participants including CEOs, presidents, decision-makers and maritime professionals…

read more >