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HII posts $2.2bn in Q2 2021 revenues

5th August 2021 - 16:53 GMT | by Shephard News Team in London

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HII’s Ingalls Shipbuilding division in Pascagoula, Mississippi. (Photo: HII.)

US shipbuilder Huntington Ingalls Industries said that strong performance on Arleigh Burke-class destroyers, submarine and aircraft carrier programmes bolstered revenues.

Huntington Ingalls Industries (HII) has reported Q2 2021 revenues of $2.2 billion, up 10.1% on the same period of 2020.

Operating income reached $128 million with a margin of 5.7%, up by $78 million on Q2 2020. HII said increases in operating income and margin were primarily the result of solid segment operating results compared to the year before. Q2 2020 was also affected by the income impacts of the COVID-19 pandemic and ‘unfavourable’ Virginia-class submarine programme.

HII posted Q2 2021 net earnings of $129 million, up from $53 million in Q2 2020.

HII President and CEO Mike Petters said: ‘We are pleased with second-quarter results that demonstrate another quarter of consistent program execution,’

Petters added the company’s recent acquisition of Alion Science and Technology offered ‘significant growth potential’ and investment in ‘capabilities that are critical to national security’, saying it added value for HII stakeholders.

Ingalls Shipbuilding reported revenue of $670 million, up by $48m on Q2 2020. The segment’s operating income was $80 million.

The increase was driven by higher revenues on the Arleigh Burke-class destroyer programme and amphibious assault ship work. This counteracted lower income on the Legend-class National Security Cutter (NSC) programme.

Ingall’s highlights included launching the first Flight III Arleigh Burke-class destroyer, USS Jack H Lucas, the christening of destroyer Lenah Sutcliffe Higbee and a $107 million advance procurement contract for the unnamed amphibious assault ship LHA 9.

HII’s Newport News Shipbuilding segment posted $1.4 billion in Q2 2021 revenues, up $241 million on Q2 2020. The figure was driven by strong submarine and aircraft carrier building performance.

Submarine revenues increased primarily due to higher volumes on the Block IV and Block V boats of the Virginia-class and the Columbia-class submarine programmes.

Newport News Shipbuilding Q2 highlights included aircraft carrier John F. Kennedy reaching 83% completion and crew moving aboard the aircraft carrier George Washington.