HII Q3 EPS falls 30.8% to $2.56; 2024 free cash flow outlook cut to $0-$100 million
HII reported third quarter 2024 revenue of $2.7 billion, down 2.4%, and net earnings of $101 million, or $2.56 per diluted share, versus $148 million and $3.70 a year earlier. The company cut its fiscal 2024 shipbuilding operating margin outlook to 5.0% to 6.0% from 7.6% to 7.8% and its fiscal 2024 free cash flow outlook to $0 to $100 million from $600 million to $700 million, and withdrew its five-year free cash flow outlook, which weighs on shareholder expectations for cash generation.
Key points
- Q3 2024 revenue $2.7 billion, down 2.4%; net earnings $101 million vs. $148 million a year earlier
- Newport News Shipbuilding included a net unfavorable cumulative adjustment of $78 million; segment operating margin 1.1%
- FY24 free cash flow outlook cut to $0-$100 million from $600-$700 million; five-year (2024-2028) outlook withdrawn
- Total backlog approximately $49.4 billion as of September 30, 2024
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 12:56 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on October 31, 2024.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.