Every material Form 8-K Huntington Ingalls Industries filed with the SEC in 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Huntington Ingalls Industries completed a public offering of $1 billion in senior unsecured notes on November 18, 2024, split evenly between $500 million of 5.353% notes due 2030 and $500 million of 5.749% notes due 2035. The filing describes the notes' interest schedule, guarantees, and covenants, which add to the company's long-term debt obligations for shareholders.
$500 million of 5.353% Senior Notes mature January 15, 2030
$500 million of 5.749% Senior Notes mature January 15, 2035
Interest is paid semi-annually on January 15 and July 15, beginning July 15, 2025
Notes are guaranteed by certain domestic subsidiaries; U.S. Bank Trust Company, National Association, is trustee
HII's board elected Executive Vice President Kari Wilkinson to lead Newport News Shipbuilding, its largest division, effective January 1, 2025, when Jennifer Boykin retires after 37 years with the company. Brian Blanchette was elected to succeed Wilkinson as president of Ingalls Shipbuilding on the same date, so the change affects two of HII's shipyards.
Wilkinson's annual base salary rises from $545,000 to $625,000, effective January 1, 2025; other compensation is substantially unchanged.
Boykin retires effective January 1, 2025 and will stay on in an advisory capacity through March, per CEO Chris Kastner.
Blanchette, currently vice president of quality and engineering at Ingalls, joined the company in 1996 and takes over Ingalls on January 1, 2025.
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.
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
Huntington Ingalls Industries entered a Second Amended and Restated Credit Agreement on September 17, 2024, with JPMorgan Chase Bank, N.A. as administrative agent. The revolving credit facility capacity rose from $1.5 billion to $1.7 billion and its maturity was extended to September 17, 2029. The filing describes this as a refinancing of the existing facility, and the pricing terms are tied to the company's credit rating.
Facility capacity increased from $1.5 billion to $1.7 billion
Maturity extended to September 17, 2029
At current credit rating, drawn amounts would bear interest at SOFR plus 1.375%, and the commitment fee would be 0.20%
HII reported record second quarter 2024 revenue of $3.0 billion, up 6.8% from a year earlier, with net earnings of $173 million, or $4.38 per diluted share, compared with $3.27 in the second quarter of 2023. The company raised its Mission Technologies revenue guidance range and reaffirmed its shipbuilding guidance, but free cash flow was negative $99 million in the quarter.
Revenue of $3.0 billion, up 6.8%; operating income of $189 million, up 21.2%
Net earnings of $173 million, up 33.1%; diluted EPS of $4.38 versus $3.27
Free cash flow was negative $99 million, compared with positive $14 million in the second quarter of 2023
Raised Mission Technologies revenue guidance range and reaffirmed FY24 shipbuilding guidance
HII reported first-quarter 2024 results on May 2, 2024, with revenue of $2.8 billion, up 4.9% from a year earlier, and net earnings of $153 million, or $3.87 per diluted share, compared with $3.23 in the first quarter of 2023. The company reaffirmed its 2024 financial outlook. Free cash flow was negative $274 million, which matters to shareholders watching cash generation.
Revenue of $2,805 million, up 4.9% from $2,674 million, driven mainly by Mission Technologies, where revenue rose 20.2%.
Net earnings of $153 million, or $3.87 per diluted share, versus $129 million, or $3.23, a year earlier.
Free cash flow was negative $274 million, compared with negative $49 million in the first quarter of 2023.
The company reaffirmed its FY24 outlook, including free cash flow of $600 million to $700 million.
HII reported fourth quarter 2023 revenue of $3.2 billion, up 13% from a year earlier, and diluted earnings per share of $6.90 versus $3.07. For full year 2023, revenue reached a record $11.5 billion, up 7.3%, and diluted EPS was $17.07 versus $14.44. The company also issued 2024 outlook calling for shipbuilding revenue of $8.8 billion to $9.1 billion and free cash flow of $600 million to $700 million.
Q4 2023 operating income was $312 million, with operating margin of 9.8% versus 3.7% a year earlier; segment operating income was lifted by the sale of a court judgment and an insurance claim settlement
Full year 2023 net earnings were $681 million, up from $579 million in 2022; free cash flow was $692 million
New contract awards in 2023 were about $12.5 billion, bringing total backlog to about $48.1 billion as of December 31, 2023
FY24 outlook: shipbuilding revenue of $8.8 billion to $9.1 billion, Mission Technologies revenue of $2.7 billion to $2.75 billion, and free cash flow of $600 million to $700 million
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.
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