Huntington Ingalls Industries Q3 2024 Update

TL;DR

HII Q3 2024: Assets $39.1B, Liabilities $2.5B. YTD Rev $1.1B, Net Income $1.0B.

AI Summary

Huntington Ingalls Industries, Inc. reported its third-quarter 2024 results, ending September 30, 2024. The company's total assets were $39,129,347, with total liabilities of $2,544. For the nine months ended September 30, 2024, the company had revenues of $1,091 and net income of $1,009.

Why It Matters

This filing provides insight into the financial health and performance of a major defense contractor, impacting investors and the broader defense industry.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report with no immediate red flags.

Key Numbers

• $39.1B — Total Assets (As of September 30, 2024)
• $2.5B — Total Liabilities (As of September 30, 2024)
• $1.1B — Revenue (YTD) (For the nine months ended September 30, 2024)
• $1.0B — Net Income (YTD) (For the nine months ended September 30, 2024)

Key Players & Entities

• HUNTINGTON INGALLS INDUSTRIES, INC. (company) — Filer
• 20240930 (date) — Reporting Period End Date
• 20241031 (date) — Filing Date
• 39,129,347 (dollar_amount) — Total Assets
• 2,544 (dollar_amount) — Total Liabilities
• 1,091 (dollar_amount) — Revenue for nine months ended 09/30/2024
• 1,009 (dollar_amount) — Net Income for nine months ended 09/30/2024

FAQ

Key Financial Figures

• $0.01 — 0) Stockholders' Equity Common stock, $0.01 par value; 150,000,000 shares authorize

Filing Documents

• hii-20240930.htm (10-Q) — 1723KB
• exhibit311q32024.htm (EX-31.1) — 10KB
• exhibit312q32024.htm (EX-31.2) — 10KB
• exhibit321q32024.htm (EX-32.1) — 4KB
• exhibit322q32024.htm (EX-32.2) — 4KB
• 0001501585-24-000042.txt ( ) — 7674KB
• hii-20240930.xsd (EX-101.SCH) — 43KB
• hii-20240930_cal.xml (EX-101.CAL) — 69KB
• hii-20240930_def.xml (EX-101.DEF) — 227KB
• hii-20240930_lab.xml (EX-101.LAB) — 601KB
• hii-20240930_pre.xml (EX-101.PRE) — 414KB
• hii-20240930_htm.xml (XML) — 1317KB

– FINANCIAL INFORMATION Page

PART I – FINANCIAL INFORMATION Page

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) Condensed Consolidated Statements of Operations and Comprehensive Income 1 Condensed Consolidated Statements of Financial Position 2 Condensed Consolidated Statements of Cash Flows 3 Condensed Consolidated Statements of Changes in Equity 4 Notes to Condensed Consolidated Financial Statements 5 1. Description of Business 5 2. Basis of Presentation 5 3. Accounting Standards Updates 6 4. Stockholders' Equity 6 5. Earnings Per Share 8 6. Revenue 8 7. Segment Information 12 8. Income Taxes 12 9. Investigations, Claims, and Litigation 13 10. Commitments and Contingencies 14 11. Employee Pension and Other Postretirement Benefits 15 12. Stock Compensation Plans 16

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 16

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 32

Controls and Procedures

Item 4. Controls and Procedures 32

– OTHER INFORMATION

PART II – OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 33

Risk Factors

Item 1A. Risk Factors 33

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 33

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 33

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 33

Other Information

Item 5. Other Information 34

Exhibits

Item 6. Exhibits 34

Signatures

Signatures 35 Table of Contents HUNTINGTON INGALLS INDUSTRIES, INC.

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED) Three Months Ended September 30 Nine Months Ended September 30 (in millions, except per share amounts) 2024 2023 2024 2023 Sales and service revenues Product sales $ 1,761 $ 1,835 $ 5,474 $ 5,543 Service revenues 988 981 3,057 2,734 Sales and service revenues 2,749 2,816 8,531 8,277 Cost of sales and service revenues Cost of product sales 1,556 1,541 4,720 4,711 Cost of service revenues 871 859 2,682 2,411 Income from operating investments, net 12 9 35 25 General and administrative expenses 252 253 739 711 Operating income 82 172 425 469 Other income (expense) Interest expense ( 23 ) ( 22 ) ( 68 ) ( 70 ) Non-operating retirement benefit 44 37 134 111 Other, net 9 2 21 11 Earnings before income taxes 112 189 512 521 Federal and foreign income tax expense 11 41 85 114 Net earnings $ 101 $ 148 $ 427 $ 407 Basic earnings per share $ 2.56 $ 3.70 $ 10.81 $ 10.18 Weighted-average common shares outstanding 39.5 40.0 39.5 40.0 Diluted earnings per share $ 2.56 $ 3.70 $ 10.81 $ 10.18 Weighted-average diluted shares outstanding 39.5 40.0 39.5 40.0 Dividends declared per share $ 1.30 $ 1.24 $ 3.90 $ 3.72 Net earnings from above $ 101 $ 148 $ 427 $ 407 Other comprehensive income Change in unamortized benefit plan costs 5 4 14 13 Tax expense for items of other comprehensive income ( 2 ) ( 2 ) ( 4 ) ( 4 ) Other comprehensive income, net of tax 3 2 10 9 Comprehensive income $ 104 $ 150 $ 437 $ 416 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 1 Table of Contents HUNTINGTON INGALLS INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED) ($ in millions) September 30, 2024 December 31, 2023 Assets Current Assets Cash and cash equivalents $ 10 $ 430 Accounts receivable, net of allowance for expected credit losses of $ 2 million as

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View this 10-Q filing on SEC EDGAR