2023-05-04 07:20:33 ET
- Huntington Ingalls press release ( NYSE: HII ): Q1 GAAP EPS of $3.23 beats by $0.31 .
- Revenue of $2.7B (+3.8% Y/Y) beats by $100M .
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Net cash used in operating activities in the quarter was $9 million and free cash flow 2 was negative $49 million, compared to cash used in operating activities of $83 million and negative free cash flow of $126 million in the first quarter of 2022.
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New contract awards in the first quarter of 2023 were approximately $2.6 billion, bringing total backlog to approximately $47.0 billion as of March 31, 2023.
- Company reaffirms FY23 guidance expectations: Expect FY23 shipbuilding revenue between $8.4 and $8.6 billion; expect shipbuilding operating margin between 7.7% and 8.0%.
- Expect FY23 Mission Technologies revenue of approximately $2.5 billion, Mission Technologies segment operating margin between 2.5% and 3.0%, and Mission Technologies EBITDA margin between 8.0% and 8.5%.
- Expect FY23 free cash flow between $400 and $450 million .
- Continue to expect cumulative FY20-FY24 free cash flow 2 of approximately $2.9 billion 3
For further details see:
Huntington Ingalls beats Q1 top and bottom line estimates; reaffirms FY23 outlook