Huntington Ingalls' revenue rises 8.8% in first quarter
Revenue at Huntington Ingalls Industries (HII) jumped 8.8% to USD2.3 billion in the first quarter of 2020, as all three of the US shipbuilder’s divisions saw growth, the company announced on 7 May.
HII’s operating income totalled USD215 million, up 33.5% from the same period last year.
At Newport News Shipbuilding, revenue rose 4.8% to USD1.3 billion driven by increased submarine construction.
At Ingalls Shipbuilding, revenue gained 7.7% to USD629 million fuelled by the San Antonio-class LPD amphibious transport dock programme and the Arleigh Burke-class DDG destroyer programme.
Revenue at the Technical Solutions division surged 32.1% to USD317 million, partly owing to last year’s acquisition of Fulcrum IT Services.
HII cautioned that shipbuilding revenue growth will be likely to slow in the second quarter, as efforts to cope with the coronavirus disease (Covid-19) have temporarily reduced staffing at its shipyards to 70% to 75% of normal levels.
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