Huntington Ingalls Industries, Inc. (HII) Q2 2023 Earnings Call Transcript

For the period ending June 30, 2023

August 3, 2023 9:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Ladies and gentlemen, thank you for standing by and welcome to the Second Quarter 2023 HII Earnings Conference Call. [Operator Instructions] Please be advised that today's conference call is being recorded. [Operator Instructions].

I would now like to turn the call over to Christie Thomas, Vice President of Investor Relations. Ms. Thomas, you may begin.

Christie Thomas

Thank you, operator, and good morning, everyone. Welcome to the HII second quarter 2023 earnings conference call.

Joining me today on the call are Chris Kastner, our President and CEO; and Tom Stiehle, Executive Vice President and CFO.

As a reminder, any forward-looking statements made today that are not historical facts are considered our company's estimates or expectations and are forward-looking statements made pursuant to the Safe Harbor provisions of Federal Securities Laws. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially. For additional information regarding factors that could cause actual results to differ materially from expected results, refer to our SEC filings.

Also, in their remarks today, Chris and Tom will refer to certain non-GAAP measures. For reconciliations of these metrics to the comparable GAAP measures, please see the slides that accompany this webcast, which are available on the Investor Relations website at ir.hii.com.

With that, I would like to turn the call over to our President and CEO, Chris Kastner. Chris?

Chris Kastner

Thanks, Christie. Good morning, everyone. Thank you for joining us. The HII team delivered another solid quarter. Our results demonstrate continued top line growth and steady operational performance. We continue to make progress on our strategy, executing on our significant shipbuilding backlog and growing mission technologies.

Not only are we executing on our shipbuilding backlog, we are also delivering all domain solutions to our unique capabilities to connect the different platforms that our customers use to perform their missions.

Now let's turn to our results on Page 3 of the presentation. Top line growth was 4.7% from the second quarter of 2022, resulting in second quarter revenue of $2.8 billion. Diluted earnings per share was $3.27 for the quarter, down from $4.44 in the second quarter of 2022. New contract awards during the quarter were approximately $2.6 billion, which resulted in backlog of approximately $47 billion at the end of the quarter, of which $24 billion is currently funded.