US-based military shipbuilding company Huntington Ingalls Industries (HII). reported revenue of $ 2.6 billion in the first quarter of this year.

The figure represents an increase of 13.1% on an annual basis (on an annual basis) of $ 2.28 billion registered a year ago.

During the three-month period ended March 31, 2022, the company’s net profit was $ 140 million. It fell from $ 148 million registered in the corresponding quarter of 2021.

Diluted earnings per share for the quarter amounted to $ 3.50.

Mission Technologies, a business segment of HII that was formerly called Technical Solutions, reported 127.8% quarterly revenue growth.

The unit’s revenue was $ 590 million in the first quarter of 2022, compared to $ 259 million in the first quarter of 2021.

The other two businesses of the company, namely Ingalls Shipbuilding and Newport News Shipbuilding, registered a decline in quarterly revenue.

Ingalls Shipbuilding’s revenue fell from $ 649 million to $ 631 million year-on-year, while Newport News Shipbuilding’s revenue fell 1.2 percent from the same quarter last year to $ 1.39 billion.

HII President and CEO Chris Kastner said: “We are pleased with another quarter of successive implementation of the program and the results that were slightly ahead of our original expectations as we continue to move through a challenging operating environment.

“We believe that HII is well positioned for long-term value creation with very strong signals of lagging behind in shipbuilding and demand, as well as a very capable Mission Technologies department, which is strategically designed to meet the most pressing needs of our customers. .

During the quarter, HHI secured new contracts worth approximately $ 2 billion. This brings the company’s total backlog to almost $ 47.9 billion as of March 31, 2022.

In the fourth quarter of 2021, HHI reported a 2.9% drop in revenue.

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