The company said Ingalls sales and service revenues, including intersegment sales, rose $182 million (7%) in 2023, Newport News rose $281 million (5%), and Mission Technologies rose $312 million (13%). Segment operating income was $362 million, $379 million and $101 million, respectively.

10-KAnnual reportFiled Feb 1, 2024Period of report Dec 31, 2023Summary published (UTC) Oct 24, 2026

Key points

AI summary

The company said Ingalls sales and service revenues, including intersegment sales, rose $182 million (7%) in 2023, Newport News rose $281 million (5%), and Mission Technologies rose $312 million (13%). Segment operating income was $362 million, $379 million and $101 million, respectively.
Huntington Ingalls said cash provided by operating activities in 2023 was $970 million, up from $766 million in 2022. The company cited accelerated collections of receivables and higher earnings as factors, and said free cash flow rose $198 million.
The company said total backlog as of December 31, 2023 was approximately $48.1 billion, of which about 22% is expected to be converted into sales in 2024. New contract awards in 2023 totaled approximately $12.5 billion.
The company said it paid cash dividends totaling $200 million ($5.02 per share) in 2023, and its board approved raising the quarterly dividend to $1.30 per share, effective with the November 2023 declaration. In 2023, it repurchased 337,007 shares for $75 million, and in January 2024 the board raised the repurchase program limit from $3.2 billion to $3.8 billion.

Key figures

Fiscal year ended December 31, 2023

Revenue: $11.5B
Operating income: $781M
Net income: $681M
EPS: $17.07
Operating cash flow: $970M

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Segment Sales Rise and Operating Income

The company said Ingalls sales and service revenues, including intersegment sales, rose $182 million (7%) in 2023, Newport News rose $281 million (5%), and Mission Technologies rose $312 million (13%). Segment operating income was $362 million, $379 million and $101 million, respectively.

Source · Based on the MD&A text of the filing

Operating Cash Flow and Free Cash Flow

Huntington Ingalls said cash provided by operating activities in 2023 was $970 million, up from $766 million in 2022. The company cited accelerated collections of receivables and higher earnings as factors, and said free cash flow rose $198 million.

Source · Based on the MD&A text of the filing

Backlog and New Contract Awards

The company said total backlog as of December 31, 2023 was approximately $48.1 billion, of which about 22% is expected to be converted into sales in 2024. New contract awards in 2023 totaled approximately $12.5 billion.

Source · Based on the MD&A text of the filing

Dividends and Share Repurchases

The company said it paid cash dividends totaling $200 million ($5.02 per share) in 2023, and its board approved raising the quarterly dividend to $1.30 per share, effective with the November 2023 declaration. In 2023, it repurchased 337,007 shares for $75 million, and in January 2024 the board raised the repurchase program limit from $3.2 billion to $3.8 billion.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

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