The company said Newport News segment operating income for the 3 months ended September 30, 2024 was $15 million, compared with $90 million for the same period a year earlier. It cited lower performance on the Virginia class (SSN 774) submarine program and aircraft carriers as factors behind the decrease.

10-QQuarterly reportFiled Oct 31, 2024Period of report Sep 30, 2024Summary published (UTC) Oct 23, 2026

Key points

AI summary

The company said Newport News segment operating income for the 3 months ended September 30, 2024 was $15 million, compared with $90 million for the same period a year earlier. It cited lower performance on the Virginia class (SSN 774) submarine program and aircraft carriers as factors behind the decrease.
Ingalls said its revenues, including intersegment sales, for the 3 months ended September 30, 2024 decreased $47 million, or 7%, from the same period a year earlier. It attributed the decline mainly to lower volumes in amphibious assault ships and the Legend class National Security Cutter ("NSC") program.
The company said operating cash flow for the nine months ended September 30, 2024 was $2 million, compared with $408 million for the same period a year earlier. It cited the timing of billings across programs and the related change in trade working capital as the main factors.
The company said total backlog as of September 30, 2024 was $49.4 billion, up from $48.1 billion as of December 31, 2023. It also said backlog excludes unexercised contract options.

Key figures

Quarter ended September 30, 2024

Revenue: $2.7B
Operating income: $82M
Net income: $101M
EPS: $2.56

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.

Newport News Quarterly Operating Income $15 million

The company said Newport News segment operating income for the 3 months ended September 30, 2024 was $15 million, compared with $90 million for the same period a year earlier. It cited lower performance on the Virginia class (SSN 774) submarine program and aircraft carriers as factors behind the decrease.

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

Ingalls Quarterly Revenue Down $47 million

Ingalls said its revenues, including intersegment sales, for the 3 months ended September 30, 2024 decreased $47 million, or 7%, from the same period a year earlier. It attributed the decline mainly to lower volumes in amphibious assault ships and the Legend class National Security Cutter ("NSC") program.

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

Operating Cash Flow for 9 Months $2 million

The company said operating cash flow for the nine months ended September 30, 2024 was $2 million, compared with $408 million for the same period a year earlier. It cited the timing of billings across programs and the related change in trade working capital as the main factors.

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

Total Backlog $49.4 billion

The company said total backlog as of September 30, 2024 was $49.4 billion, up from $48.1 billion as of December 31, 2023. It also said backlog excludes unexercised contract options.

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

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