• Fourth quarter revenues grew 13% year over year, to a record $3.2 billion
• Record 2023 revenues of $11.5 billion, grew 7.3% year over year
• Diluted earnings per share was $6.90 for the fourth quarter, $17.07 for 2023
• Net cash provided from operations was $970 million, and free cash flow¹ was $692 million in 2023

NEWPORT NEWS, Va. (February 1, 2024) – HII (NYSE: HII) reported fourth quarter 2023 revenues of $3.2 billion, up 13% from the fourth quarter of 2022, due to higher volumes at all three segments. Operating income in the fourth quarter of 2023 was $312 million and operating margin was 9.8%, compared to $105 million and 3.7%, respectively, in the fourth quarter of 2022,
primarily due to higher segment operating income¹ . Diluted earnings per share in the quarter was $6.90, compared to $3.07 in the fourth quarter of 2022.

For the full year, record revenues of $11.5 billion increased 7.3% over 2022, due to higher volumes at all three segments. Operating income in 2023 was $781 million and operating margin was 6.8%, compared to $565 million and 5.3%, respectively, in 2022. Segment operating income¹ in 2023 was $842 million and segment operating margin1 was 7.4%, compared to $712 million and 6.7%, respectively, in 2022, primarily driven by the sale of a court judgment and the settlement of an insurance claim. Diluted earnings per share for the full year was $17.07, compared to $14.44 in 2022.

¹Non-GAAP measures. See Exhibit B for definitions and reconciliations.

Download a pdf of the full results.

For more information about the quarterly earnings call, visit HII’s Investor Relations page.