Huntington Ingalls Sees FY20 Shipbuilding Sales Growth At Low End Of Range

While reporting its financial results for the first quarter on Thursday, Huntington Ingalls Industries (HII), a military shipbuilding company, noted that the COVID-19 pandemic did not materially impact its first-quarter financial position, results of operations or cash flows.

However, Huntington Ingalls added that the impact of COVID-19 on its fiscal year 2020 financial results and beyond is uncertain. The company sees shipbuilding sales growth for the year to be at the lower end of the previously provided range of 3 to 5 percent.

Huntington Ingalls said it has incurred and expect to continue incurring costs related to its COVID-19 response, including paid leave, quarantining employees and recurring facility cleaning.

The company's shipyards have experienced a decrease in workforce attendance. Continued lower staffing levels and lower employee productivity could impact its ability to achieve anticipated milestones and affect 2020 financial results, Huntington Ingalls said.

Further, the company said there is no change to its long-term financial targets provided at February 2020 Investor Day.

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