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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Sturtevant, Wisconsin-based BRP U.S. Inc. is recalling around 20 models of Side-by-Side vehicles citing fire risk, the U.S. Consumer Product Safety Commission. The recall involves about 34,400 units of Model Years 2020 and 2021 Can-AM Defender HD10 side-by-side vehicles. While reporting financial results for the second quarter on Friday, technology company Honeywell international Inc. (HON) raised its adjusted earnings and sales guidance for the full-year 2021, based on the second-quarter performance and management's outlook for the remainder of the year. For fiscal... Shares of Vodafone Group Plc were gaining around 2 percent in the morning trading in London after the British telecom major reported higher revenues in its first quarter. Looking ahead, the company said it is on track to deliver fiscal year 2022 guidance, with Adjusted EBITDAaL expected to be between 15.0 billion euros - 15.4 billion euros and Adjusted free cash flow of at least 5.2 billion euros
Follow RTT