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HII’s Third Quarter Earnings Tumble On Delays In Submarine Awards, Labor And Supply Chain Challenges

By Cal Biesecker

Thursday, October 31st, 2024

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HII’s Third Quarter Earnings Tumble On Delays In Submarine Awards, Labor And Supply Chain Challenges

HII’s Newport News Shipbuilding division conducted and completed initial sea trials for Virginia-class attack submarine New Jersey (SSN 796) in February 2024. (Photo: HII)

HII’s [HII] strong momentum in 2024 came to a screeching halt in the third quarter due to several challenges in its shipbuilding operations, notably delays in an award from the Navy for submarine work and continued labor and supply chain issues in those same operations, leading the company reduce its sales, earnings, and cash flow outlook for the year. Through the first half of the year, the company’s net income and sales were up 26 percent and 6 percent, respectively,…

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