DELAWARE | 1-34910 | 90-0607005 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||
4101 Washington Avenue, Newport News, Virginia | 23607 | |||
(Address of principal executive offices) | (Zip Code) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. | Results of Operations and Financial Condition. |
Item 9.01. | Financial Statements and Exhibits. |
(d) | Exhibits. |
Exhibit No. | Description | ||
99.1 | Press Release dated February 27, 2014. | ||
99.2 | Earnings Presentation dated February 27, 2014. |
HUNTINGTON INGALLS INDUSTRIES, INC. | ||||||
Date: February 27, 2014 | By: | /s/ Barbara A. Niland | ||||
Barbara A. Niland | ||||||
Corporate Vice President, Business Management and Chief Financial Officer |
![]() | Exhibit 99.1 News Release |
Contacts: |
Jerri Fuller Dickseski (Media) |
jerri.dickseski@hii-co.com |
757-380-2341 |
Dwayne Blake (Investors) |
dwayne.blake@hii-co.com |
757-380-2104 |
• | Revenues were $1.94 billion for the fourth quarter and $6.82 billion for 2013 |
• | Segment operating margin was 8.7 percent for the fourth quarter and 8.3 percent for the full year |
• | Total operating margin was 9.0 percent for the fourth quarter and 7.5 percent for 2013 |
• | Diluted earnings per share was $1.82 for the quarter and $5.18 for 2013 |
• | Adjusted diluted earnings per share was $1.66 for the quarter and $5.36 for 2013 |
• | Cash and cash equivalents were $1.0 billion at year-end |
Three Months Ended | Year Ended | |||||||||||||||
December 31 | December 31 | |||||||||||||||
(in millions, except per share amounts) | 2013 | 2012 | % Change | 2013 | 2012 | % Change | ||||||||||
Sales and service revenues | $ | 1,938 | $ | 1,823 | 6.3 | % | $ | 6,820 | $ | 6,708 | 1.7 | % | ||||
Segment operating income1 | 169 | 140 | 20.7 | % | 567 | 457 | 24.1 | % | ||||||||
Segment operating margin %1 | 8.7 | % | 7.7 | % | 104 bps | 8.3 | % | 6.8 | % | 150 bps | ||||||
Total operating income | 174 | 106 | 64.2 | % | 512 | 358 | 43.0 | % | ||||||||
Operating margin % | 9.0 | % | 5.8 | % | 316 bps | 7.5 | % | 5.3 | % | 217 bps | ||||||
Net earnings | 91 | 50 | 82.0 | % | 261 | 146 | 78.8 | % | ||||||||
Diluted earnings per share | $ | 1.82 | $ | 0.98 | 85.7 | % | $ | 5.18 | $ | 2.91 | 78.0 | % | ||||
Adjusted Figures | ||||||||||||||||
Sales and service revenues2 | $ | 1,907 | $ | 1,823 | 4.6 | % | $ | 6,817 | $ | 6,708 | 1.6 | % | ||||
Segment operating income1,2 | $ | 151 | $ | 140 | 7.9 | % | $ | 520 | $ | 457 | 13.8 | % | ||||
Segment operating margin %1,2 | 7.9 | % | 7.7 | % | 24 bps | 7.6 | % | 6.8 | % | 82 bps | ||||||
Total operating income2 | $ | 156 | $ | 106 | 47.2 | % | $ | 465 | $ | 358 | 29.9 | % | ||||
Operating margin %2 | 8.2 | % | 5.8 | % | 237 bps | 6.8 | % | 5.3 | % | 148 bps | ||||||
Net earnings2,3 | 83 | 66 | 25.8 | % | 270 | 198 | 36.4 | % | ||||||||
Diluted earnings per share2,3 | $ | 1.66 | $ | 1.30 | 27.7 | % | $ | 5.36 | $ | 3.95 | 35.7 | % | ||||
1 Non-GAAP metrics that exclude non-segment factors affecting operating income. See Exhibit B for reconciliation. | ||||||||||||||||
2 Non-GAAP metrics that exclude the impact of hurricane insurance recoveries and the Gulfport closure in 2013. See Exhibit B for reconciliation. | ||||||||||||||||
3 Non-GAAP metrics that exclude the after-tax FAS/CAS Adjustment. See Exhibit B for reconciliation. |
Three Months Ended | Year Ended | |||||||||||||||
December 31 | December 31 | |||||||||||||||
(In millions) | 2013 | 2012 | % Change | 2013 | 2012 | % Change | ||||||||||
Revenues | $ | 815 | $ | 722 | 12.9 | % | $ | 2,757 | $ | 2,840 | (2.9 | )% | ||||
Operating income (loss) | 65 | 38 | 71.1 | % | 175 | 97 | 80.4 | % | ||||||||
Operating margin % | 8.0 | % | 5.3 | % | 271 bps | 6.3 | % | 3.4 | % | 293 bps | ||||||
Adjusted revenues1 | 784 | 722 | 8.6 | % | 2,754 | 2,840 | (3.0 | )% | ||||||||
Adjusted operating income1 | 47 | 38 | 23.7 | % | 128 | 97 | 32.0 | % | ||||||||
Adjusted operating margin %1 | 6.0 | % | 5.3 | % | 73 bps | 4.6 | % | 3.4 | % | 123 bps | ||||||
1 Non-GAAP metrics that exclude the impact of hurricane insurance recoveries and the Gulfport closure in 2013. See Exhibit B for reconciliation. |
• | Started fabrication on NSC-6 Munro |
• | Delivered the amphibious transport dock LPD-25 Somerset |
• | Christened NSC-4 Hamilton (WMSL 753) |
• | Authenticated the keel of the company's 29th Arleigh Burke-class destroyer, DDG-113 John Finn |
• | Opened the 70,000-square foot Haley Reeves Barbour Maritime Training Academy |
• | Completed successful builder's sea trials of LHA-6 America |
Three Months Ended | Year Ended | |||||||||||||||
December 31 | December 31 | |||||||||||||||
(In millions) | 2013 | 2012 | % Change | 2013 | 2012 | % Change | ||||||||||
Revenues | $ | 1,140 | $ | 1,122 | 1.6 | % | $ | 4,139 | $ | 3,940 | 5.1 | % | ||||
Operating income (loss) | 104 | 102 | 2.0 | % | 392 | 360 | 8.9 | % | ||||||||
Operating margin % | 9.1 | % | 9.1 | % | 3 bps | 9.5 | % | 9.1 | % | 33 bps |
• | Christened and launched CVN-78 Gerald R. Ford |
• | Opened the new 90,000-square foot facility for the Newport News Shipbuilding Apprentice School |
Year Ended December 31 | ||||||||||||
(in millions, except per share amounts) | 2013 | 2012 | 2011 | |||||||||
Sales and service revenues | ||||||||||||
Product sales | $ | 5,801 | $ | 5,755 | $ | 5,676 | ||||||
Service revenues | 1,019 | 953 | 899 | |||||||||
Total sales and service revenues | 6,820 | 6,708 | 6,575 | |||||||||
Cost of sales and service revenues | ||||||||||||
Cost of product sales | 4,695 | 4,827 | 4,794 | |||||||||
Cost of service revenues | 888 | 802 | 777 | |||||||||
Income (loss) from operating investments, net | 14 | 18 | 20 | |||||||||
General and administrative expenses | 739 | 739 | 634 | |||||||||
Goodwill impairment | — | — | 290 | |||||||||
Operating income (loss) | 512 | 358 | 100 | |||||||||
Other income (expense) | ||||||||||||
Interest expense | (118 | ) | (117 | ) | (104 | ) | ||||||
Earnings (loss) before income taxes | 394 | 241 | (4 | ) | ||||||||
Federal income taxes | 133 | 95 | 96 | |||||||||
Net earnings (loss) | $ | 261 | $ | 146 | $ | (100 | ) | |||||
Basic earnings (loss) per share | $ | 5.25 | $ | 2.96 | $ | (2.05 | ) | |||||
Weighted-average common shares outstanding | 49.7 | 49.4 | 48.8 | |||||||||
Diluted earnings (loss) per share | $ | 5.18 | $ | 2.91 | $ | (2.05 | ) | |||||
Weighted-average diluted shares outstanding | 50.4 | 50.1 | 48.8 | |||||||||
Net earnings (loss) from above | $ | 261 | $ | 146 | $ | (100 | ) | |||||
Other comprehensive income (loss) | ||||||||||||
Change in unamortized benefit plan costs | 1,159 | (605 | ) | (538 | ) | |||||||
Other | 4 | — | — | |||||||||
Tax benefit (expense) for items of other comprehensive income | (458 | ) | 241 | 208 | ||||||||
Other comprehensive income (loss), net of tax | 705 | (364 | ) | (330 | ) | |||||||
Comprehensive income (loss) | $ | 966 | $ | (218 | ) | $ | (430 | ) |
December 31 | ||||||||
($ in millions) | 2013 | 2012 | ||||||
Assets | ||||||||
Current Assets | ||||||||
Cash and cash equivalents | $ | 1,043 | $ | 1,057 | ||||
Accounts receivable, net | 1,123 | 905 | ||||||
Inventoried costs, net | 311 | 288 | ||||||
Deferred income taxes | 170 | 213 | ||||||
Prepaid expenses and other current assets | 29 | 21 | ||||||
Total current assets | 2,676 | 2,484 | ||||||
Property, Plant, and Equipment | ||||||||
Land and land improvements | 319 | 314 | ||||||
Buildings and leasehold improvements | 1,531 | 1,486 | ||||||
Machinery and other equipment | 1,235 | 1,339 | ||||||
Capitalized software costs | 216 | 208 | ||||||
3,301 | 3,347 | |||||||
Accumulated depreciation and amortization | (1,404 | ) | (1,313 | ) | ||||
Property, plant, and equipment, net | 1,897 | 2,034 | ||||||
Other Assets | ||||||||
Goodwill | 881 | 881 | ||||||
Other purchased intangibles, net | 528 | 548 | ||||||
Pension plan assets | 124 | — | ||||||
Long-term deferred tax assets | — | 329 | ||||||
Miscellaneous other assets | 119 | 116 | ||||||
Total other assets | 1,652 | 1,874 | ||||||
Total assets | $ | 6,225 | $ | 6,392 |
December 31 | ||||||||
($ in millions) | 2013 | 2012 | ||||||
Liabilities and Stockholders' Equity | ||||||||
Current Liabilities | ||||||||
Trade accounts payable | $ | 337 | $ | 377 | ||||
Accrued employees’ compensation | 230 | 235 | ||||||
Current portion of long-term debt | 79 | 51 | ||||||
Current portion of postretirement plan liabilities | 139 | 166 | ||||||
Current portion of workers’ compensation liabilities | 230 | 216 | ||||||
Advance payments and billings in excess of revenues | 115 | 134 | ||||||
Other current liabilities | 262 | 205 | ||||||
Total current liabilities | 1,392 | 1,384 | ||||||
Long-term debt | 1,700 | 1,779 | ||||||
Pension plan liabilities | 529 | 1,301 | ||||||
Other postretirement plan liabilities | 477 | 799 | ||||||
Workers’ compensation liabilities | 419 | 403 | ||||||
Deferred tax liabilities | 83 | — | ||||||
Other long-term liabilities | 104 | 59 | ||||||
Total liabilities | 4,704 | 5,725 | ||||||
Commitments and Contingencies | ||||||||
Stockholders’ Equity | ||||||||
Common stock, $0.01 par value; 150 million shares authorized; 50.5 million issued and 48.7 million outstanding as of December 31, 2013, and 49.6 million issued and outstanding as of December 31, 2012 | 1 | — | ||||||
Additional paid-in capital | 1,925 | 1,894 | ||||||
Retained earnings (deficit) | 236 | — | ||||||
Treasury stock | (120 | ) | (1 | ) | ||||
Accumulated other comprehensive income (loss) | (521 | ) | (1,226 | ) | ||||
Total stockholders’ equity | 1,521 | 667 | ||||||
Total liabilities and stockholders’ equity | $ | 6,225 | $ | 6,392 |
Year Ended December 31 | ||||||||||||
($ in millions) | 2013 | 2012 | 2011 | |||||||||
Operating Activities | ||||||||||||
Net earnings (loss) | $ | 261 | $ | 146 | $ | (100 | ) | |||||
Adjustments to reconcile to net cash provided by (used in) operating activities | ||||||||||||
Depreciation | 206 | 165 | 164 | |||||||||
Amortization of purchased intangibles | 20 | 19 | 20 | |||||||||
Amortization of debt issuance costs | 9 | 9 | 6 | |||||||||
Stock-based compensation | 44 | 41 | 42 | |||||||||
Excess tax benefit related to stock-based compensation | (24 | ) | — | — | ||||||||
Deferred income taxes | (28 | ) | 79 | 23 | ||||||||
Proceeds from insurance settlement related to investing activities | (58 | ) | — | — | ||||||||
Goodwill impairment | — | — | 290 | |||||||||
Change in | ||||||||||||
Accounts receivable | (218 | ) | (194 | ) | 17 | |||||||
Inventoried costs | 51 | 116 | (87 | ) | ||||||||
Prepaid expenses and other assets | (15 | ) | 6 | (30 | ) | |||||||
Accounts payable and accruals | 69 | (14 | ) | 50 | ||||||||
Retiree benefits | (86 | ) | (43 | ) | 132 | |||||||
Other non-cash transactions, net | 5 | 2 | 1 | |||||||||
Net cash provided by (used in) operating activities | 236 | 332 | 528 | |||||||||
Investing Activities | ||||||||||||
Additions to property, plant, and equipment | (139 | ) | (162 | ) | (197 | ) | ||||||
Proceeds from insurance settlement related to investing activities | 58 | — | — | |||||||||
Net cash provided by (used in) investing activities | (81 | ) | (162 | ) | (197 | ) | ||||||
Financing Activities | ||||||||||||
Proceeds from issuance of long-term debt | — | — | 1,775 | |||||||||
Repayment of long-term debt | (51 | ) | (29 | ) | (22 | ) | ||||||
Debt issuance costs | (5 | ) | — | (54 | ) | |||||||
Dividends paid | (25 | ) | (5 | ) | — | |||||||
Repurchases of common stock | (119 | ) | (1 | ) | — | |||||||
Proceeds from stock option exercises | 7 | 7 | 2 | |||||||||
Excess tax benefit related to stock-based compensation | 24 | — | — | |||||||||
Repayment of notes payable to former parent and accrued interest | — | — | (954 | ) | ||||||||
Dividend to former parent in connection with spin-off | — | — | (1,429 | ) | ||||||||
Net transfers from (to) former parent | — | — | 1,266 | |||||||||
Net cash provided by (used in) financing activities | (169 | ) | (28 | ) | 584 | |||||||
Change in cash and cash equivalents | (14 | ) | 142 | 915 | ||||||||
Cash and cash equivalents, beginning of period | 1,057 | 915 | — | |||||||||
Cash and cash equivalents, end of period | $ | 1,043 | $ | 1,057 | $ | 915 | ||||||
Supplemental Cash Flow Disclosure | ||||||||||||
Cash paid for income taxes | $ | 154 | $ | 28 | $ | 46 | ||||||
Cash paid for interest | $ | 109 | $ | 111 | $ | 64 | ||||||
Non-Cash Investing and Financing Activities | ||||||||||||
Capital expenditures accrued in accounts payable | $ | 12 | $ | 20 | $ | 48 |
Three Months Ended | Year Ended | |||||||||||||||
December 31 | December 31 | |||||||||||||||
($ in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Sales and Service Revenues | ||||||||||||||||
Ingalls | $ | 815 | $ | 722 | $ | 2,757 | $ | 2,840 | ||||||||
Newport News | 1,140 | 1,122 | 4,139 | 3,940 | ||||||||||||
Intersegment eliminations | (17 | ) | (21 | ) | (76 | ) | (72 | ) | ||||||||
Total Sales and Service Revenues | 1,938 | 1,823 | 6,820 | 6,708 | ||||||||||||
Segment Operating Income | ||||||||||||||||
Ingalls | 65 | 38 | 175 | 97 | ||||||||||||
As a percentage of revenues | 8.0 | % | 5.3 | % | 6.3 | % | 3.4 | % | ||||||||
Newport News | 104 | 102 | 392 | 360 | ||||||||||||
As a percentage of revenues | 9.1 | % | 9.1 | % | 9.5 | % | 9.1 | % | ||||||||
Total Segment Operating Income | 169 | 140 | 567 | 457 | ||||||||||||
As a percentage of revenues | 8.7 | % | 7.7 | % | 8.3 | % | 6.8 | % | ||||||||
Non-segment factors affecting operating income | ||||||||||||||||
FAS/CAS Adjustment | (7 | ) | (25 | ) | (61 | ) | (80 | ) | ||||||||
Deferred state income taxes | 12 | (9 | ) | 6 | (19 | ) | ||||||||||
Total Operating Income | 174 | 106 | 512 | 358 | ||||||||||||
Interest expense | (31 | ) | (29 | ) | (118 | ) | (117 | ) | ||||||||
Federal income taxes | (52 | ) | (27 | ) | (133 | ) | (95 | ) | ||||||||
Net Earnings | $ | 91 | $ | 50 | $ | 261 | $ | 146 |
Three Months Ended | Year Ended | |||||||||||||||
December 31 | December 31 | |||||||||||||||
($ in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Adjusted Sales and Service Revenues | ||||||||||||||||
Ingalls revenues | $ | 815 | $ | 722 | $ | 2,757 | $ | 2,840 | ||||||||
Adjustment for hurricane insurance recoveries | (31 | ) | — | 6 | — | |||||||||||
Adjustment for Gulfport closure impact | — | — | (9 | ) | — | |||||||||||
Adjusted Ingalls revenues | 784 | 722 | 2,754 | 2,840 | ||||||||||||
Newport News revenues | 1,140 | 1,122 | 4,139 | 3,940 | ||||||||||||
Intersegment eliminations | (17 | ) | (21 | ) | (76 | ) | (72 | ) | ||||||||
Adjusted Sales and Service Revenues | $ | 1,907 | $ | 1,823 | $ | 6,817 | $ | 6,708 | ||||||||
Adjusted Segment Operating Income | ||||||||||||||||
Total Operating Income | $ | 174 | $ | 106 | $ | 512 | $ | 358 | ||||||||
As a percentage of revenues | 9.0 | % | 5.8 | % | 7.5 | % | 5.3 | % | ||||||||
Non-segment factors affecting operating income: | ||||||||||||||||
FAS/CAS Adjustment | 7 | 25 | 61 | 80 | ||||||||||||
Deferred state income taxes | (12 | ) | 9 | (6 | ) | 19 | ||||||||||
Unadjusted Segment Operating Income | $ | 169 | $ | 140 | $ | 567 | $ | 457 | ||||||||
As a percentage of revenues | 8.7 | % | 7.7 | % | 8.3 | % | 6.8 | % | ||||||||
Non-recurring items affecting operating income: | ||||||||||||||||
Ingalls operating income | $ | 65 | $ | 38 | $ | 175 | $ | 97 | ||||||||
Adjustment for hurricane insurance recoveries | (18 | ) | — | (64 | ) | — | ||||||||||
Adjustment for Gulfport closure impact | — | — | 17 | — | ||||||||||||
Adjusted Ingalls operating income | 47 | 38 | 128 | 97 | ||||||||||||
As a percentage of adjusted revenues | 6.0 | % | 5.3 | % | 4.6 | % | 3.4 | % | ||||||||
Newport News operating income | 104 | 102 | 392 | 360 | ||||||||||||
As a percentage of adjusted revenues | 9.1 | % | 9.1 | % | 9.5 | % | 9.1 | % | ||||||||
Adjusted Segment Operating Income | $ | 151 | $ | 140 | $ | 520 | $ | 457 | ||||||||
As a percentage of adjusted revenues | 7.9 | % | 7.7 | % | 7.6 | % | 6.8 | % | ||||||||
Adjusted Total Operating Income | ||||||||||||||||
Total Operating Income | $ | 174 | $ | 106 | $ | 512 | $ | 358 | ||||||||
As a percentage of revenues | 9.0 | % | 5.8 | % | 7.5 | % | 5.3 | % | ||||||||
Adjustment for hurricane insurance recoveries | (18 | ) | — | (64 | ) | — | ||||||||||
Adjustment for Gulfport closure impact | — | — | 17 | — | ||||||||||||
Adjusted Total Operating Income | $ | 156 | $ | 106 | $ | 465 | $ | 358 | ||||||||
As a percentage of adjusted revenues | 8.2 | % | 5.8 | % | 6.8 | % | 5.3 | % |
Three Months Ended | Year Ended | |||||||||||||||
December 31 | December 31 | |||||||||||||||
($ in millions, except for per share amounts) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Adjusted Net Earnings | ||||||||||||||||
Net Earnings | $ | 91 | $ | 50 | $ | 261 | $ | 146 | ||||||||
Adjustment for hurricane insurance recoveries(1) | (12 | ) | — | (42 | ) | — | ||||||||||
Adjustment for Gulfport closure(1) | — | — | 11 | — | ||||||||||||
Adjustment for FAS/CAS Adjustment(1) | 4 | 16 | 40 | 52 | ||||||||||||
Adjusted Net Earnings | 83 | 66 | 270 | 198 | ||||||||||||
Adjusted Diluted EPS | ||||||||||||||||
Diluted earnings per share | $ | 1.82 | $ | 0.98 | $ | 5.18 | $ | 2.91 | ||||||||
After-tax hurricane insurance recoveries per share | $ | (0.24 | ) | — | $ | (0.83 | ) | — | ||||||||
After-tax Gulfport closure per share | $ | — | — | $ | 0.22 | — | ||||||||||
After-tax FAS/CAS Adjustment per share | $ | 0.08 | $ | 0.32 | $ | 0.79 | $ | 1.04 | ||||||||
Adjusted Diluted EPS | $ | 1.66 | $ | 1.30 | $ | 5.36 | $ | 3.95 | ||||||||
(1) Tax effected at 35% federal statutory tax rate. |
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