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    HII Reports Third Quarter 2025 Results

    10/30/25 7:15:00 AM ET
    $HII
    Marine Transportation
    Industrials
    Get the next $HII alert in real time by email

    NEWPORT NEWS, Va., Oct. 30, 2025 (GLOBE NEWSWIRE) -- HII (NYSE:HII) today reported results for the third quarter of fiscal 2025.

    Highlights

    • Third quarter revenues were a record $3.2 billion
    • Third quarter net earnings were $145 million or $3.68 diluted earnings per share
    • Completed builder's sea trials for guided missile destroyer Ted Stevens (DDG 128)
    • Completed initial sea trials of Virginia-Class Submarine Massachusetts (SSN 798) in early October



    Third Quarter Results

    Third quarter 2025 revenues of $3.2 billion were up 16.1% from the third quarter of 2024, driven by growth at Newport News Shipbuilding, Ingalls Shipbuilding and Mission Technologies.

    Operating income in the third quarter of 2025 was $161 million and operating margin was 5.0%, compared to $82 million and 3.0%, respectively, in the third quarter of 2024.

    Segment operating income1 in the third quarter of 2025 was $179 million and segment operating margin1 was 5.6%, compared to $97 million and 3.5%, respectively, in the third quarter of 2024. The increases were driven primarily by more favorable segment results at Newport News Shipbuilding and Ingalls Shipbuilding compared to the prior year period.

    Net earnings in the quarter were $145 million, compared to $101 million in the third quarter of 2024. Diluted earnings per share in the quarter was $3.68, compared to $2.56 in the third quarter of 2024.

    Net cash provided by operating activities in the quarter was $118 million and free cash flow1 was $16 million, compared to net cash provided by operating activities of $213 million and free cash flow1 of $136 million in the third quarter of 2024.

    New contract awards in the third quarter of 2025 were $2.0 billion, bringing total backlog to $55.7 billion as of September 30, 2025.

    "We made steady progress on our 2025 operational initiatives in the third quarter," said Chris Kastner, HII's president and CEO. "We have continued to see early signs that targeted investments are helping to strengthen our workforce and build a more robust maritime supply chain in support of higher shipbuilding throughput."

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

    Results of Operations

      Three Months Ended       Nine Months Ended      
      September 30       September 30      
    ($ in millions, except per share amounts)  2025   2024  $ Change

     % Change

      2025   2024  $ Change

     % Change

    Sales and service revenues $3,192  $2,749  $443   16.1% $9,008  $8,531  $477   5.6%
    Operating income  161   82   79   96.3%  485   425   60   14.1%
    Operating margin %  5.0%  3.0%     206 bps  5.4%  5.0%     40 bps
    Segment operating income1  179   97   82   84.5%  522   470   52   11.1%
    Segment operating margin %1  5.6%  3.5%     208 bps  5.8%  5.5%     29 bps
    Net earnings  145   101   44   43.6%  446   427   19   4.4%
    Diluted earnings per share $3.68  $2.56  $1.12   43.8% $11.35  $10.81  $0.54   5.0%
    1Non-GAAP measures that exclude non-segment factors affecting operating income. See Exhibit B for definitions and reconciliations.
     

    Segment Operating Results

    Ingalls Shipbuilding

      Three Months Ended       Nine Months Ended      
      September 30       September 30      
    ($ in millions)  2025   2024  $ Change

     % Change

      2025   2024  $ Change

     % Change

    Revenues $828  $664  $164   24.7% $2,189  $2,031  $158   7.8%
    Segment operating income  65   49   16   32.7%  165   165   —   —%
    Segment operating margin %  7.9%  7.4%     47 bps  7.5%  8.1%     (59) bps
     

    Ingalls Shipbuilding revenues for the third quarter of 2025 were $828 million, an increase of $164 million, or 24.7%, from the same period in 2024, primarily driven by higher volumes in surface combatants.

    Ingalls Shipbuilding segment operating income for the third quarter of 2025 was $65 million, an increase of $16 million from the same period in 2024. Segment operating margin in the third quarter of 2025 was 7.9%, compared to 7.4% in the same period last year. The increases were primarily driven by higher volumes in surface combatants.

    Key Ingalls Shipbuilding milestone for the quarter:

    • Completed builder's sea trials for guided missile destroyer Ted Stevens (DDG 128)



    Newport News Shipbuilding

      Three Months Ended       Nine Months Ended      
      September 30       September 30      
    ($ in millions)  2025   2024  $ Change

     % Change

      2025   2024  $ Change

     % Change

    Revenues $1,617  $1,412  $205   14.5% $4,616  $4,381  $235   5.4%
    Segment operating income  80   15   65   433.3%  247   208   39   18.8%
    Segment operating margin %  4.9%  1.1%     389 bps  5.4%  4.7%     60 bps
     

    Newport News Shipbuilding revenues for the third quarter of 2025 were $1.6 billion, an increase of $205 million, or 14.5%, from the same period in 2024. The increase was primarily driven by higher volumes in submarines and aircraft carriers.

    Newport News Shipbuilding segment operating income for the third quarter of 2025 was $80 million, an increase of $65 million from the same period in 2024. Segment operating margin in the third quarter of 2025 was 4.9% compared to 1.1% in the same period last year. The increases were primarily driven by unfavorable cumulative catch-up adjustments in the Virginia-class submarine program and aircraft carriers in 2024.

    Key Newport News Shipbuilding milestones for the quarter:

    • Completed initial sea trials of Virginia-Class Submarine Massachusetts (SSN 798) in early October



    Mission Technologies

      Three Months Ended       Nine Months Ended      
      September 30       September 30      
    ($ in millions)  2025   2024  $ Change

     % Change

      2025   2024  $ Change

     % Change

    Revenues $787  $709  $78   11.0% $2,313  $2,224  $89   4.0%
    Segment operating income  34   33   1   3.0%  110   97   13   13.4%
    Segment operating margin %  4.3%  4.7%     (33) bps  4.8%  4.4%     39 bps
               

    Mission Technologies revenues for the third quarter of 2025 were $787 million, an increase of $78 million, or 11.0%, from the same period in 2024. The increases were primarily due to higher volumes in C5ISR; cyber, electronic warfare & space; and live, virtual, and constructive training solutions.

    Mission Technologies segment operating income for the third quarter of 2025 was $34 million, an increase of $1 million from the same period in 2024. Segment operating margin in the third quarter of 2025 was 4.3%, compared to 4.7% in the same period last year. Segment operating income was relatively unchanged as changes in contract mix offset the higher volumes described above.

    Mission Technologies results included approximately $22 million of amortization of purchased intangible assets in the third quarter of 2025, compared to approximately $25 million in the same period last year.

    Mission Technologies EBITDA margin1 in the third quarter of 2025 was 7.8%, compared to 8.9% in the third quarter of 2024.

    Key Mission Technologies milestones for the quarter:

    • Achieved third quarter 2025 book-to-bill of 1.25x
    • Unveiled AI-enabled ROMULUS family of unmanned surface vessels powered by HII's Odyssey Autonomous Control System (ACS) software suite
    • Announced the completion of production of the 750th REMUS unmanned undersea vehicle (UUV),

      the REMUS 300, produced at the HII unmanned facility in Pocasset, Massachusetts, which will be delivered to the German navy
    • Announced partnership with Shield AI to advance modular, cross-domain mission autonomy
    • Announced investment in new integration and test facility to support the U.S. Army's Enduring-High Energy Laser (E-HEL) weapon system program
    • Selected for U.S. Navy training contract to provide products and services that will enhance fleet readiness

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

    HII Financial Outlook1

    • FY25 shipbuilding revenue between $9.0 and $9.1 billion; expect shipbuilding operating margin2 between 5.5% and 6.5%
    • FY25 Mission Technologies revenue between $3.0 to $3.1 billion, Mission Technologies segment operating margin of approximately 4.5%; and Mission Technologies EBITDA margin2 between 8.0% and 8.5%
    • Increasing FY25 free cash flow2 guidance to between $550 and $650 million
    • Cumulative FY25 & FY26 free cash flow2 target of $1.2B
      Prior FY25 Outlook1Current FY25 Outlook1
    Shipbuilding Revenue $8.9B - $9.1B$9.0B - $9.1B
    Shipbuilding Operating Margin2 5.5% - 6.5%5.5% - 6.5%
    Mission Technologies Revenue $2.9B - $3.1B$3.0B - $3.1B
    Mission Technologies Segment Operating Margin 4.0% - 4.5%~4.5%
    Mission Technologies EBITDA Margin2 8.0% - 8.5%8.0% - 8.5%
        
    Operating FAS/CAS Adjustment ($40M)($35M)
    Non-current State Income Tax Expense3 ($15M)($15M)
    Interest Expense ($110M)($110M)
    Non-operating Retirement Benefit $191M$191M
    Effective Tax Rate ~21%~22%
        
    Depreciation & Amortization ~$340M~$340M
    Capital Expenditures ~4% of Sales~4% of Sales
    Free Cash Flow2 $500M - $600M$550M - $650M

    1 The financial outlook, expectations and other forward-looking statements provided by the company for 2025 and beyond reflect the company's judgment based on the information available at the time of this release. Please see the "Forward-looking Statements" section in this release and our Form 10-Q for factors that may impact the company's ability to meet expectations.

    2 Non-GAAP measures. See Exhibit B for definitions. In reliance upon Item 10(e)(1)(i)(B) of Regulation S-K, reconciliations of forward–looking GAAP and non–GAAP measures are not provided because of the unreasonable effort associated with providing such reconciliations due to the variability in the occurrence and the amounts of certain components of GAAP and non-GAAP measures. For the same reasons, we are unable to address the significance of the unavailable information, which could be material to future results.

    3 Outlook is based on current tax law. Variability exists based on how and when individual states conform to recent federal tax law changes.

    About HII

    HII is a global, all-domain defense provider. HII's mission is to deliver the world's most powerful ships and all-domain solutions in service of the nation, creating the advantage for our customers to protect peace and freedom around the world.

    As the nation's largest military shipbuilder, and with a more than 135-year history of advancing U.S. national security, HII delivers critical capabilities extending from ships to unmanned systems, cyber, ISR, AI/ML and synthetic training. Headquartered in Virginia, HII's workforce is 44,000 strong. For more information, please visit www.HII.com.

    Conference Call Information

    HII will webcast its earnings conference call at 9 a.m. Eastern time today. A live audio broadcast of the conference call and supplemental presentation will be available on the investor relations page of the company's website: www.HII.com. A telephone replay of the conference call will be available from noon today through Thursday, November 6th by calling (866) 813-9403 or (929) 458-6194 and using access code 981754.

    Cautionary Statement Regarding Forward-Looking Statements and Projections

    Statements in this earnings release and in our other filings with the SEC, as well as other statements we may make from time to time, other than statements of historical fact, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by words such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "guidance," "outlook," "predicts," "potential," "continue," and similar words or phrases or the negative of these words or phrases. These statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements. Although we believe the expectations reflected in the forward-looking statements are reasonable when made, we cannot guarantee future results, levels of activity, performance, or achievements. There are a number of important factors that could cause our actual results to differ materially from the results anticipated by our forward-looking statements, which include, but are not limited to: our dependence on the U.S. Government for substantially all of our business; significant delays or reductions in appropriations for our programs and/or changes in customer priorities and requirements (including government budgetary constraints, government shutdowns, shifts in defense spending, and changes in customer short-range and long-range plans);our ability to estimate our future contract costs, including cost increases due to inflation, labor challenges, changes in trade policy, or other factors and our efforts to recover or offset such costs and/or changes in estimated contract costs, and perform our contracts effectively; changes in business practices, procurement processes and government regulations and our ability to comply with such requirements; adverse economic conditions in the United States and globally; our level of indebtedness and ability to service our indebtedness; our ability to deliver our products and services at an affordable life cycle cost and compete within our markets; our ability to attract, retain, and train a qualified workforce; subcontractor and supplier performance and the availability and pricing of raw materials and components; our ability to execute our strategic plan, including with respect to share repurchases, dividends, capital expenditures, and strategic acquisitions; investigations, claims, disputes, enforcement actions, litigation (including criminal, civil, and administrative), and/or other legal proceedings, and improper conduct of employees, agents, subcontractors, suppliers, business partners, or joint ventures in which we participate, including the impact on our reputation or ability to do business; changes in key estimates and assumptions regarding our pension and retiree health care costs; security threats, including cyber security threats, and related disruptions; natural and environmental disasters and political instability; health epidemics, pandemics and similar outbreaks; and other risk factors discussed herein and in our other filings with the SEC. There may be other risks and uncertainties that we are unable to predict at this time or that we currently do not expect to have a material adverse effect on our business, and we undertake no obligation to update or revise any forward-looking statements. You should not place undue reliance on any forward-looking statements that we may make.

    This release also contains non-GAAP financial measures and includes a GAAP reconciliation of these financial measures. Non-GAAP financial measures should not be construed as being more important than comparable GAAP measures.

    Exhibit A: Financial Statements

    HUNTINGTON INGALLS INDUSTRIES, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED)

      Three Months Ended September 30 Nine Months Ended September 30
    (in millions, except per share amounts)  2025   2024   2025   2024 
    Sales and service revenues        
    Product sales $2,072  $1,761  $5,742  $5,474 
    Service revenues  1,120   988   3,266   3,057 
    Sales and service revenues  3,192   2,749   9,008   8,531 
    Cost of sales and service revenues        
    Cost of product sales  1,815   1,556   4,962   4,720 
    Cost of service revenues  983   871   2,863   2,682 
    Income from operating investments, net  12   12   33   35 
    Other income and gains, net  —   —   1   — 
    General and administrative expenses  245   252   732   739 
    Operating income  161   82   485   425 
    Other income (expense)        
    Interest expense  (23)  (23)  (79)  (68)
    Non-operating retirement benefit  48   44   143   134 
    Other, net  18   9   30   21 
    Earnings before income taxes  204   112   579   512 
    Federal and foreign income tax expense  59   11   133   85 
    Net earnings $145  $101  $446  $427 
             
    Basic earnings per share $3.69  $2.56  $11.35  $10.81 
    Weighted-average common shares outstanding  39.3   39.5   39.3   39.5 
             
    Diluted earnings per share $3.68  $2.56  $11.35  $10.81 
    Weighted-average diluted shares outstanding  39.4   39.5   39.3   39.5 
             
    Dividends declared per share $1.35  $1.30  $4.05  $3.90 
             
    Net earnings from above $145  $101  $446  $427 
    Other comprehensive income        
    Change in unamortized benefit plan costs  1   5   3   14 
    Tax expense for items of other comprehensive income  (1)  (2)  (1)  (4)
    Other comprehensive income, net of tax  —   3   2   10 
    Comprehensive income $145  $104  $448  $437 





    HUNTINGTON INGALLS INDUSTRIES, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)

    ($ in millions) September 30, 2025 December 31, 2024
    Assets    
    Current Assets    
    Cash and cash equivalents $312  $831 
    Accounts receivable, net of allowance for expected credit losses of $2 million as of 2025 and 2024 374   212 
    Contract assets  1,869   1,683 
    Inventoried costs  221   208 
    Income taxes receivable  227   204 
    Prepaid expenses and other current assets  75   90 
    Total current assets  3,078   3,228 
    Property, Plant, and Equipment, net of accumulated depreciation of $2,713 million as of 2025 and $2,583 million as of 2024  3,635   3,450 
    Operating lease assets  269   239 
    Goodwill  2,650   2,618 
    Other intangible assets, net of accumulated amortization of $1,196 million as of 2025 and $1,118 million as of 2024  720   782 
    Pension plan assets  1,526   1,422 
    Miscellaneous other assets  431   402 
    Total assets $12,309  $12,141 
    Liabilities and Stockholders' Equity    
    Current Liabilities    
    Trade accounts payable  680   598 
    Accrued employees' compensation  371   392 
    Current portion of long-term debt  —   503 
    Current portion of postretirement plan liabilities  124   124 
    Current portion of workers' compensation liabilities  202   201 
    Contract liabilities  893   774 
    Other current liabilities  432   399 
    Total current liabilities  2,702   2,991 
    Long-term debt  2,698   2,700 
    Pension plan liabilities  142   142 
    Other postretirement plan liabilities  195   209 
    Workers' compensation liabilities  451   443 
    Long-term operating lease liabilities  228   205 
    Deferred tax liabilities  501   378 
    Other long-term liabilities  408   407 
    Total liabilities  7,325   7,475 
    Commitments and Contingencies    
    Stockholders' Equity    
    Common stock, $0.01 par value; 150,000,000 shares authorized; 53,825,817 shares issued and 39,241,108 shares outstanding as of 2025, and 53,714,128 shares issued and 39,129,419 shares outstanding as of 2024  1   1 
    Additional paid-in capital  2,076   2,045 
    Retained earnings  5,382   5,097 
    Treasury stock  (2,449)  (2,449)
    Accumulated other comprehensive loss  (26)  (28)
    Total stockholders' equity  4,984   4,666 
    Total liabilities and stockholders' equity $12,309  $12,141 





    HUNTINGTON INGALLS INDUSTRIES, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

     Nine Months Ended September 30
    ($ in millions) 2025   2024 
    Operating Activities   
    Net earnings$446  $427 
    Adjustments to reconcile net cash provided by operating activities:   
    Depreciation 164   160 
    Amortization of purchased intangibles 78   82 
    Stock-based compensation 43   15 
    Deferred income taxes 121   (55)
    Gain on investments in marketable securities (28)  (22)
    Other non-cash transactions, net 15   7 
    Change in   
    Accounts receivable (162)  31 
    Contract assets (186)  (177)
    Inventoried costs (13)  (19)
    Prepaid expenses and other assets (23)  (9)
    Accounts payable and accruals 207   (354)
    Retiree benefits (116)  (84)
    Net cash provided by operating activities 546   2 
    Investing Activities:   
    Capital expenditures   
    Capital expenditure additions (268)  (253)
    Grant proceeds for capital expenditures 6   14 
    Proceeds from sale of investments 5   — 
    Acquisitions of businesses (132)  — 
    Other investing activities, net 2   1 
    Net cash used in investing activities (387)  (238)
    Financing Activities:   
    Repayment of long-term debt (500)  (229)
    Proceeds from revolving credit facility borrowings —   42 
    Repayment of revolving credit facility borrowings —   (42)
    Net borrowings on commercial paper —   396 
    Debt issuance costs —   (7)
    Dividends paid (159)  (154)
    Repurchases of common stock —   (162)
    Employee taxes on certain share-based payment arrangements (14)  (25)
    Other financing activities, net (5)  (3)
    Net cash used in financing activities (678)  (184)
    Change in cash and cash equivalents (519)  (420)
    Cash and cash equivalents, beginning of period 831   430 
    Cash and cash equivalents, end of period$312  $10 
    Supplemental Cash Flow Disclosure   
    Cash paid for income taxes (net of refunds)$71  $170 
    Cash paid for interest$86  $66 
    Non-Cash Investing and Financing Activities   
    Capital expenditures accrued in accounts payable$7  $12 



    Exhibit B: Non-GAAP Measures Definitions & Reconciliations

    This earnings release contains non-GAAP (accounting principles generally accepted in the United States of America) financial measures as defined by SEC Regulation G and indicated by a footnote in the text of this release. Definitions for the non-GAAP measures, and related reconciliations, are provided below. Because not all companies use identical definitions or calculations, our presentation of these measures may not be comparable to similarly titled measures of other companies.

    Segment Operating Income and Segment Operating Margin. We internally manage our operations by reference to segment operating income and segment operating margin and use these measures to evaluate our core operating performance. We believe that segment operating income and segment operating margin reflect additional ways of viewing aspects of our operations that, when viewed with our GAAP results, provide a more complete understanding of factors and trends affecting our business. These measures should be considered in addition to, and not as alternatives for, operating income and operating margin or any other performance measure presented in accordance with GAAP.

    Segment operating income is defined as operating income for the relevant segment(s) before the Operating FAS/CAS Adjustment and non-current state income taxes.

    Segment operating margin is defined as segment operating income as a percentage of sales and service revenues.

    Shipbuilding operating margin, Mission Technologies EBITDA and Mission Technologies EBITDA margin. We use shipbuilding operating margin, Mission Technologies EBITDA and Mission Technologies EBITDA margin to evaluate our core operating performance. We believe these measures reflect additional ways of viewing aspects of our operations that, when viewed with our GAAP results, provide a more complete understanding of factors and trends affecting our business. These measures should be considered in addition to, and not as alternatives for, operating income and operating margin or any other performance measure presented in accordance with GAAP.

    Shipbuilding operating margin is defined as the combined segment operating income of our Newport News Shipbuilding segment and Ingalls Shipbuilding segment as a percentage of shipbuilding revenue. Shipbuilding revenue is the sum of revenues of our Newport News Shipbuilding segment and Ingalls Shipbuilding segment.

    Mission Technologies EBITDA is defined as Mission Technologies segment operating income before interest expense, income taxes, depreciation, and amortization.

    Mission Technologies EBITDA margin is defined as Mission Technologies EBITDA as a percentage of Mission Technologies revenues.

    Free cash flow. We use free cash flow as a key operating metric in assessing the performance of our business and as a key performance measure in evaluating management performance and determining incentive compensation. We believe free cash flow is an important measure that may be useful to investors and other users of our financial statements because it provides insight into our current and period-to-period performance and our ability to generate cash from continuing operations. Free cash flow has limitations as an analytical tool and should not be considered in isolation from, or as a substitute for, net income as a measure of our performance or net cash provided by operating activities as a measure of our liquidity.

    Free cash flow is defined as net cash provided by (used in) operating activities less capital expenditures net of related grant proceeds.

    In reliance upon Item 10(e)(1)(i)(B) of Regulation S-K, reconciliations of forward-looking GAAP and non-GAAP measures are not provided because of the unreasonable effort associated with providing such reconciliations due to the variability in the occurrence and the amounts of certain components of GAAP and non-GAAP measures. For the same reasons, we are unable to address the significance of the unavailable information, which could be material to future results.

    Reconciliations of Segment Operating Income and Segment Operating Margin

      Three Months Ended Nine Months Ended
      September 30 September 30
    ($ in millions)  2025   2024   2025   2024 
    Ingalls revenues $828  $664  $2,189  $2,031 
    Newport News revenues  1,617   1,412   4,616   4,381 
    Mission Technologies revenues  787   709   2,313   2,224 
    Intersegment eliminations  (40)  (36)  (110)  (105)
    Sales and Service Revenues  3,192   2,749   9,008   8,531 
             
    Operating Income  161   82   485   425 
    Operating FAS/CAS Adjustment  9   16   25   48 
    Non-current state income taxes  9   (1)  12   (3)
    Segment Operating Income  179   97   522   470 
    As a percentage of sales and service revenues  5.6%  3.5%  5.8%  5.5%
    Ingalls segment operating income  65   49   165   165 
    As a percentage of Ingalls revenues  7.9%  7.4%  7.5%  8.1%
    Newport News segment operating income  80   15   247   208 
    As a percentage of Newport News revenues  4.9%  1.1%  5.4%  4.7%
    Mission Technologies segment operating income  34   33   110   97 
    As a percentage of Mission Technologies revenues  4.3%  4.7%  4.8%  4.4%



    Reconciliation of Free Cash Flow

      Three Months Ended Nine Months Ended
      September 30 September 30
    ($ in millions)  2025   2024   2025   2024 
    Net cash provided by operating activities $118  $213  $546  $2 
    Less capital expenditures:        
    Capital expenditure additions  (105)  (88)  (268)  (253)
    Grant proceeds for capital expenditures  3   11   6   14 
    Free cash flow $16  $136  $284  $(237)



    Reconciliation of Mission Technologies EBITDA and EBITDA Margin

      Three Months Ended Nine Months Ended
      September 30 September 30
    ($ in millions)  2025   2024   2025   2024 
    Mission Technologies sales and service revenues $787  $709  $2,313  $2,224 
             
    Mission Technologies segment operating income $34  $33  $110  $97 
    Mission Technologies depreciation expense  3   3   9   8 
    Mission Technologies amortization expense  22   25   67   75 
    Mission Technologies state tax expense  2   2   6   6 
    Mission Technologies EBITDA $61  $63  $192  $186 
    Mission Technologies EBITDA margin  7.8%  8.9%  8.3%  8.4%



    Contacts:

    Brooke Hart (Media)

    [email protected]

    202-264-7108

    Christie Thomas (Investors)

    [email protected]

    757-380-2104



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