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Huntington Ingalls Industries' CEO Discusses Q4 2011 Results - Earnings Call Transcript

Free cash flow for the fourth quarter and the full year came in very strong. During the fourth quarter, we generated just under $400 million in free cash flow and we ended the year with $915 million of cash.

Now I’d like to walk through some of the highlights of our individual ship programs, starting with Ingalls. For the DDG 51’s, we began fabrication work on DDG 113 and will soon begin construction of DDG 114, the second ship in the DDG 51 restart. We expect the next block buy of DDG 51’s later this year, a contract that could be for as many as nine ships split between us and General Dynamics. We are aggressively preparing for the next round of awards and are confident that we will be competitive.

On the LPD program, we delivered LPD 22 San Diego in December and our customer, the U.S. Navy, said this ship was the best LPD delivered to date. We expect LPD’s 23 and 24 to go to sea trials later this summer and delivery of the two ships by the end of the year. LPD 25 is progressing well and should launch later this year, although significant risk remains since it is the last ship to be completed at Avondale. We’ve also begun construction of LDP 26 and we are working under a long-lead material contract for LPD 27, and expect to finalize a construction contract for LPD 27 in the near future.

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