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Text: Actual results may differ.
Also in the remarks today, Mike, Chris and Tom will refer to certain non-GAAP measures.
Sales of $2.2 billion were up from $2.0 billion in the second quarter of 2020.
Diluted earnings per share of $3.20 was up significantly from $1.30 in the second quarter of last year and pension adjusted earnings per share for the quarter was $3.05.
New contract awards during the quarter were approximately $1.2 billion, resulting in a backlog of approximately $48 billion, of which approximately $24 billion is funded.
And Chris will provide some color on a few of the key awards for the quarter during his remarks.
Shifting to activities in Washington, we are pleased that the congressional markup process for fiscal year 2022 has begun in earnest, following the release of the President's budget request in May.
Of note, the budget requests continued recapitalization of the nation's strategic ballistic missile submarine fleet and supported funding for CVN 80 and CVN 81 forward class aircraft carriers, two Virginia-class submarines, one DDG 51 Arleigh Burke-class destroyer and LHA 9.
We were also pleased that a second DDG 51 class destroyer was included as the number one priority on the Navy's unfunded requirements list for fiscal year 2022, and we look forward to working closely with the Congress during the FY '22 markup process to urge support for the second DDG and other critical priorities, including the efficient production of amphibious warships.
In closing, slide four provides some key takeaways from the recently announced agreement to acquire Alion Science and Technology.
The team is preparing for closing of the transaction, and we are very excited about the addition of Alion to the HII family.
Alion is a perfect complement to our existing capabilities in the technology-driven defense and federal solutions space.
The solutions and products they provide are directly in line with the strategic focus that we have articulated for our Technical Solutions business and it enhances our technical capabilities and customer access in high-growth national security markets, including C5ISR, military training and simulation and next-generation technologies and solutions.
We firmly believe that Alion offers significant growth potential and represents an investment in capabilities that support the evolving DoD national security requirements, which, in turn, are expected to generate significant long-term sustainable value for our shareholders, our customers and our employees.
This was another solid operational quarter, and I'm very pleased with the consistent progress being achieved across our shipbuilding and technical solutions programs.
With that, let me share a few key contract awards and programmatic highlights from the business segments for the quarter.
At Ingalls, the team received a contract modification from the U.S. Navy for $107 million to provide additional long-lead time material and advanced procurement activities for amphibious assault ship LHA 9, which increases current funding on this ship to approximately $490 million.
Regarding the potential bundled acquisition of LHA nine with LPD 32 and 33, discussions are ongoing with the customer.
We believe that a bundled acquisition continues to be the most cost-effective method, a procurement of these critically important ships.
In addition, Ingalls was awarded a contract with a potential total value of $724 million over seven years for planning yard services in support of a variety of in-service amphibious class ships, including the LPD 17 San Antonio class and LHA six America class.
Shifting to program status, LHA eight Bougainville is making steady progress through the structural erection and initial outfitting phases of construction with cost and schedule performance in line with our expectations.
On the DDG program, the team successfully launched the first Flight III Arleigh Burke class guided missile destroyer, DDG 125, Jack H Lucas in June.
And DDG 121, Frankie Peterson Jr. is expected to conduct sea trials later this year.
On the LPD program, LPD 28 Fort Lauderdale is on track to conduct sea trials during the fourth quarter and LPD 29 Richard M. McCool Jr. continues to achieve production milestones in support of launch early next year.
At Newport News, there were no significant contract awards to highlight for the quarter, so I will go right on to program status.
CVN-79 Kennedy is approximately 83% complete, and the team remains focused on compartment completion and key propulsion plant milestones.
CVN 73 USS George Washington is approximately 90% complete, and the team remains focused on achieving key test program milestones to support redelivery to the Navy, which is planned for next year.
On the DCS program, the team completed shipment of the final module of SSN 797 Iowa during the quarter.
In addition, SSN 794 Montana remains on track for delivery to the Navy later this year, and SSN 796 New Jersey remains on track to achieve the float-off milestones as planned in the second half of this year.
And finally, on the submarine fleet support program, SSN 725 Helena is on track for redelivery to the Navy later this year.
At Technical Solutions, contract awards of REMUS 300 unmanned underwater vehicles during the quarter to the U.S. Navy and Royal New Zealand Navy affirmed the flexibility and modularity of these units.
TS was also recently awarded a $273 million cost plus fixed fee indefinite delivery, indefinite quantity contract to support maintenance and planning for the overhaul and repair of equipment and systems associated with the Navy aircraft carriers and West Coast Navy surface ships.
In addition, TS was awarded a contract with a 1-year base period and four 1-year options with a total potential value of $346 million to provide a variety of aircraft and operational support services for USAFRICOM, included planning, management, maintenance, logistics and airlift airdrop services and emergency medical care.
Execution within Technical Solutions remains consistent with expectations except for delays in awards in our unmanned business for critical new programs, which we expect to be resolved by the end of the year.
As I close, note that we have included upcoming key program milestones on slide five.
There are no changes from what we have previously provided other than designated those milestones that have been completed with the checkmark.
Today, I'll briefly review our second quarter results.
This was primarily due to the growth of Newport News and Ingalls and was partially offset by a decline at Technical Solutions due to the portfolio shaping actions we have taken.
Segment operating income for the quarter of $169 million increased $174 million compared to the second quarter of 2020 and segment operating margin of 7.6% compared to a segment operating margin of negative 0.2% of the second quarter of 2020.
The prior year results were negatively impacted by the Virginia-class submarine program performance as well as impacts related to COVID-19.
Operating income for the quarter of $128 million increased by $71 million from the second quarter of 2020 and operating margin of 5.7% increased 293 basis points.
These increases were primarily driven by the segments I just mentioned, partially offset by a less favorable operating FAS/CAS Adjustment.
The tax rate in the quarter was approximately 19.9% compared to 18.5% in the second quarter of 2020.
The increase in the tax rate was primarily due to adjustments related to research and development tax credits recorded in the second quarter of 2020.
Net earnings in the quarter were $129 million compared to $53 million in the second quarter of 2020.
Diluted earnings per share in the quarter were $3.20 compared to $1.30 in the second quarter of 2020.
Excluding the impacts of pension, diluted earnings per share in the quarter were $3.05 compared to a loss of $0.49 per share in the second quarter of 2020.
Cash from operations was $96 million in the quarter, and net capital expenditures were $73 million or 3.3% of revenues resulting in free cash flow of $23 million.
This compares to cash from operations of $201 million and $75 million of net capital expenditures or free cash flow of $126 million in the second quarter of 2020.
Cash contributions to our pension and other postretirement benefit plans were $12 million in the quarter, principally related to postretirement benefits.
During the second quarter, we paid dividends of $1.14 per share or $46 million and repurchased approximately 95,000 shares at a cost of $20 million.
Ingalls revenues in the quarter of $670 million increased $48 million or 7.7% from the same period last year, driven primarily by higher revenues on the DDG program and amphibious assault ships partially offset by lower revenues on the NSC program.
Ingalls operating income of $80 million and margin of 11.9% in the quarter were up from the second quarter of 2020, driven by the recognition of a capital investment related incentive for the DDG program that was recognized in DDG-125 as well as higher risk retirement from the LHA 8, LP 28 and LP 29 ships.
Newport News revenues of $1.4 billion in the quarter increased $241 million or 21.5% from the same period last year due to higher revenues in both the submarine and aircraft carry construction.
Newport News operating income of $76 million and margin of 5.6% in the quarter were up year-over-year, primarily due to the impacts related to the Virginia class performance and COVID in the prior year period.
Now to Technical Solutions on slide 10.
Technical Solutions revenues of $237 million in the quarter decreased 25.9% from the same period last year mainly due to the divestiture of the oil and gas business and the contribution of the San Diego shipyard through a joint venture in the first quarter of this year as well as lower volumes in unmanned systems, partially offset by increases in volumes in the Defense and Federal Solutions.
Technical Solutions operating income of $13 million in the quarter compares to income of $9 million in the second quarter of 2020.
This increase was primarily driven by higher equity income related to our ship repair partnership with Titan as well as improved performance at Defense and Federal Solutions and Nuclear Environmental Services, partially offset by lower volumes in the unmanned systems.
Finally, a perspective on the outlook of the shipbuilding for the remaining part of the year.
We continue to see limited opportunities for risk retirements in the third quarter with the remainder of the milestones weighted toward the end of the year.
Given the strong performance in the first half of the year, we now expect that the shipbuilding margin for the full year will be in the 7.5% to 8% range.
We continue to expect the Alion acquisition will close in the coming weeks and that we will incur approximately $25 million of onetime pre-tax transaction and financing-related expenses in 2021.
We completed the syndication of the term loan component of the acquisition funding earlier this week, and more details of the specifics are available in the 10-Q.
We will provide a more comprehensive update on our 2021 outlook for Technical Solutions on our third quarter call following the closing of the acquisition.
As a reminder to everyone on the call, please limit yourself to one initial question and one follow-up so we can get as many people through the queue as possible.

user
compname posts q2 adjusted earnings per share $3.05.
q2 adjusted earnings per share $3.05.
q2 earnings per share $3.20.
q2 revenue $2.2 billion versus refinitiv ibes estimate of $2.17 billion.

assistant