AUGUST 8, 2012 — Mike Petters, president and CEO of Huntington Ingalls Industries (NYSE:HII) attributes improved second quarter performance by the shipbuilding giant to "strong execution of our existing contracts and ... steady progress toward restoring margins at Ingalls." He noted that several large programs reached key milestones during the quarter, including the launch of two ships, LPD-25 Somerset and LHA-6 America, and the successful completion of sea trials on LPD-23 Anchorage.
By the numbers: HII reported second quarter 2012 revenues of $1.72 billion, up 10.1 percent from the same period last year, and segment operating margin of 7.4 percent, up from 6.3 percent in Q2 2011. Total operating margin was 6.2 percent, up 34 basis points from the second quarter of last year, and second quarter diluted earnings per share was $1.00, compared with $0.80 in the same period of 2011, an increase of $0.20. Cash provided by operating activities in the second quarter of 2012 was $151 million, $35 million less than the same period last year. New business awards for the 2012 second quarter were approximately $2.5 billion, bringing total backlog to $16.2 billion, of which $12.6 billion is funded.