Huntington Ingalls reports increased profits

HHI PettersMAY 8, 2013 — Huntington Ingalls Industries today reported results that saw  first-quarter 2013 profit reach $44 million, up 33 percent from $33 million in the same quarter a year earlier.

"HII continues to execute well on its programs at Ingalls Shipbuilding and Newport News Shipbuilding," commented president and CEO Mike Petters (left). "Even with the continued uncertainty surrounding the defense budget, HII continues to garner support for its programs through alignment with the Navy's priorities and is focused on driving performance to our goal of 9-plus percent operating margin by 2015."

The company reported first quarter 2013 revenues of $1.56 billion, relatively flat compared to the same period last year. Segment operating income for the first quarter was $120 million, compared to $101 million in the same period last year. Total operating income for the quarter was $95 million, compared to $80 million in the same period last year. Pension-adjusted operating income for the first quarter was $118 million, or 7.6 percent of revenue, compared to $97 million, or 6.2 percent of revenue, in the comparable period of 2012. These increases were primarily attributable to additional risk retirement at Newport News on the SSN-774 Virginia-class (VCS) program and the absence of unfavorable cumulative adjustments on the LPD-17 San Antonio-class (LPD) program at Ingalls.

First quarter diluted earnings per share was $0.87, compared to diluted earnings per share of $0.67 in the same period of 2012. Pension-adjusted diluted earnings per share for the quarter was $1.17, compared to $0.89 in the comparable period of 2012.

New business awards for the quarter were approximately $3.2 billion, consisting primarily of contracts for the CVN-72 USS Abraham Lincoln refueling and complex overhaul (RCOH) and continued construction preparation for CVN-79 John F. Kennedy.

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