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Business/Financial

Energy Market Again Trips Huntington Ingalls’ Earnings

By Cal Biesecker

Thursday, May 7th, 2015

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Energy Market Again Trips Huntington Ingalls’ Earnings

Huntington Ingalls President and CEO Mike Petters. Photo: HII

Huntington Ingalls Industries [HII] on Thursday posted lower first quarter income on a loss at its energy services business, which has been impacted by unstable market conditions and restructuring actions.The energy business, UniversalPegasus International (UPI), which was acquired last June, also stumbled at the end of last year when it hit HII’s bottom line with a $47 million goodwill charge due to the collapse of the oil and gas market.Net income in the quarter dipped 3 percent to $87 million,…

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