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Huntington Ingalls Industries [HII] on Thursday reported a steep drop in net income in the fourth quarter largely due to expenses related to a new tax law and the early retirement of debt, although adjusting for these items the results beat consensus estimates.While the new tax reform package hit the company’s earnings in the fourth quarter, as it has other defense manufacturers, HII said the lower federal tax rate that went into effect on Jan. 1 will ultimately generate more…
