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HII Posts Solid Operating Results But Goodwill Charge Leads To Loss

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Huntington Ingalls Industries [HII] yesterday reported that it swung to a loss in the third quarter due to goodwill impairment charge related to a drop in its market capitalization although operating income, excluding the charge, at its Ingalls and Newport News units was up. The $300 million impairment, which led to a $248 million, $5.07 earnings per share (EPS), loss in the quarter stemmed from a decline in HII’s stock price, which in turn lowered its market capitalization, triggering a…

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