
Lower operating income, pension headwinds, a charge and higher taxes led to a steep drop in earnings as Huntington Ingalls Industries [HII] in the second quarter despite a strong uptick in sales. Operating income was down at all three of the company’s segments due to lower risk retirements on amphibious landing dock ships, lower performance on the Virginia-class submarine program and a loss on a contract for fleet support services. The $12 million forward loss was due to work on…