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Huntington Ingalls’ Earnings Tumble While Sales Rise

Cal Biesecker By
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Huntington Ingalls’ Earnings Tumble While Sales Rise
Huntington Ingalls President and CEO Mike Petters. Photo: HII

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…

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