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Huntington Ingalls Hits Rough Seas In Second Quarter

Cal Biesecker By
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Huntington Ingalls Hits Rough Seas In Second Quarter
Huntington Ingalls President and CEO Mike Petters. Photo: HII

Huntington Ingalls Industries [HII] on Thursday posted a steep drop in second quarter earnings mainly on charges at its shipyards due to efficiency and staffing challenges, at least some of which stem from COVID-19, and the company lowered its top and bottom line guidance for the year. The company recorded $167 million in charges related to updated cost and schedule assumptions across all programs with the Block IV boat of the Virginia-class submarine program bearing the brunt of the added…

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