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Huntington Ingalls Industries Reports Strong Second Quarter Results

Cal Biesecker By
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Huntington Ingalls Industries Reports Strong Second Quarter Results
Virginia-class submarine Montana (SSN 794). Work on Virginia-class subs contributed to sales and earnings increases at HII in the second quarter. Photo: HII

Huntington Ingalls Industries [HII] on Thursday posted strong top and bottom-line results in its second quarter driven primarily by its shipbuilding operations despite pension headwinds. Net income was up 146 percent to $129 million, $3.20 earnings per share (EPS), from $53 million ($1.30 EPS) a year ago. Excluding pension impacts, adjusted earnings of $3.05 EPS topped consensus estimates by 49 cents per share. Sales increased 10 percent to $2.2 billion from $2 billion a year ago. At the operating level,…

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