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Business/Financial

Huntington Ingalls Posts Lower Earnings On Pension, Acquisition Costs

By Cal Biesecker

Thursday, November 4th, 2021

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Huntington Ingalls Posts Lower Earnings On Pension, Acquisition Costs

The USS George Washington (CVN 73). Risk retirements on a refueling and overhaul of the Navy aircraft carrier help boost profits at HII's Newport News Shipbuilding segment in the third quarter. Photo: HII

Huntington Ingalls Industries [HII] on Thursday reported a steep drop in net earnings in the third quarter due mainly to pension headwinds and to a lesser degree by costs related to the recent acquisition of government services provider Alion Science & Technology. Sales in the quarter increased 1 percent to $2.3 billion driven by the Alion acquisition, which closed in August and contributed $163 million to the top line. Otherwise, sales were flat at the Newport News Shipbuilding segment, down…

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