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Huntington Ingalls Posts Lower Earnings On Pension Headwind; Operations Solid

Cal Biesecker By
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Huntington Ingalls Posts Lower Earnings On Pension Headwind; Operations Solid
Huntington Ingalls President and CEO Mike Petters. Photo: HII

Higher pension costs led Huntington Ingalls Industries [HII] to report lower income in its first quarter despite solid overall operating results at its business segments. Net income fell 14 percent to $148 million, $3.68 earnings per share (EPS), from $172 million ($4.23 EPS) due to the higher pension costs. Excluding pension impacts, adjusted earnings were higher at $3.56 EPS, 93 cents higher than consensus estimates. Operating income increased 22 percent to $191 million due mainly to strong double-digit gains at…

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