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Huntington Ingalls Posts Solid Profit As Sales Stay Flat

Defense Daily Staff Defense Daily Staff
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Improved performance on submarine and amphibious transport ships drove first quarter profits up at Huntington Ingalls Industries [HII] despite flat sales, the company said yesterday. Net income increased 33 percent to $44 million, 87 cents earnings per share (EPS), from $33 million (67 cents EPS), nipping consensus estimates by a penny. Operating margin was up a percent to 6.1 percent and sales were level at $1.6 billion. The income gain was driven by risk retirement on the SSN-774 Virginia-class attack…

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