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Huntington Ingalls Reports Second Quarter Profits

Defense Daily Staff Defense Daily Staff
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Huntington Ingalls Industries [HII], the largest builder of Navy surface ships, yesterday reported earnings of $40 million for the second quarter of 2011 after suffering losses in the same period last year. The profit margin of 5.8 percent came after a 1.2 percent decline--or an $11 million loss--in the April-June quarter of 2010, the company reported. Revenues, however, dropped by 2.9 percent from $1.61 billion to $1.56 billion. Huntingon Ingalls attributed the fall to lower sales on the DDG-51 Arleigh Burke-class…

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