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Huntington Ingalls’ Sales Up, Profits Down In Fourth Quarter; Will Divest Oil And Gas Business

Cal Biesecker By
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Huntington Ingalls’ Sales Up, Profits Down In Fourth Quarter; Will Divest Oil And Gas Business
Huntington Ingalls President and CEO Mike Petters. Photo: HII

Huntington Ingalls Industries [HII] on Thursday posted lower fourth quarter earnings despite a strong increase in sales due in part to an impairment charge stemming from the company’s decision to put its oil and gas business up for sale. Net income sank 30 percent to $149 million, $3.61 earnings per share (EPS), from $212 million ($4.94 ESP) a year ago, hampered by a pension headwind at the non-cash charge. Excluding the $35 million (75 cents EPS) charge, adjusted earnings of…

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