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Business/Financial

Hurricane Insurance Recovery Boosts Profits At Huntington Ingalls

Defense Daily Staff

Friday, November 8th, 2013

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Huntington Ingalls Industries [HII] yesterday posted higher third quarter sales and net income, which benefited from hurricane insurance recoveries. Net income was up more than 400 percent to $69 million, $1.36 earnings per share (EPS), from $13 million (26 cents EPS), as the insurance recoveries boosted operating income at the company’s Ingalls Shipbuilding division by $46 million. Results a year ago were also negatively impacted by a workers’ compensation expense adjustment. Operating margins rose nearly 4 percent to 7.8 percent.…

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