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Income Falls At Huntington Ingalls On Charge, Lower Sales

By Cal Biesecker

Thursday, May 4th, 2017

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Income Falls At Huntington Ingalls On Charge, Lower Sales

The CVN 79 Abraham Lincoln undocking at Newport News. The aircraft carrier has been refueled and recapitalized and is expected to begin sea trials next week in preparation for re-delivery to the Navy this month. Photo: HII

A charge in its newest operating segment coupled with lower sales and operating income in its shipbuilding business led to a drop in earnings in the first quarter at Huntington Ingalls Industries [HII], the company reported on Thursday.Net income fell 13 percent to $119 million, $2.56 earnings per share (EPS), from $136 million ($2.87 EPS) a year ago. Excluding pension costs, which were higher in the quarter, adjusted per share results were $1.87, 86 cents EPS below analysts’ expectations.A $29…

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