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Katrina Settlement, Pension Tailwind Lead Huntington Ingalls To Higher Earnings

Cal Biesecker By
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Katrina Settlement, Pension Tailwind Lead Huntington Ingalls To Higher Earnings
U.S. Navy Virginia-class Submarine. Photo: HII

Huntington Ingalls Industries [HII] on Thursday posted a huge increase in second quarter earnings driven by an insurance litigation settlement and a favorable pension adjustment that more than offset a charge related to continued weakness in the company’s oil and gas-related business.The insurance settlement related to Hurricane Katrina in 2005 added $1.80 earnings per share (EPS) to the bottom line while the pension adjustment provided a 37 cents EPS tailwind. The goodwill impairment charge cost the company 96 cents EPS…

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