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Newport News Division Leads HII’s Earnings Down In Second Quarter

Cal Biesecker By
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Newport News Division Leads HII’s Earnings Down In Second Quarter
Artist rendering of the USS Enterprise (CVN-80) aircraft carrier. (Image: HII)

HII [HII] on Thursday reported a drop in second quarter net earnings despite higher sales largely due to lower performance on the Virginia-class submarine program and aircraft carrier construction at the Newport News Shipbuilding segment. Net income fell 12 percent to $152 million, $3.86 earnings per share (EPS), from $173 million ($4.38 EPS) a year ago, still beating consensus estimates by 57 cents per share. Net income is down nearly 8 percent so far this year. Sales increased 4 percent…

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