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Pension Adjustments Dampen Huntington Ingalls’ Earnings In First Quarter Despite Strong Sales

Cal Biesecker By
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Pension Adjustments Dampen Huntington Ingalls’ Earnings In First Quarter Despite Strong Sales
Refueling and Complex Overhaul of the USS George Washington (CVN 73) aircraft carrier contributed to HII's strong sales. Photo: HII

Huntington Ingalls Industries [HII] on Thursday posted a big drop in net income in its first quarter due to less favorable pension adjustments, but the company’s top line growth was strong and the outlook for further growth in the coming years was buoyed by strong orders and a record backlog. Net income sank 24 percent to $118 million, $2.85 earnings per share (EPS), from $156 million ($3.48 EPS) a year ago, missing consensus estimates by 43 cents a share. In…

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