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Business/Financial

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

By Cal Biesecker

Thursday, May 2nd, 2019

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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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