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Pension Tailwind, Lower Tax Rate Boost Huntington Ingalls In Third Quarter

By Cal Biesecker

Thursday, November 5th, 2020

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Pension Tailwind, Lower Tax Rate Boost Huntington Ingalls In Third Quarter

Huntington Ingalls President and CEO Mike Petters. Photo: HII

Huntington Ingalls Industries [HII] on Thursday reported higher earnings and sales in its third quarter, bouncing back from a rough second quarter. Net income increased 44 percent to $222 million, $5.45 earnings per share (EPS), from $154 million ($3.74 EPS) a year ago as a favorable pension adjustment contributed $70 million (1.72 EPS) to the bottom line. Adjusted earnings of $3.73 EPS were 41 cents below analysts’ expectations. Sales in the quarter increased 4 percent to $2.3 billion from $2.2…

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