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Business/Financial

Sales, Earnings Slip At Huntington Ingalls In Fourth Quarter

By Cal Biesecker

Thursday, February 18th, 2016

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Sales, Earnings Slip At Huntington Ingalls In Fourth Quarter

Launching of the Virginia-class attack submarine Minnesota (SSN-783) at HII's Newport News Shipbuilding division. (Photo: HII)

Huntington Ingalls Industries [HII] on Thursday reported slight declines in sales and earnings in its fourth quarter on lower revenue from its work on Coast Guard cutters and the Navy’s amphibious assault ships while its energy business continued to suffer from turmoil in oil and gas markets.Net income fell 4 percent to $50 million, $1.06 earnings per share (EPS), from $52 million ($1.05 EPS) a year ago as overall operating income was down in its shipbuilding segments and losses widened…

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