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Business/Financial

Strong Shipbuilding Performance, Pension Tailwind Boost Huntington Ingalls But Virus Impacts Coming

By Cal Biesecker

Thursday, May 7th, 2020

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Strong Shipbuilding Performance, Pension Tailwind Boost Huntington Ingalls But Virus Impacts Coming

Artist rendering of the first Flight III DDG-51 Arleigh Burke-class destroyer, the future USS Jack H. Lucas (DDG-125). (Image: Huntington Ingalls Industries)

A pension benefit combined with strong operating results at its shipbuilding businesses drove a strong first quarter at Huntington Ingalls Industries [HII], although workforce impacts at the company’s shipyards led it to forecast sales this year at the low end of prior guidance and company officials signaled uncertainty going forward. Net income increased 46 percent to $172 million, $4.23 earnings per share (EPS), versus $118 million ($2.85 EPS) a year ago, 27 cents shy of consensus projections. Sales increased 9…

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