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Huntington Ingalls Swings To 2Q Profit; Lower Volume Hurt Sales

DOW JONES NEWSWIRES Huntington Ingalls Industries Inc. (HII) swung to a smaller-than-expected second-quarter profit as lower volume hurt sales. The country's largest military shipbuilder was spun off from Northrop Grumman Corp. (NOC) on March 31. Analysts have pinned Huntington Ingalls' earnings growth prospects on operational improvements as little revenue growth is expected in an environment of decelerating U.S. defense spending and a shift in military priorities toward smaller, more nimble weapons platforms. Huntington Ingalls reported a profit of $40 million, or 80 cents a share, compared with a loss of $11 million, or 23 cents, a year earlier. Sales declined 2.9% to $1.56 billion, as the winding down of Avondale, La., shipbuilding operations hurt its sales volume. Analysts polled by Thomson Reuters had most recently forecast earnings of 82 cents on revenue of $1.65 billion. Operating margin swung to 5.8% from negative 1.2%. The Newport News shipbuilding business, which accounts for the bulk of the company's top line, saw its operating income fall 6% as sales dropped 4.5%. The Ingalls shipbuilding segment swung to an operating profit, though sales edged down 0.8%. Shares closed Wednesday at $28.01 and were inactive premarket. The stock has fallen 28% over the last three months. -By Melodie Warner, Dow Jones Newswires; 212-416-2283; melodie.warner@dowjones.com

Stock News for Northrop Grumman (NOC)
DateTimeHeadline
06/30/201515:00:00Northrop Grumman Appoints Jeanie Wade Vice President, Service...
06/30/201514:53:51Northrop Grumman Hires First Supply Chain Manager
06/30/201510:00:00Northrop Grumman, U.S. Navy Successfully Conduct E-2D Advanced...
06/30/201503:00:00University Students to Compete in Final of Unmanned Aircraft...
06/30/201503:00:00University Students to Compete in Final of Unmanned Aircraft...
06/29/201514:00:00Northrop Grumman, US Navy Celebrate Legacy of EA-6B Prowler...
06/24/201511:05:00Northrop Grumman Hosts Robotics and Computer Science Projects...
06/23/201508:00:00Northrop Grumman Introduces New Commercial Inertial Measurement...
06/22/201513:00:00Northrop Grumman's LITENING Digital, High Definition Video Sharpens...
06/22/201513:00:00Northrop Grumman's LITENING Digital, High Definition Video Sharpens...
06/22/201510:00:00Northrop Grumman to Provide Anti-Missile System to Air National...
06/17/201517:18:00Northrop Grumman Successfully Flies Open Mission Systems Architecture...
06/17/201511:00:00Northrop Grumman Awards Grants to San Fernando Valley Area Teachers...
06/16/201511:00:00Northrop Grumman Delivers 500th LITENING G4 Advanced Targeting...
06/16/201511:00:00Northrop Grumman Delivers 500th LITENING G4 Advanced Targeting...
06/16/201510:00:18Annual Report of Employee Stock Plans (11-k)
06/16/201509:58:35Annual Report of Employee Stock Plans (11-k)
06/15/201510:00:00Northrop Grumman Enterprise Services and Chief Strategy Office...
06/14/201512:13:02C-130 Hercules Tops the List of Top 10 Military Aircraft -- That...
06/12/201513:20:00Northrop Grumman Industry Team Ready to Meet Air Force Requirements...

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