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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
05/29/201514:41:03Specialized Disclosure Report (sd)
05/29/201508:11:03These Stocks Just Raised Their Dividends
05/28/201516:24:34Statement of Changes in Beneficial Ownership (4)
05/28/201515:00:00Northrop Grumman to Participate in Deutsche Bank Industrials...
05/28/201513:00:00Northrop Grumman, US Army Achieve Ballistic Missile Intercept...
05/27/201515:30:00Northrop Grumman Scientist Marshall Greenspan to be Honored by...
05/27/201509:05:00Northrop Grumman Passes Key Design Review for B-2 Weapons Management...
05/26/201510:00:00NASA's SMAP Satellite Becomes Operationally Successful with Northrop...
05/24/201512:13:02Set Phasers to Stun: U.S. Army Channels Star Trek for Future...
05/24/201510:32:03The U.S. Navy Spent $744 Million to Build a Robotic Fighter Jet...
05/22/201510:14:19Current Report Filing (8-k)
05/21/201510:30:00Northrop Grumman to Participate in Bernstein's 31st Annual Strategic...
05/20/201512:15:10What Is the S&P 500 Index?
05/20/201512:12:00Northrop Grumman Appoints Steve Lunny Vice President, Program...
05/20/201511:00:00Northrop Grumman Names Sonal B. Deshpande Vice President, Mission...
05/20/201507:00:00Northrop Grumman Announces 14 Percent Dividend Increase to $0.80...
05/18/201519:00:00Northrop Grumman Australia, 100 Mums, Partner to Increase Female...
05/18/201514:00:00Northrop Grumman's Voyage Management System Approved for Use...
05/18/201509:00:00Northrop Grumman Names 24 Maryland Winners in 13th Annual Engineering...
05/15/201516:16:04Statement of Changes in Beneficial Ownership (4)

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