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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
03/26/201510:00:00Northrop Grumman Delivers Center/Aft 'Shipset' for First International...
03/25/201513:11:56Initial Statement of Beneficial Ownership (3)
03/25/201508:27:32Northrop to supply missile protection to Canadian Air Force
03/25/201508:00:00Northrop Grumman Selected to Provide Latest Generation Directional...
03/24/201511:00:00Northrop Grumman Partners with Center Centre to Develop User...
03/24/201509:26:40CPI Aero to provide parts for Northrop's laser mine program
03/24/201509:00:00Northrop Grumman Engineers Honored by The Engineers' Council
03/24/201505:52:54Mobileye Is Too Speculative - Cramer's Lightning Round (3/23/15)
03/23/201513:00:00Northrop Grumman Successfully Completes Qualification of a Radiation...
03/23/201511:30:00Northrop Grumman Discusses its Economic Impact at California...
03/23/201510:00:00Northrop Grumman to Showcase Tomorrow's Solutions for Today's...
03/22/201511:13:02A-10 Warthog Is Out, F-15 and F-16 Are In, Says the Air Force
03/20/201511:00:00Northrop Grumman Names Alan Lytle Vice President, Undersea Systems
03/20/201509:00:00US Air Force Sustainment Center and Northrop Grumman Enter Into...
03/20/201506:03:37Current Report Filing (8-k)
03/19/201517:00:00Northrop Grumman Elects Marianne Brown to its Board of Directors
03/19/201516:01:00Northrop Grumman Wins Recompete to Protect DISA-Managed Networks...
03/19/201507:18:26March Madness: Final 4 Investing Bracket 2015
03/17/201515:00:00Northrop Grumman Awards Scholarships to CyberPatriot VII Winners
03/17/201513:30:00Northrop Grumman Sets 2020 Solid Waste Diversion and Water Use...

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