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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
08/27/201515:00:00Northrop Grumman Awarded Position on Air Force Training Systems...
08/26/201520:00:00Northrop Grumman M5 Network Security Wins Eureka Prize for Outstanding...
08/26/201517:00:00Second Australian Company to Provide Parts for Initial Production...
08/26/201511:25:00Northrop Grumman Delivers Telescope Structure for NASA's James...
08/26/201510:00:00Northrop Grumman Delivers 150th KC-10 Extender from Depot to...
08/25/201508:00:00U.S. Navy Demonstrates Endurance on the MQ-8C Fire Scout
08/24/201514:32:00Northrop Grumman Appoints Skip Magness Vice President, Operations...
08/21/201516:13:39Statement of Changes in Beneficial Ownership (4)
08/20/201513:30:00Acting Under Secretary of the Air Force Lisa Disbrow and Top...
08/20/201510:00:00Northrop Grumman Releases 2014 Corporate Responsibility Report...
08/19/201518:30:00Northrop Grumman Board Declares Quarterly Dividend
08/19/201510:12:00Northrop Grumman Receives Maryland Green Registry Leadership...
08/19/201509:00:00Northrop Grumman Names Robert Fleming Vice President of Cyber...
08/13/201513:57:00Secretary of the Air Force Deborah Lee James and Lieutenant General...
08/12/201511:10:00First Sunshield Layer Completed for NASA's James Webb Space Telescope
08/11/201508:00:00Northrop Grumman Demonstrates New Capabilities in Mission Management...
08/07/201510:00:00Northrop Grumman Brings Virtual Realism to Northern Edge Exercise
08/06/201515:00:00Northrop Grumman Aerospace Systems Announces Organizational Realignment
08/04/201517:20:07Statement of Changes in Beneficial Ownership (4)
07/31/201522:41:33Former FAA Consultant Claims Agency Failed to Act on SpaceShip...

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