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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
08/25/201612:00:00Northrop Grumman Demonstrates New Maritime Domain Awareness Capabilities...
08/23/201616:00:00Northrop Grumman Receives DOD James S. Cogswell Award for Outstanding...
08/23/201613:00:00Northrop Grumman Completes G/ATOR Block II Preliminary and Critical...
08/22/201610:00:00Northrop Grumman Awarded Contract to Modernize Global Hawk's...
08/22/201608:00:00Northrop Grumman to Provide Navigation System for German Satellite
08/18/201614:43:24Statement of Changes in Beneficial Ownership (4)
08/17/201618:15:00Northrop Grumman Board Declares Quarterly Dividend
08/16/201614:00:00Northrop Grumman's Astro Aerospace Completes NISAR Reflector...
08/16/201612:55:09Statement of Changes in Beneficial Ownership (4)
08/16/201608:00:00Northrop Grumman Showcases Key Capabilities at the 19th Annual...
08/15/201610:00:00Northrop Grumman Awards Engineering Scholarships to Two Students...
08/10/201610:09:32High School Students' Engineering and Academic Achievements Highlighted...
08/09/201609:15:00Northrop Grumman Completes Selection of 2016 Research Projects...
08/08/201615:43:26Statement of Changes in Beneficial Ownership (4)
08/08/201614:00:00In LVC First, Northrop Grumman and US Air Force Link Fifth- and...
08/05/201609:39:33Statement of Changes in Beneficial Ownership (4)
08/04/201614:00:00Northrop Grumman Awarded Department of Veterans Affairs Contract...
08/03/201614:00:00Northrop Grumman and Embry-Riddle Aeronautical University Align...
08/03/201609:58:07Northrop Grumman Begins Work on Second Japanese E-2D Advanced...
08/02/201617:50:33Statement of Changes in Beneficial Ownership (4)

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