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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;

Stock News for Northrop Grumman (NOC)
10/26/201608:00:00Northrop Grumman Raises Forecast
10/26/201607:48:00Northrop Grumman Raises Forecast
10/26/201606:43:57Northrop Grumman Releases Third Quarter 2016 Financial Results
10/26/201606:37:26Quarterly Report (10-q)
10/26/201606:32:40Current Report Filing (8-k)
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10/25/201610:48:30Cyber Workforce Discussion – Working to Solve a National Crisis
10/18/201610:30:00Northrop Grumman’s Anita Lee Wright Honored at Women of Color S...
10/17/201608:00:00Northrop Grumman Unveils New Digital, Two-Axis Rate Sensor in...
10/13/201614:03:23Northrop Grumman to Supply Nationwide Air Traffic Control Communication...
10/12/201612:00:00Northrop Grumman Successfully Flies Optical Bar Camera on RQ-4...
10/12/201610:26:52Amended Statement of Ownership (sc 13g/a)
10/11/201616:24:55Amended Statement of Ownership (sc 13g/a)
10/11/201613:00:00Invitation to Northrop Grumman’s Third Quarter 2016 Financial R...
10/10/201609:00:00Northrop Grumman’s Jose Borges Receives Luminary Award at 2016 G...
10/05/201616:34:24Northrop Grumman to Host Prosthetic Hands Assembly Project for...
10/05/201616:21:35Statement of Changes in Beneficial Ownership (4)
10/05/201616:20:43Statement of Changes in Beneficial Ownership (4)
10/05/201609:30:00Northrop Grumman Demonstrates Counter-UAS Technologies at Black...
10/04/201616:05:27Statement of Changes in Beneficial Ownership (4)

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