Shipbuilder reports loss on impairment charge
- November 10, 2011
Newport News-based shipbuilder Huntington Ingalls Industries reported net loss of $248 million for the quarter, $5.07 loss per share, as a result of a $300 million non-cash, goodwill impairment charge.
Without the charge, the company had net income of $52 million, or $1.05 per share.
Sales for quarter ended June 30 were $1.59 billion, down 4.3 percent from the same period last year.
Cash provided by operating activities in the third quarter was $232 million, up $59 million, or 34 percent, over the same period last year.
New business awards during the 2011 third quarter were $2.1 billion, bringing total backlog to $17.3 billion as of Sept. 30.
During the recent quarter, the company delivered the submarine USS California and National Security Cutter Stratton.
The company was spun off from Northrop Grumman Corp. at the end of March.