Shipbuilder reports profit in first quarter as independent company

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Newport News-based Huntington Ingalls Industries Inc. reported a profit for the second quarter, its first three months as an independent, publicly traded company.

The shipbuilding company had second-quarter, diluted earnings per share of 80 cents, up from a loss of 23 cents in 2010.

Sales for the three-month period ending June 30 totaled of $1.56 billion, down 2.9 percent from the same time last year.

The company’s second-quarter operating margin was 5.8 percent, up from -1.2 percent last year.

Cash provided by operating activities in the second quarter totaled $186 million, up $91 million, or 96 percent, from the same period in 2010.

New business awards for the second quarter stood at approximately $1 billion, bringing the company’s total backlog to $16.8 billion as of June 30.

Before being spun off on March 31, the company’s operations comprised the shipbuilding division of giant defense contractor Northrop Grumman Corp.


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