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.
There are no comments for this entry