Fourth-quarter profit rises at Huntington Ingalls Industries
THE TAKE: Newport News-based shipbuilder Huntington Ingalls Industries reported on Thursday that fourth-quarter diluted earnings per share rose 86 percent to $1.82. Revenues for the quarter totaled $1.94 billion, up 6.3 percent from the same period last year.
Fourth-quarter revenue: $1.94 billion, up from $1.82 billion in the fourth quarter of 2012.
Fourth-quarter diluted earnings per share: $1.82, up 98 cents in Q4 2012..
Fourth-quarter adjusted diluted earnings per share: $1.66 in Q4 2013, compared to $1.30 in Q4 2012.
2013 revenue: $6.82 billion, up from $6.71 billion in 2012.
2013 diluted earnings per share was $5.18, compared to $2.91 in 2012.
2013 adjusted diluted earnings per share: $5.36, up from $3.95 in 2012.
THE COMPANY’S TAKE:
“As HII's three-year anniversary approaches, I am pleased with the operational improvements achieved by our team and the resulting financial performance,” Mike Petters, HII's president and CEO, said in a statement. “The last of our underperforming contracts, LHA-6 America, will be delivered in the coming weeks, performance continues to improve at Ingalls, and we are on schedule to meet our 2015 operating margin goal.”