Huntington Ingalls Industries' first-quarter revenues grow 2.0% to $1.59bn

Huntington Ingalls Industries (NYSE:HII) reported first quarter 2014 revenues of $1.59 billion, up 2.0 percent compared to the same period last year. First quarter diluted earnings per share was $1.81, compared to diluted earnings per share of $0.87 in the same period of 2013. Adjusted diluted earnings per share for the quarter was $1.53, compared to $1.17 in the comparable period of 2013, the shipbuilding company said in a press release.

Segment operating income for the first quarter was $137 million, compared to $120 million in the same period last year. Total operating income for the quarter was $159 million, compared to $95 million in the same period last year. Adjusted operating income for the first quarter, which excludes the FAS/CAS Adjustment, was $137 million, or 8.6 percent of revenue, compared to $118 million, or 7.6 percent of revenue, in the comparable period of 2013. The increase in adjusted operating income was primarily attributable to risk retirement at Ingalls on the LPD-17 San Antonio-class (LPD) program and National Security Cutter (NSC) program and at Newport News on the CVN-78 Gerald R. Ford construction contract.

New business awards for the quarter were approximately $2.2 billion, consisting primarily of contracts for continued construction preparation for CVN-79 John F. Kennedy and construction of NSC-7 Kimball. Total backlog at the end of Q1 2014 was $18.7 billion, of which $13.0 billion was funded.

Huntington Ingalls Industries (HII) is an American shipbuilding company formed on March 31, 2011 as a spin-off of Northrop Grumman. Formerly known as Northrop Grumman Shipbuilding (NGSB), it was created on 28 January 2008 by the merger of Northrop Grumman's two shipbuilding sectors, Northrop Grumman Ship Systems and Northrop Grumman Newport News. The Company designs, builds and maintains nuclear and non-nuclear ships for the U.S. Navy and Coast Guard and provides after-market services for military ships around the globe. For more than a century, HII has built more ships in more ship classes than any other U.S. naval shipbuilder. Employing nearly 38,000 in Virginia, Mississippi, Louisiana and California, its primary business divisions are Newport News Shipbuilding and Ingalls Shipbuilding.