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Huntington Ingalls 3Q 2014 Revenue Up 5%; Mike Petters Comments

Mike Petters
Mike Petters

Huntington Ingalls Industries (NYSE: HII) has announced financial results for the third quarter of its 2014 fiscal year ended Sept. 30, 2014.

The submarine and ship manufacturer posted a 4.9-percent revenue increase to $1.72 billion from the same period in 2013 and booked $400 million in new contract awards for the third quarter.

Total backlog at the end of the quarter is $22.8 billion and 57.5 percent of that is funded, the Newport News, Virginia-based contractor said.

“Our healthy backlog continues to support our businesses as we progress toward our goal of achieving 9-plus percent operating margin in 2015, ” said Mike Petters, HII’s president and CEO.

Net earnings increased 39 percent for the quarter, the company said.

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