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Huntington Ingalls Reports 2% Revenue Jump for FY 2014; Mike Petters Comments

Mike Petters
Mike Petters

Huntington Ingalls Industries (NYSE: HII) has announced financial results for the fourth quarter and full 2015 fiscal year ended Dec. 31, 2014.

The shipbuilding giant said its revenue grew 2 percent to $6.96 billion from 2013 figures, profit rose to $338 million over the prior year and the operating margin reached 9.4 percent for the full 2014 fiscal year from the 7.5-percent figure in 2013.

Mike Petters, president and CEO of HII, said the company’s full-year results “mitigated the impact of pressure at Universal Pegasus due to the drop in oil prices.”

Huntington Ingalls purchased Universal Pegasus, a project management services provider for energy customers, in May 2014 to grow in the oil and gas markets.

New contracts in fiscal 2014 totaled $10.1 billion and the company says its backlog sits at $21.4 billion as of Dec. 31, 2014.

Revenue in the company’s Newport News Shipbuilding business rose 3.5 percent for the full 2014 fiscal year to $4.54 billion over 2013 and 4.8 percent for the fourth quarter to $1.26 billion over the prior year period.

Huntington Ingalls attributed the increase in that segment in part to higher sales in energy, which the company said was driven by its January 2014 acquisition of The S.M. Stoller Corp.

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