Huntington Ingalls (NYSE: HII) — one of 30 companies listed in Executive Mosaic’s GovCon Index — has reported third quarter earnings of $2.29 per share to exceed Wall Street analysts’ forecasts by 16 cents and the prior year figure by 33 cents.
Profit for the Newport News, Virginia-based shipbuilder rose 15.62 percent year-over-year to approximately $111 million and revenue climbed 4.65 percent from the same quarter last year to nearly $1.8 billion, a figure $90 million above Wall Street analysts’ expectations.
The company cited higher revenue in surface combatant ships, submarines and fleet support services as drivers of the overall sales increase from the prior year period.
Huntington Ingalls did not state full-year earnings or revenue guidance in its third quarter results statement.
Revenue in the Ingalls Shipbuilding segment climbed 6.08 percent from the prior year period to nearly $593 million and the Newport News Shipbuilding segment posted a 7.27-percent year-over-year increase to approximately $1.18 billion.
Total backlog as of the third quarter’s end was $23.3 billion and $12.5 billion of it was funded, or 53.64 percent.
Shares in Huntington Ingalls are up 7.13 percent from the year’s start and have risen 14.11 percent over 12 months.