Huntington IngallsÂ (NYSE: HII) — one of 30 companies listed in Executive Mosaicâs GovCon IndexÂ — has reported third quarter earnings of $2.29 per share to exceed Wall Street analysts’ forecastsÂ 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 climbedÂ 4.65 percent from the same quarter last year to nearly $1.8 billion, a figureÂ $90 million above Wall Street analysts’ expectations.
The company cited higher revenueÂ in surface combatantÂ ships, submarines and fleet support servicesÂ as drivers of the overall sales increase from the prior year period.
Huntington Ingalls did not state full-year earnings or revenue guidance in itsÂ third quarter results statement.
Revenue in the Ingalls Shipbuilding segment climbedÂ 6.08 percent from the prior year period to nearly $593 million and the Newport News Shipbuilding segment posted aÂ 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.