Shipbuilding giant Huntington Ingalls reports an 8.3% increase in revenue, amounting to $2.2-billion in the second quarter of 2018.
The increase was driven primarily by growth at HII’s Technical Solutions division from recent acquisitions and higher volume at HII’s Newport News Shipbuilding division.
“We are very pleased with the revenue growth achieved in the first half of the year,” said Mike Petters, Huntington Ingalls' president and CEO. “We remain confident we will achieve program milestones in the second half of the year that set the foundation for achieving our targeted shipbuilding margins in 2020.”
The company posted $3.07 earnings per share in the quarter, compared to $5.40 in the same period of 2018.
The decrease was predominantly due to lower operating income and a higher income tax rates compared to the prior year.
Huntington Ingalls operates Ingalls Shipbuilding in Pascagoula with 11-thousand employees.