Huntington Ingalls Q3 Profit Beats Estimates

(RTTNews) - Huntington Ingalls Industries (HII) said its operating income in the third quarter was $118 million and operating margin was 5.0%, compared to $222 million and 9.6%, a year ago. The company said the declines in operating income and operating margin were primarily the result of a less favorable operating FAS/CAS adjustment.

Third quarter adjusted earnings per share was $3.58, compared to $3.73, last year. On average, nine analysts polled by Thomson Reuters expected the company to report profit per share of $2.99, for the quarter. Analysts' estimates typically exclude special items.

Net earnings were $147 million, compared to $222 million. Earnings per share was $3.65, compared to $5.45.

Revenues were $2.34 billion, up 1.0% from last year. Analysts on average had estimated $2.38 billion in revenue.