Huntington Ingalls Industries Q1 Profit Declines

Huntington Ingalls Industries (HII) Thursday reported a 24 percent decline in first-quarter net profit, despite a 15 percent increase in revenues.

For the first quarter, the company reported $148 million, down from $172 million in the prior year. On a per share basis, earnings were $3.68, down from $4.23 last year.

On average, 12 analysts polled by Thomson Reuters expected the company to earn $2.63 per share. Analysts' estimates usually exclude special items.

Total sales and service revenues increased to $2.28 billion from $2.26 billion a year ago. Analysts were looking for $2.22 billion.

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