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Aegis Destroyer Dewey, built by Ingalls, plies the Gulf of Mexico as she completes a test voyage.

Huntington Ingalls beats first quarter revenue estimates

MBJ staff

Huntington Ingalls Industries reported on Thursday first quarter 2016 revenues of $1.76 billion, up 12.3 percent from last year. Earnings per share in the quarter were $2.87, compared with $1.79 a year earlier.

Increases were primarily driven by strong operating performance at Ingalls Shipbuilding in Pascagoula, according to the company. The company also operates a shipyard at Newport News, Va.

Huntington Ingalls primarily deals with supplying nuclear and non-nuclear ships to the U.S. Navy and Coast Guard.

Ingalls segment revenues were $586 million, up 24.9 percent year over year. Operating income in the segment increased 82.2 percent.

Operating results in the quarter were strong, as Ingalls continued to execute well on its programs,” said Mike Petters, Huntington Ingalls president and chief executive.

New business awards for the quarter were approximately $1 billion, bringing total backlog to $21.3 billion as of March 31.

Companywide revenue beat the Zacks Equity Research consensus estimate of $1.59 billion.

Shares of Huntington Ingalls closed at $151.07 on Thursday, up $5.96, or 4.1 percent, on the Nasdaq stock market.

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