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HII’s Earnings Fall In First Quarter Despite Higher Sales

Cal Biesecker By
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HII’s Earnings Fall In First Quarter Despite Higher Sales
Launch of the John F. Kennedy (CVN 79) in Dec. 2019. (Photo: HII)

HII [HII] on Thursday reported lower net income in the first quarter due to lower operating income in its Mississippi-based shipbuilding segment and a pension adjustment despite a solid increase in sales. Net income fell 8 percent to $129 million, $3.23 earnings per share (EPS), from $140 million ($3.50 EPS) a year ago. The results were still 31 cents per share above consensus estimates. Sales increased 4 percent to a record $2.7 billion from $2.6 billion a year ago. At…

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