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Huntington Ingalls (HII) Misses on Q1 Earnings & Revenues - Analyst Blog

Huntington Ingalls Industries ' HII first-quarter 2015 adjusted earnings of $1.42 per share fell short of the Zacks Consensus Estimate of $2.06 by 31.1%.

Earnings in the reported quarter were also down from the year-ago figure of $1.53 by 7.2%. The downside was primarily due to continued weakness in the oil and gas market.

Huntington Ingalls Industries Inc. - Quarterly EPS | FindTheCompany

Total Revenue

Total revenues in the first quarter of 2015 were $1,570 million, below the Zacks Consensus Estimate of $1,650 million by 4.8% and lower than the year-ago figure of $1,594 million by 1.5%.

Segment Details

Newport News Shipbuilding: Segment revenues in the reported quarter were $1,061 million, up 1.3% year over year. The rise was primarily due to higher sales in submarines and fleet support services.

Ingalls Shipbuilding: Segment revenues in the reported quarter were $469 million, down 14.3% year over year. The decline was primarily due to lower sales of amphibious assault ships and the National Security Cutter ("NSC") program.

Backlog

In the reported quarter, the company received new orders worth $1.6 billion and exited the quarter with a total backlog of $21.5 billion.

Financial Update

Cash & cash equivalents as of Mar 31, 2015, were $904 million, down from $990 million as of Dec 31, 2014.

Long-term debt as of Mar 31, 2015, was $1,592 million, on par with the 2014 end level.

Cash used in operating activities in the quarter was $3 million compared with $214 million in the year-ago period.

Other Defense Releases

Lockheed Martin Corp. LMT posted first-quarter 2015 earnings of $2.74 per share, comfortably surpassing the Zacks Consensus Estimate of $2.48 by 10.5%. Earnings in the reported quarter however declined 4.5% from $2.87 per share a year ago, as lower fighter jet demand led to less revenue.

Northrop Grumman Corp. NOC delivered first-quarter 2015 adjusted earnings of $2.14 per share, missing the Zacks Consensus Estimate of $2.26 by 5.3%. The quarterly number decreased 7.4% from $2.31 per share a year ago.

General Dynamics Corporation GD announced first-quarter 2015 earnings from continuing operations of $2.14 per share, comfortably surpassing the Zacks Consensus Estimate of $1.94 by 10.3%. Earnings also increased 25.1% from the prior-year figure of $1.71, backed by improved operating margins.

Zacks Rank

Huntington Ingalls Industries currently holds a Zacks Rank #4 (Sell).

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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