Huntington Ingalls Industries Reports Fourth Quarter And 2012 Results; Posts Strong Year-Over-Year Improvement In Segment Performance

  • Revenues were $1.82 billion for the fourth quarter and $6.71 billion for 2012
  • Segment operating margin was 7.7 percent for the fourth quarter and 6.8 percent for 2012
  • Total operating margin was 5.8 percent for the fourth quarter and 5.3 percent for 2012
  • Diluted earnings per share was $0.98 for the quarter and $2.91 for 2012
  • Cash and cash equivalents were $1.1 billion at year-end

NEWPORT NEWS, Va., Feb. 27, 2013 (GLOBE NEWSWIRE) -- Huntington Ingalls Industries (NYSE:HII) reported fourth quarter 2012 revenues of $1.82 billion, up 5.1 percent from the same period last year. Segment operating income for the fourth quarter was $140 million, compared to $127 million in the same period last year. Total operating income for the fourth quarter was $106 million, compared to $121 million in the same period last year. Pension-adjusted total operating income for the fourth quarter was $131 million, or 7.2 percent of revenue, compared to $118 million, or 6.8 percent of revenue in the comparable period of 2011, which excludes the $10 million non-cash goodwill impairment finalization adjustment. The increase was primarily attributable to improved segment operating performance at Ingalls.

Fourth quarter diluted earnings per share was $0.98, compared to diluted earnings per share of $1.35 in the same period of 2011. Fourth quarter pension-adjusted diluted earnings per share was $1.30, compared to $1.25 in the comparable period of 2011.

For the year, revenues were $6.71 billion, an increase of 2.0 percent over 2011. Segment operating income for the year was $457 million, compared to $122 million in 2011. Total operating income for the year was $358 million, compared to $100 million in 2011. Pension-adjusted total operating income for the year was $438 million, or 6.5 percent of revenue, compared to $413 million, or 6.3 percent of revenue in 2011, which excludes the impact of a $290 million non-cash goodwill impairment charge in 2011.

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