The earnings season for the first quarter of 2017 is well underway, with Northrop Grumman, Lockeed Martin, and other federal contracting giants rolling out their latest numbers in the last week. Shipbuilder Huntington Ingalls will join them with an earnings call scheduled for 9 a.m. Eastern time Thursday.
The Newport News, Va.-based company’s revenue and operating income rose in fourth-quarter and full-year 2016: quarterly revenue landed at $1.9 billion, up 0.9 percent increase from the same three months of 2015. It collected $7.1 billion in revenue through 2016, up by 0.7 percent from the prior year.
Fourth-quarter operating income of $268 million spiked from $144 million in the fourth quarter of 2015. Huntington Ingalls took in $858 million in operating income for all of 2016, compared to $769 million in 2015.
Huntington Ingalls in December established a new reporting segment, Technical Solutions, which encompasses Stoller Newport News Nuclear (SN3), a subsidiary that provides nuclear waste management and environmental services. SN3 is one of several parent companies for Savannah River Nuclear Solutions, the contractor managing the Department of Energy’s Savannah River Site in South Carolina.
Technical Solutions took in $186 million in revenue for the fourth quarter, a 20.8 percent year-over-year jump from 2015; management partially attributed that to increased nuclear and environmental services revenues. Full-year revenue for the segment came in 12.2 percent higher at $691 million.
Separately, utility Edison International is scheduled to release its earnings after the market closes Monday. A conference call is scheduled for 4:30 p.m. Eastern time.
Edison International is the parent company of Southern California Edison, majority owner of the closed San Onofre Nuclear Generating Station. The company reported $345 million in net income, or $1.06 per share, in its prior quarter; full-year earnings came in at $1.3 billion, or $4.02 per share.
