Earnings fell at Huntington Ingalls Industries, Newport News, Va., in the first quarter, which the government defense and nuclear cleanup contractor attributed to the conclusion of a shipbuilding project for the Navy.
Quarterly segment operating income for Mission Technologies, which includes Huntington Ingalls’ nuclear weapons and defense cleanup work, was $17 million up from $9 million a year ago. Higher equity income in nuclear and environmental joint ventures, helped the results, the company said. Mission Technologies’ segment revenue was $ $624 million, up from $590 million in the year-ago period.
Company-wide net earnings for the first quarter ended March 31 were $129 million, or $ $3.23 a share, down from $140 million, or $ $3.50 a share, in the year-ago quarter. Quarterly revenue was $2.7 billion, up year-over-year from $2.6 billion, the company said Thursday in a press release.
“First quarter results reflect a good start to the year, as we stay on course executing our nearly $50 billion of backlog and growing our Mission Technologies business in markets that support our customers,” said Huntington Ingalls CEO Chris Kastner.
In addition to its primary shipbuilding business, Huntington Ingalls-led Newport News Nuclear Los Alamos (N3B) is the legacy cleanup contractor at the Los Alamos National Laboratory in New Mexico. They are also a team mate on Savannah River Nuclear Solutions, the management and operations contractor for the Savannah River Site in Aiken, S.C. A Huntington Ingalls unit is also a subcontractor to Triad National Security, the National Nuclear Security Administration’s operations contractor for the Los Alamos lab.
