Earnings rose at Huntington Ingalls Industries, Newport News, Va., in the 2nd quarter, which the shipbuilder and Department of Energy contractor attributed in part to COVID-19’s effects last year on the Virginia-class attack submarine program.
Net earnings for the second quarter ended June 30 were $129 million, compared with $53 million in the second quarter of 2020. Diluted earnings in the second quarter were $3.20 a share, up from $1.30 in the year-ago quarter, according to the company’s latest earnings press release.
Quarterly revenue was $2.2 billion, up year-over-year from $2 billion.
The quarterly operating income for Technical Solutions, the segment responsible for joint ventures doing business for the National Nuclear Security Administration (NNSA) and DOE’s Office of Environmental Management, was $13 million, compared with $9 million in the second quarter of 2020. Revenue for Technical Solutions was $237 million, down from $320 million, due to the divestiture of the company’s oil and gas business.
Huntington Ingalls is an integrated subcontractor within Triad National Security, which has the 10-year potential $20-billion laboratory management contract for Los Alamos’ nuclear weapons programs. The company is also a junior partner on Savannah River Nuclear Solutions, the Fluor-led incumbent on the Savannah River Site management and operations contract. The NNSA passes money for tritium reservoir refills and construction of a new plutonium pit factory through the management and operations contract.
