Ingalls Shipbuilding revenues rise in 2016

Huntington Ingalls Industries on Thursday reported $7.1 billion in revenues for 2016, an increase of 0.7 percent from 2015.

The Pascagoula shipbuilding division saw $641 million in revenue for the year, a 10.5 percent increase.

In a conference call, President and CEO Mike Petters said Ingalls Shipbuilding delivered the Navy destroyer DDG 113 John Finn and Coast Guard Cutter NSC 6 Munro during the last quarter.

“Both ships performed extremely well, and I am very pleased with the teams’ continued focus on safety, quality, cost and schedule that allows them to provide highly capable ships to our navy and our coast guard customers,” he said.

Ingalls Shipbuilding also launched Navy destroyer DDG 117 Paul Ignatius and the cutter NSC 7 Kimball in the last quarter.

“In addition, the contract for LPD 28 is yet another positive step in building the bridge to the LXR program,” Petters said.

HII doesn’t report its backlog separately for Ingalls Shipbuilding, but Petters said the company received $5.2 billion in new contracts during the year and has a backlog of $21 billion at the end of year, of which $13 billion is funded.

“Shifting for a moment to developments in Washington D.C.,” he said, “we are encouraged by the new administration’s desire to increase the size and readiness of the fleet. While this is welcome news, we recognize that achievement of this objective is a multi-step process that will span several budget cycles.”

This story was originally published February 17, 2017 at 5:30 PM with the headline "Ingalls Shipbuilding revenues rise in 2016."