Business

Strong performance at Ingalls Shipbuilding pushes HII stock higher

Huntington Ingalls' stock rose Thursday after the parent company of Ingalls Shipbuilding in Pascagoula announced its quarterly earnings.

The company reported revenues of $1.8 billion for the quarter, up 4.8 percent compared to the same period last year and beating analyst expectations of $1.7 billion.

Earnings Per Share for the quarter are $1.98 -- up from $1.67 for the same period in 2014 -- coming in three cents below analyst expectations of $2.10.

Ingalls said the increase in operating income was primarily due in part to higher performance at its Gulf Coast operations. Revenues for the third quarter at Ingalls Shipbuilding were $593 million, increasing $34 million, or 6.1 percent over the same quarter last year. Operating income for the quarter was $77 million, a $22 million increase over last year.

Huntington Ingalls Industries reported a backlog at the end of the quarter of $23.3 billion, of which $12.5 billion was funded.

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