Huntington Ingalls Q4 Profit Falls On Charges - Quick Facts

(RTTNews) - Huntington Ingalls Industries (HII), a military shipbuilding company, Thursday said fourth-quarter net earnings dropped to $52 million from $91 million reported last year. Earnings per share declined to $1.05 from $1.82.

Adjusted for charges and other items in both periods, earnings per share was $2.19, while it totaled $1.66 in the fourth quarter of 2013.

On average, 11 analysts polled by Thomson Reuters expected earnings of $1.98 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues slid to $1.93 billion from $1.94 billion in the prior year. Analysts expected revenues of $1.89 billion.

New business awards for 2014 were about $10.1 billion, of which $0.5 billion was awarded in the fourth quarter.

Mike Petters, HII's president and CEO, said, "Overall, 2014 was a great year for our company. Strong execution at Ingalls and Newport News helped us achieve solid operational performance and improved financial results, which mitigated the impact of pressure at Universal Pegasus due to the drop in oil prices. We delivered improved margin performance and strong cash flow for the year and are on track to achieve our 2015 segment operating margin goal."