Huntington Ingalls profit up 14 percent; revenue dips

(NEWPORT NEWS, Va.) — Huntington Ingalls Industries on Tuesday said its second-quarter earnings rose 14 percent on stronger margins that offset a slight drop in revenue, The Wall Street Journal reported. Despite sequestration, new contract awards were roughly $5.3 billion, compared with about $2.5 billion a year earlier. Revenue at Newport News Shipbuilding was up 5.3 percent, driven by higher sales in fleet-support services, aircraft carriers and submarines.

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By Professional Mariner Staff