Huntington Ingalls Industries’ (HII) fourth-quarter 2014 adjusted earnings of $2.19 per share surpassed the Zacks Consensus Estimate of $2.03 by 7.9%.
Earnings in the reported quarter were way ahead of the year-ago figure of $1.66 by 31.9%. The spike in earnings was primarily due to higher submarine and energy revenues.
Full-year 2014 earnings came in at $7.14 per share, up 33.2% from $5.36 per share in the prior year.
Total Revenue
Total revenues in the fourth quarter of 2014 were $1,927 million, above the Zacks Consensus Estimate of $1,845 million by 4.9% but lower than the year-ago figure of $1,938 million by 0.6%.
2014 revenues of $6,957 million increased 2% from $6,820 million in 2013.
Segment Details
Newport News Shipbuilding: Segment revenues in the reported quarter were $1,263 million, up 4.8% year over year. The rise was primarily due to higher sales in submarines and energy.
Ingalls Shipbuilding: Segment revenues in the reported quarter were $608 million, down 17.2% year over year. The decline was primarily due to lower sales of amphibious assault ships, the National Security Cutter (NSC) program and surface combatants.
Backlog
In the reported quarter, the company received new orders worth $0.5 billion and exited the year with a total backlog of $21.4 billion.
Financial Update
Cash & cash equivalents as of Dec 31, 2014, were $990 million, down from $1,043 million as of Dec 31, 2013.
Long-term debt as of Dec 31, 2014, was $1,592 million, down from $1,700 million at 2013 end.
Cash from operating activities in 2014 was $716 million compared with $236 million in the year-ago period.
Other Defense Releases
Lockheed Martin Corp. (LMT) reported adjusted fourth-quarter 2014 earnings of $3.01 per share, comfortably surpassing the Zacks Consensus Estimate of $2.81 by 7.1%.
General Dynamics Corp.’s (GD) fourth-quarter 2014 earnings from continuing operations of $2.19 per share on a diluted basis comfortably surpassed the Zacks Consensus Estimate of $2.10 by 4.3%.
Northrop Grumman Corporation (NOC) reported fourth-quarter 2014 adjusted earnings of $2.26 per share, beating the Zacks Consensus Estimate of $2.22 by 1.8%. Earnings were 13% higher year over year.
Zacks Rank
Huntington Ingalls Industries currently holds a Zacks Rank #3 (Hold).
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