The largest military shipbuilder in the U.S., Huntington Ingalls Industries, Inc. (HII - Free Report) is the prime industrial employer in Virginia. Huntington Ingalls, originally an affiliate of Northrop Grumman Corp., was spun off in Mar 2011. It operates major shipyards in Louisiana, Mississippi and Virginia.
Huntington Ingalls primarily deals with the supply of nuclear and non-nuclear ships to the U.S. Navy and Coast Guards. The company also provides manufacturing, engineering and management services to the commercial and non-commercial oil, gas and energy markets.
Estimate Trend & Surprise History
Coming to the earnings surprise, Huntington Ingalls has surpassed the Zacks Consensus Estimate in two of the last four quarters with an average positive surprise of 3.04%. Investors should also note the Zacks Consensus Estimate for the second quarter of 2017 moved south in the last 30 days by a penny.
Currently, the company has a Zacks Rank #2 (Buy), but that could definitely change following the company’s earnings report which was just released. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
We have highlighted some of the key stats from this just-revealed announcement below:
Earnings Beat: Huntington Ingalls beat on second quarter earnings. Our consensus called for EPS of $2.62, and the company reported EPS of $3.21.
Revenue Beat: The company posted revenues of $1,858 million, surpassing the consensus estimate of $1,785.5 million.
Key Developments to Note
New business contracts for the quarter were approximately $3.4 billion for Huntington Ingalls. Total backlog for the quarter amounted to $21.1 billion.
Stock Price: In the pre-market trading session, Huntington Ingalls’ quarter results made no significant impact on its share price. Yet, it would be interesting to see how the market reacts to the earnings release during the trading session today.
Check back later for our full write up on this HII earnings report later!
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