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Huntington Ingalls Q1 profit climbs YOY

Huntington Ingalls Industries Inc. said its first-quarter normalized net income amounted to $1.89 per share, compared with the S&P Capital IQ consensus estimate of $2.03 per share.

EPS increased year over year from $1.84.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $91.9 million, compared with $91.3 million in the prior-year period.

The normalized profit margin dropped to 5.3% from 5.7% in the year-earlier period.

Total revenue fell year over year to $1.57 billion from $1.59 billion, and total operating expenses fell from the prior-year period to $1.40 billion from $1.42 billion.

Reported net income declined year over year to $87.2 million, or $1.79 per share, from $90.0 million, or $1.81 per share.