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Huntington Ingalls profit misses consensus by 26.9% in Q1

Huntington Ingalls Industries Inc. said its normalized net income for the first quarter was $1.98 per share, compared with the S&P Capital IQ consensus estimate of $2.71 per share.

EPS decreased 15.2% year over year from $2.33.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $91.9 million, a decline of 16.9% from $110.6 million in the prior-year period.

The normalized profit margin declined to 5.3% from 6.3% in the year-earlier period.

Total revenue decreased year over year to $1.72 billion from $1.76 billion, and total operating expenses totaled $1.56 billion, compared with $1.56 billion in the prior-year period.

Reported net income decreased 12.7% on an annual basis to $118.8 million, or $2.56 per share, from $136.0 million, or $2.87 per share.