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Huntington Ingalls profit beats consensus by 101.1% in Q2

Huntington Ingalls Industries Inc. said its normalized net income for the second quarter came to $4.06 per share, compared with the S&P Capital IQ consensus estimate of $2.02 per share.

EPS rose 92.1% year over year from $2.11.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $198.1 million, an increase of 91.0% from $103.8 million in the year-earlier period.

The normalized profit margin fell to 6.0% from 6.0% in the year-earlier period.

Total revenue rose on an annual basis to $1.75 billion from $1.72 billion, and total operating expenses decreased 7.9% on an annual basis to $1.41 billion from $1.52 billion.

Reported net income grew 55.9% from the prior-year period to $156.2 million, or $3.20 per share, from $100.2 million, or $2.04 per share.