Defense contractor Huntington Ingalls on Thursday reported a slight drop in year-over-year net earnings for its latest quarter but a significant spike in full-year income.
Fourth-quarter net income dropped from $52 million in fourth-quarter 2014 to $50 million in the three-month period ending 2015. Conversely, net income rose from $338 million for all of 2014 to $404 million last year.
Fourth-quarter revenue fell 1.1 percent year over year to $1.9 billion. Meanwhile, revenue jumped 0.9 percent from all of 2014 to $7 billion last year.
Diluted earnings per share of $1.06 in the fourth quarter was up by a penny from the same quarter of 2014. The full-year figure jumped from $6.86 in 2014 to $8.36 last year.
The shipbuilding giant is the parent company of nuclear operations and environmental services provider Stoller Newport News Nuclear (SN3), one of the partners in Savannah River Nuclear Solutions, the management and operations contractor for the Department of Energy’s Savannah River Site.
SN3 also provides environmental services across the DOE complex, including partnering to provide disposal operations at the Hanford Site’s Environmental Restoration Disposal Facility, a massive landfill containing radioactive and other waste from cleanup at the DOE site; waste management and landfill work at the Idaho National Laboratory’s Advanced Mixed Waste Treatment Project and the Idaho CERCLA Disposal Facility; and environmental programs support at the Nevada National Security Site.
SN3 is included within Huntington Ingalls’ Newport News Shipbuilding segment, company spokeswoman Jerri Dickeski said. However, earnings numbers are not broken out for SN3.
Overall, Newport News Shipbuilding year-over-year operating income was up for both the fourth quarter and year – from $116 million to $120 million for the quarter, and $415 million to $422 million for the full 12-month period.
