Huntington Ingalls Industries Shares Surge Following Q3 Earnings Beat
Huntington Ingalls Industries (HII) saw its stock price jump over 12% following a strong third-quarter earnings report that significantly exceeded analyst expectations. The defense contractor reported earnings of $5.48 per share on sales of $3.5 billion, outperforming the consensus estimates of $4.36 per share and sub-$3.4 billion in revenue. The company's growth was driven by its major shipbuilding divisions, Newport News Shipbuilding and Ingalls Shipbuilding, resulting in an 11% year-over-year increase in sales. Notably, net earnings grew by 49%, far outpacing top-line revenue growth, while free cash flow saw a massive surge to $429 million compared to just $16 million in the prior year's third quarter.
Tickers: $HII
Topics: defense industry earnings beat free cash flow revenue growth