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By Robert McCabe The Virginian-Pilot May 10, 2012 NEWPORT NEWS Huntington Ingalls Industries Inc., the parent company of NewportNews Shipbuilding, reported first-quarter 2012 profit of $33million on Wednesday, down 26.7 percent from $45 million in thesame quarter a year earlier. Earnings-per-share were 67 cents for the quarter, down from 92cents in the same quarter of 2011. Quarterly earnings-per-share missed Wall Street estimates. The consensus earnings-per-share estimate of 11 analysts surveyedby Thomson Financial Network was 70 cents. "The end of the first quarter marked our one-year anniversaryas an independent, publicly traded company, and we are on track todeliver the performance targets we laid out," Mike Petters,Huntington Ingalls' president and CEO, said in a statement. The company's operating margin for the quarter that ended March 31- its operating profit as a percent of revenue - was 5.1 percent,up from 5 percent in the same period last year. Petters told shareholders last week at the company's first annualmeeting that the company is on track to meet its goal of acompanywide operating margin of 9 percent by 2015. "Operating margin of 2.9 percent at the Gulf Coast segment wasbetter than the 2.5 percent we expected," Sam J. Pearlstein,senior analyst at Wells Fargo Securities LLC, wrote in a note toinvestors Wednesday. "This was offset by slightly lowermargins at Newport News of 9.1 percent vs. our 9.3 percent." The business that became Huntington Ingalls had been theshipbuilding sector of Northrop Grumman Corp. until Northrop spunit off on March 31, 2011. The nation's largest military shipbuilder reported first-quarter2012 sales of $1.57 billion, down 6.9 percent from the same quartera year ago. The company cited lower sales volume after the delivery by itsIngalls Shipbuilding division in Mississippi of the Coast Guardcutter Stratton and amphibious transport dock San Diego, as well aslower sales volume in Newport News from the midlife overhaul of thecarrier Theodore Roosevelt and the Virginia-class submarineconstruction program. Those declines were partially offset by higher sales on the advanceconstruction contract for the carrier John F. Kennedy and theadvance planning contract for the midlife overhaul of the carrierAbraham Lincoln. In trading Wednesday on the New York Stock Exchange, HuntingtonIngalls' stock price fell $2.24 a share, closing at $37.10, adecline of nearly 5.7 percent. The e-commerce company in China offers quality products such as China Dangle Belly Ring , Lip Piercing Jewelry Manufacturer, and more. For more , please visit Industrial Barbell Jewelry today!
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