Huntington Ingalls Industries finishes 1st quarter "essentially flat"

NEWPORT NEWS, VA (WLOX) - After its first quarter in business as a newly formed company, leaders at Huntington Ingalls Industries, Inc. are optimistic, despite a decrease in sales from last year.

Wednesday, the company reported first quarter 2011 sales of $1.68 billion, down 1.6 percent from the same period last year, and an operating margin of 5.0 percent. Officials consider that essentially flat year over year.

First quarter earnings per share was $0.92, up from $0.85 in 2010. New business awards for the 2011 first quarter totaled $1.7 billion, bringing total backlog to $17.4 billion as of March 31, 2011.

"As a newly independent company, we are focused on providing high-quality products and services to our customers, the U.S. Navy and Coast Guard," said Mike Petters, HII's president and chief executive officer. "We remain committed to maintaining our strong performance in our Newport News business and continuing our actions at Ingalls Shipbuilding to improve profitability. During the first quarter we hit several major milestones on key programs, and we expect to maintain this momentum throughout the remainder of the year."

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