Huntington Ingalls Industries Reports 4Q and 2012 Results

Press Release
Wednesday, February 27, 2013
Photo: Huntington Ingalls Industries
Huntington Ingalls Industries (NYSE: HII) reported fourth quarter 2012 revenues of $1.82 billion, up 5.1 percent from the same period last year. Segment operating income for the fourth quarter was $140 million, compared to $127 million in the same period last year. Total operating income for the fourth quarter was $106 million, compared to $121 million in the same period last year. Pension-adjusted total operating income for the fourth quarter was $131 million, or 7.2 percent of revenue, compared to $118 million, or 6.8 percent of revenue in the comparable period of 2011, which excludes the $10 million non-cash goodwill impairment finalization adjustment. The increase was primarily attributable to improved segment operating performance at Ingalls.
 
Fourth quarter diluted earnings per share was $0.98, compared to diluted earnings per share of $1.35 in the same period of 2011. Fourth quarter pension-adjusted diluted earnings per share was $1.30, compared to $1.25 in the comparable period of 2011.
For the year, revenues were $6.71 billion, an increase of 2.0 percent over 2011. Segment operating income for the year was $457 million, compared to $122 million in 2011. Total operating income for the year was $358 million, compared to $100 million in 2011. Pension-adjusted total operating income for the year was $438 million, or 6.5 percent of revenue, compared to $413 million, or 6.3 percent of revenue in 2011, which excludes the impact of a $290 million non-cash goodwill impairment charge in 2011.
Diluted earnings per share was $2.91 in 2012, compared to a loss of $2.05 in 2011. Pension-adjusted diluted earnings per share was $3.95 in 2012 compared to $4.15 in 2011.
 
Cash provided by operating activities in the fourth quarter of 2012 was $373 million, a decrease of $101 million from the same period last year, and for the year was $332 million, a decrease of $196 million from 2011. Cash flows in 2012 were impacted by increased pension contributions.
 
New business awards for 2012 were approximately $6 billion, of which $1 billion was awarded in the fourth quarter, bringing total backlog to $15.5 billion as of Dec. 31, 2012. Significant awards in 2012 included contracts for detail design and construction of LHA-7 Tripoli and LPD-27 (unnamed), planning efforts for the CVN-72 USS Abraham Lincoln refueling and complex overhaul (RCOH), and continued long-lead time procurement and construction preparation for CVN-79 John F. Kennedy.
 
"Since we were spun off as an independent, publicly traded company, we have been focused on execution, retiring risk and driving improved performance and margins at Ingalls Shipbuilding while improving performance and maintaining stability at Newport News Shipbuilding," said Mike Petters, HII's president and chief executive officer. "I am pleased to say that we made significant progress in these areas in 2012 and continue on the path to achieving 9-plus percent operating margins by 2015."
 
Fourth Quarter and 2012 Highlights
  Three Months Ended   Year Ended  
  December 31,   December 31,  
(In millions, except per share amounts) 2012 2011 % Change 2012 2011 % Change
Revenues  $ 1,823  $ 1,735 5.1%  $ 6,708  $ 6,575 2.0%
Total segment operating income  140  127 10.2%  457  122 274.6%
Segment operating margin % 7.7% 7.3% 36 bps 6.8% 1.9% 496 bps
Adjusted segment operating income  140  117 19.7%  457  412 10.9%
Adjusted segment operating margin % 7.7% 6.7% 94 bps 6.8% 6.3% 55 bps
Total operating income  106  121  (12.4%)  358  100 258.0%
Operating margin % 5.8% 7.0% (116 bps) 5.3% 1.5% 382 bps
Pension-adjusted total operating income  131  118 11.0%  438  413 6.1%
Pension-adjusted operating margin % 7.2% 6.8% 38 bps 6.5% 6.3% 25 bps
Net earnings (loss)  50  67  (25.4%)  146  (100) 246.0%
Diluted earnings (loss) per share  $ 0.98  $ 1.35  (27.4%)  $ 2.91  $ (2.05) 242.0%
Pension-adjusted diluted earnings per share  $ 1.30  $ 1.25 4.0%  $ 3.95  $ 4.15  (4.8%)
Weighted average diluted shares outstanding  50.8  49.7    50.1  48.8  
Non-GAAP metrics that exclude the impact of the non-cash goodwill impairment in 2011. See Exhibit B for reconciliation. 
Non-GAAP metrics that exclude the FAS/CAS Adjustment and the non-cash goodwill impairment. See Exhibit B for reconciliation.
 
Fourth quarter 2012 revenues increased $88 million and full year revenues increased $133 million from the comparable periods in 2011. Adjusted segment operating income in the fourth quarter increased $23 million, or 19.7 percent to $140 million. Adjusted segment operating margin for 2012 expanded 55 basis points to 6.8 percent, compared to 6.3 percent in 2011.
 
Operating Segment Results
Ingalls Shipbuilding
  Three Months Ended   Year Ended  
  December 31,   December 31,  
(In millions) 2012 2011 % Change 2012 2011 % Change
Revenues $ 722 $ 676 6.8% $ 2,840 $ 2,885  (1.6%)
Operating income (loss)  38  25 52.0%  97  (220) 144.1%
Operating margin % 5.3% 3.7% 156 bps 3.4% nm  
Adjusted operating income  38  15 153.3%  97  70 38.6%
Adjusted operating margin % 5.3% 2.2% 304 bps 3.4% 2.4% 99 bps
Non-GAAP metrics that exclude the non-cash goodwill impairment in 2011. See Exhibit B for reconciliation.
 
Ingalls revenues for the fourth quarter increased $46 million, or 6.8 percent from the same period in 2011, driven by an increase in amphibious assault programs. The increase in amphibious assault programs for the fourth quarter was attributable to higher sales on LHA-7 Tripoli, partially offset by lower sales following deliveries of LPD-23 Anchorage in the third quarter of 2012 and LPD-22 USS San Diego in the fourth quarter of 2011. For the full year, Ingalls revenues decreased by $45 million, or 1.6 percent, due to lower sales volume in amphibious assault programs, partially offset by higher sales volume in the Legend-class NSC program. The decrease in amphibious assault program revenues was due to lower sales following the deliveries of LPD-23 Anchorage and LPD-24 Arlington in 2012 and following the delivery of LPD-22 USS San Diego in 2011, partially offset by higher sales volume on LHA-7 Tripoli, LPD-27 (unnamed), LPD-26 John P. Murtha and LPD-25 Somerset. The increase in revenues on the Legend-class NSC program was the result of higher sales volume on the construction of NSC-4 Hamilton and NSC-5 Joshua James and the advance procurement contract on NSC-6 (unnamed), partially offset by lower sales following the delivery of NSC-3 USCGC Stratton in 2011. Surface combatants revenues remained stable for 2012 as higher sales on the DDG-51 Arleigh Burke-class destroyer construction program, driven by higher sales on DDG-114 Ralph Johnson, partially offset by lower sales on DDG-110 USS William P. Lawrence delivered in 2011, and higher sales on the DDG-1000 Zumwalt-class destroyer program, were offset by lower revenues in surface combatants support services.
 
Ingalls operating income for the fourth quarter was $38 million, an increase of $13 million over the same period in 2011. Ingalls adjusted operating income in the fourth quarter increased by $23 million over the same period in 2011. Ingalls operating margin was 5.3 percent for the quarter, an increase of 304 basis points over the same period in 2011 on an adjusted basis. For the year, Ingalls operating income was $97 million, compared to a loss of $220 million in 2011. Ingalls adjusted operating income in 2012 increased by $27 million, or 38.6 percent, over the prior year. The increase in adjusted operating income was primarily the result of improved overall performance and the receipt of $7 million in resolution of a contract dispute with a private party, partially offset by increased workers' compensation expense.
Key Ingalls program milestones for the quarter:
  • Delivered LPD-24 Arlington, the company's eighth amphibious transport dock
  • Delivered the composite deckhouse for Zumwalt (DDG-1000)
  • Christened LHA-6 America, the first in a new class of multi-purpose amphibious ships
  • Awarded a $54 million contract for LPD-17 USS San Antonio class life-cycle engineering and support services
Newport News Shipbuilding
  Three Months Ended   Year Ended  
  December 31,   December 31,  
(In millions) 2012 2011 % Change 2012 2011 % Change
Revenues $ 1,122 $ 1,078 4.1% $ 3,940 $ 3,766 4.6%
Operating income (loss)  102  102 unchg  360  342 5.3%
Operating margin % 9.1% 9.5% (37 bps) 9.1% 9.1% 6 bps
 
Newport News revenues for the fourth quarter increased $44 million, or 4.1 percent, from the same period in 2011. For the full year, Newport News revenues increased by $174 million, or 4.6 percent. For both periods, these increases were primarily driven by higher sales volume in aircraft carrier programs and energy and fleet support services, partially offset by lower sales volume in submarine programs. The increase in aircraft carriers was primarily due to higher revenues on the construction contract for CVN-78 Gerald R. Ford, the advance construction contract for CVN-79 John F. Kennedy, the advance planning contract for the CVN-72 USS Abraham Lincoln RCOH, and the favorable resolution of outstanding contract changes on the CVN-65 USS Enterprise extended dry-docking selected restricted availability (EDSRA), partially offset by lower revenues on the execution contract for the CVN-71 USS Theodore Roosevelt RCOH and an engineering contract for CVN-78 Gerald R. Ford. Energy services revenues were higher due to maintenance services at the Kesselring site. Fleet support revenues increased due primarily to increased maintenance work on in-service aircraft carriers. The decrease in submarine program revenues was the result of lower sales volume on the SSN-774 Virginia-class submarine construction program due to the timing of procurement of production materials.
 
Newport News operating income for the fourth quarter was $102 million, unchanged from the same period in 2011. Operating margin for the quarter was 9.1 percent, compared to 9.5 percent in the comparable period in 2011. The reduction was driven primarily by finalization of the non-cash workers' compensation expense in the fourth quarter of 2012. For the year, Newport News operating income was $360 million, or 9.1 percent of revenue, an increase of $18 million over 2011. The increase in operating income was primarily the result of the increased sales volume described above, favorable performance on the execution contract for the CVN-71 USS Theodore Roosevelt RCOH, and the favorable resolution of outstanding contract changes on the CVN-65 USS Enterprise EDSRA, partially offset by higher workers' compensation expense.
 
Key Newport News program milestones for the quarter:
  • Reached 90 percent structural completion of CVN-78 Gerald R. Ford
  • Christened and launched SSN-783 Minnesota, the 10 Virginia-class submarine
  • Awarded a $143 million contract option, under a previously awarded contract, for work on operational and decommissioning U.S. Navy submarines, conversion submarines, special mission submersibles, submarine support facilities and related programs
Additional Information
The company recently identified errors in the valuation of one of its post-retirement benefit plans. The errors, which relate to the valuation methodologies associated with the company's monthly spending cap under the plan, impacted the projected accumulated post-retirement benefit obligation in every year since 1999. Corrections to previously issued financial results include decreased net earnings for the three months and year ended Dec. 31, 2011, by $2 million and $6 million, respectively, which have been reflected in this press release. The corrections had no impact on segment operating income or cash flow for any period. The cumulative effects of these errors, which management believes are not material to its previously issued consolidated financial statements, will be corrected in the company's financial statements included in its Annual Report on Form 10-K for the Fiscal Year ended Dec. 31, 2012, that the company will file with the U.S. Securities and Exchange Commission.
 
The Company
Huntington Ingalls Industries (HII) designs, builds and maintains nuclear and non-nuclear ships for the U.S. Navy and Coast Guard and provides after-market services for military ships around the globe. For more than a century, HII has built more ships in more ship classes than any other U.S. naval shipbuilder. HII also provides a wide variety of products and services to the commercial energy industry and other government customers, including the Department of Energy. Employing about 37,000 in Virginia, Mississippi, Louisiana and California, its primary business divisions are Newport News Shipbuilding and Ingalls Shipbuilding. For more information, please visit www.huntingtoningalls.com.
 
Huntington Ingalls Industries will webcast its earnings conference call at 9 a.m. EST on Feb. 27. A live audio broadcast of the conference call and supplemental presentation will be available on the investor relations page of the company's website: www.huntingtoningalls.com.
Statements in this release, other than statements of historical fact, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties that could cause our actual results to differ materially from those expressed in these statements. Factors that may cause such differences include: changes in government and customer priorities and requirements (including government budgetary constraints, shifts in defense spending, and changes in customer short-range and long-range plans); our ability to obtain new contracts, estimate our future contract costs and perform our contracts effectively; changes in government regulations and procurement processes and our ability to comply with such requirements; our ability to realize the expected benefits from consolidation of our Ingalls facilities; natural disasters; adverse economic conditions in the United States and globally; risks related to our indebtedness and leverage; and other risk factors discussed in our filings with the U.S. Securities and Exchange Commission. There may be other risks and uncertainties that we are unable to predict at this time or that we currently do not expect to have a material adverse effect on our business, and we undertake no obligations to update any forward-looking statements. You should not place undue reliance on any forward-looking statements that we may make.
 
Exhibit A: Financial Statements
HUNTINGTON INGALLS INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
INCOME
 
  Year Ended December 31
(in millions, except per share amounts) 2012 2011 2010
Sales and service revenues      
Product sales  $ 5,755  $ 5,676  $ 5,798
Service revenues  953  899  925
Total sales and service revenues  6,708  6,575  6,723
Cost of sales and service revenues      
Cost of product sales  4,827  4,794  5,042
Cost of service revenues  802  777  789
Income (loss) from operating investments, net  18  20  19
General and administrative expenses  739  634  670
Goodwill impairment  --  290  --
Operating income (loss)  358  100  241
Other income (expense)      
Interest expense  (117)  (104)  (40)
Other, net  --  --  (2)
Earnings (loss) before income taxes  241  (4)  199
Federal income taxes  95  96  68
Net earnings (loss)  $ 146  $ (100)  $ 131
       
Basic earnings (loss) per share  $ 2.96  $ (2.05)  $ 2.68
Weighted-average common shares outstanding  49.4  48.8  48.8
       
Diluted earnings (loss) per share  $ 2.91  $ (2.05)  $ 2.68
Weighted-average diluted shares outstanding  50.1  48.8  48.8
       
Net earnings (loss) from above  $ 146  $ (100)  $ 131
Other comprehensive income (loss)      
Change in unamortized benefit plan costs  (605)  (538)  4
Tax benefit (expense) on change in unamortized benefit plan costs  241  208  9
Other comprehensive income (loss), net of tax  (364)  (330)  13
Comprehensive income (loss)  $ (218)  $ (430)  $ 144
       
HUNTINGTON INGALLS INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
 
  December 31
($ in millions) 2012 2011
Assets    
Current Assets    
Cash and cash equivalents  $1,057  $ 915
Accounts receivable, net  905  711
Inventoried costs, net  288  380
Deferred income taxes  213  232
Prepaid expenses and other current assets  21  30
Total current assets  2,484  2,268
Property, Plant, and Equipment    
Land and land improvements  314  305
Buildings and leasehold improvements  1,486  1,431
Machinery and other equipment  1,339  1,258
Capitalized software costs  208  199
   3,347  3,193
Accumulated depreciation and amortization  (1,313)  (1,160)
Property, plant, and equipment, net   2,034  2,033
Other Assets     
Goodwill  881  881
Other purchased intangibles, net of accumulated amortization of $391 in 2012 and $372 in 2011   548  567
Pension plan assets  --  64
Debt issuance costs  39  48
Long-term deferred tax asset  329  159
Miscellaneous other assets  77  49
Total other assets  1,874  1,768
Total assets $6,392 $6,069
     
HUNTINGTON INGALLS INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - CONTINUED
 
  December 31
($ in millions, except share amounts) 2012 2011
Liabilities and Stockholders' Equity    
Current Liabilities    
Trade accounts payable  $ 377  $ 380
Current portion of long-term debt  51  29
Current portion of workers' compensation liabilities  216  201
Current portion of postretirement plan liabilities  166  172
Accrued employees' compensation  235  221
Advance payments and billings in excess of revenues  134  101
Other current liabilities  205  268
Total current liabilities  1,384  1,372
Long-term debt  1,779  1,830
Other postretirement plan liabilities  799  662
Pension plan liabilities  1,301  936
Workers' compensation liabilities  403  361
Other long-term liabilities  59  49
Total liabilities  5,725  5,210
Commitments and Contingencies    
Stockholders' Equity    
Common stock, $0.01 par value; 150 million shares authorized; 49.6 million and 48.8 million issued and outstanding as of December 31, 2012 and 2011, respectively  --  --
Additional paid-in capital  1,894  1,867
Retained earnings (deficit)  --  (146)
Treasury Stock  (1)  --
Accumulated other comprehensive income (loss)  (1,226)  (862)
Total stockholders' equity  667  859
Total liabilities and stockholders' equity $6,392 $6,069
     
HUNTINGTON INGALLS INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
 
  Year Ended December 31
($ in millions) 2012 2011 2010
Operating Activities      
Net earnings (loss)  $ 146  $ (100)  $ 131
Adjustments to reconcile to net cash provided by (used in) operating activities      
Depreciation  165  164  160
Amortization of purchased intangibles  19  20  23
Amortization of debt issuance costs  9  6  --
Stock-based compensation  41  42  --
Deferred income taxes  79  23  (21)
Goodwill impairment  --  290  --
Change in      
Accounts receivable  (194)  17  (190)
Inventoried costs  116  (87)  5
Prepaid expenses and other assets  6  (30)  2
Accounts payable and accruals  (14)  50  205
Retiree benefits  (43)  132  39
Other non-cash transactions, net  2  1  5
Net cash provided by (used in) operating activities  332  528  359
Investing Activities      
Additions to property, plant, and equipment  (162)  (197)  (191)
Other investing activities, net  --  --  2
Net cash provided by (used in) investing activities  (162)  (197)  (189)
Financing Activities      
Proceeds from issuance of long-term debt  --  1,775  --
Repayment of long-term debt  (29)  (22)  --
Debt issuance costs  --  (54)  --
Dividends paid  (5)  --  --
Repurchases of common stock  (1)  --  --
Proceeds from stock options exercises  7  2  --
Proceeds from issuance of note payable to former parent  --  --  178
Repayment of notes payable to former parent and accrued interest  --  (954)  (178)
Dividend to former parent in connection with spin-off  --  (1,429)  --
Net transfers from (to) former parent  --  1,266  (170)
Net cash provided by (used in) financing activities  (28)  584  (170)
Change in cash and cash equivalents  142  915  --
Cash and cash equivalents, beginning of period  915  --  --
Cash and cash equivalents, end of period  $ 1,057  $ 915  $ --
Supplemental Cash Flow Disclosure      
Cash paid for income taxes  $ 28  $ 46  $ -- 
Cash paid for interest  $ 111  $ 64  $ 16
Non-Cash Investing and Financing Activities      
Capital expenditures accrued in accounts payable  $ 20  $ 48  $ 44
 
Exhibit B: Reconciliations
We make reference to "segment operating income," "segment operating margin," "adjusted segment operating income," "adjusted segment operating margin," "pension-adjusted total operating income," "pension-adjusted operating margin," "pension-adjusted net earnings," and "pension-adjusted diluted earnings per share."
Segment operating income is defined as operating income before the FAS/CAS Adjustment and deferred state income taxes.
Segment operating margin is segment operating income as a percentage of total sales and service revenues.
Adjusted segment operating income is defined as segment operating income as adjusted for the impact of the goodwill impairment charge in 2011.
Adjusted segment operating margin is defined as adjusted segment operating income as a percentage of segment sales and service revenues.
Pension-adjusted total operating income is defined as total operating income adjusted for the impact of the goodwill impairment charge in 2011 and the FAS/CAS Adjustment.
Pension-adjusted operating margin is defined as pension-adjusted total operating income as a percentage of total sales and service revenues.
Pension-adjusted net earnings is defined as net income adjusted for the impact of the goodwill impairment charge in 2011 and the tax adjusted FAS/CAS Adjustment.
Pension-adjusted diluted earnings per share is defined as pension-adjusted net earnings divided by the adjusted weighted-average diluted common shares outstanding.
Segment operating income and segment operating margin are two of the key metrics we use to evaluate operating performance because they exclude items that do not affect segment performance. We believe adjusted segment operating income, adjusted segment operating margin, pension-adjusted total operating income, pension-adjusted operating margin, pension-adjusted net earnings and pension-adjusted diluted earnings per share are also useful metrics because they exclude non-operating items that we do not consider indicative of our core operating performance. Therefore, we believe it is appropriate to disclose these measures to help investors analyze our operating performance. However, these measures are not measures of financial performance under GAAP and may not be defined or calculated by other companies in the same manner.
 
Reconciliation of Segment Operating Income and Segment Operating Margin
     
  Three Months Ended Year Ended
  December 31 December 31
$ in millions 2012 2011 2012 2011
Sales and Service Revenues        
Ingalls  $ 722  $ 676  $ 2,840  $ 2,885
Newport News  1,122  1,078  3,940  3,766
Intersegment eliminations  (21)  (19)  (72)  (76)
Total sales and service revenues  $ 1,823  $ 1,735  $ 6,708  $ 6,575
Operating Income (Loss)        
Ingalls  $ 38  $ 25  $ 97  $ (220)
As a percentage of revenues 5.3% 3.7% 3.4% nm
Newport News  102  102  360  342
As a percentage of revenues 9.1% 9.5% 9.1% 9.1%
Total Segment Operating Income (Loss)  140  127  457  122
As a percentage of revenues 7.7% 7.3% 6.8% 1.9%
Non-segment factors affecting operating income        
FAS/CAS Adjustment  (25)  (7)  (80)  (23)
Deferred state income taxes   (9)  1  (19)  1
Total operating income (loss)  $ 106  $ 121  $ 358  $ 100
Interest expense  (29)  (29)  (117)  (104)
Federal income taxes  (27)  (25)  (95)  (96)
Total net earnings (loss)  $ 50  $ 67  $ 146  $ (100)
         
Reconciliation of Adjusted Segment Operating Income, Adjusted Segment Operating
Margin, Pension-adjusted Total Operating Income and Pension-adjusted Operating Margin
     
  Three Months Ended Year Ended
  December 31 December 31
$ in millions 2012 2011 2012 2011
Adjusted Segment Operating Income (Loss)        
Operating Income (Loss)  $ 106  $ 121  $ 358  $ 100
As a percentage of revenues 5.8% 7.0% 5.3% 1.5%
Non-segment factors affecting operating income        
FAS/CAS Adjustment  25  7  80  23
Deferred state income taxes   9  (1)  19  (1)
Total Segment Operating Income (Loss)  $ 140  $ 127  $ 457  $ 122
As a percentage of revenues 7.7% 7.3% 6.8% 1.9%
         
Ingalls  $ 38  $ 25  $ 97  $ (220)
Adjustment for non-cash goodwill impairment  --   (10)  --   290
Adjusted Ingalls  38  15  97  70
As a percentage of revenues 5.3% 2.2% 3.4% 2.4%
Newport News  102  102  360  342
As a percentage of revenues 9.1% 9.5% 9.1% 9.1%
Adjusted Segment Operating Income (Loss)  140  117  457  412
As a percentage of revenues 7.7% 6.7% 6.8% 6.3%
         
Pension-adjusted Total Operating Income (Loss)        
Operating Income (Loss)  $ 106  $ 121  $ 358  $ 100
As a percentage of revenues 5.8% 7.0% 5.3% 1.5%
Adjustment for non-cash goodwill impairment  --   (10)  --   290
FAS/CAS Adjustment  25  7  80  23
Pension-adjusted Total Operating Income (Loss)  $ 131  $ 118  $ 438  $ 413
As a percentage of revenues 7.2% 6.8% 6.5% 6.3%
         
Reconciliation of Pension-adjusted Net Earnings and Pension-adjusted Diluted Earnings
per Share
   
  Three Months Ended Year Ended
  December 31 December 31
$ in millions 2012 2011 2012 2011
Pension-adjusted Net Earnings (Loss)        
Net Earnings (Loss)  $ 50  $ 67  $ 146  $ (100)
Adjustment for non-cash goodwill impairment  --   (10)  --   290
After-tax FAS/CAS Adjustment  16  5  52  15
Pension-adjusted Net Earnings (Loss)  66  62  198  205
         
Per Share Amounts        
Weighted-Average Diluted Shares Outstanding 50.8 49.7 50.1 48.8
Dilutive impact excluded due to net loss position  --   --   --  0.6
Adjusted Weighted-Average Diluted Shares Outstanding 50.8 49.7 50.1 49.4
         
Pension-adjusted Diluted EPS         
Diluted earnings (loss) per share  $ 0.98  $ 1.35  $ 2.91  $ (2.05)
Non-cash goodwill impairment per share  --   (0.20)  --   5.94
After-tax FAS/CAS Adjustment per share  0.32  0.10  1.04  0.31
Impact of Adjusted Weighted-Average Diluted Shares Outstanding  --   --   --   (0.05)
Pension-adjusted Diluted EPS  $ 1.30  $ 1.25  $ 3.95  $ 4.15
         
Tax effected at 35% federal statutory tax rate.
Adjusted diluted average common shares outstanding is a non-GAAP measure defined as weighted average common shares outstanding plus the dilutive effect of stock options and stock awards. This measure has been provided for consistency and comparability of the 2011 results with earnings per share from 2012.
  • Photo: Huntington Ingalls Industries

    Photo: Huntington Ingalls Industries

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Navy

NRL Researchers Demo Ship-to-Shore Data Link

Scientists at the U.S. Naval Research Laboratory (NRL) along with Mercury Continuity (MC) have demonstrated the Tactical Reachback Extended Communications (TREC) system in the port of Miami.

NASSCO Opens Bremerton Repair Facility

General Dynamics NASSCO celebrated the grand opening of its new location in Bremerton, Wash., yesterday. The facility will support the company’s recently-awarded contract to repair and maintain U.

NASSCO Opens New Facility for Naval Repair

General Dynamics NASSCO opened a new location yesterday in Bremerton, Wash. to support the company’s recently-awarded contract to repair and maintain U.S. Navy

Finance

BP Faces Heavy Hit from Former Prized Asset Rosneft

BP faces a first and heavy loss from its stake in Russia's Rosneft due to plummeting oil prices and a crumbling rouble, potentially forcing it to write down the value of its once-prized asset.

Libyan State Oil Firm NOC Will Remain Independent

Libya's Tripoli-based state firm National Oil Corp (NOC) will remain independent, it said on Thursday, in an apparent attempt to reassure foreign oil buyers it will stay out of the country's conflict.

Oil Prices Retreat from Short-covering Rebound

Global crude prices fell more than $1 a barrel on Thursday, retreating from a short-covering charged rally as traders bet the market had not shaken off a six-month long rout on oversupply concerns.

Logistics

Great Lakes Coal Trade Slows in November

Coal shipments on the Great Lakes totaled 2.6 million tons in November, a decrease of 3 percent from a year ago, as shipments were affected by weather-related delays,

Hoists Facilitate Offshore Crane Repairs

When the diesel engine of a deck crane failed, it caused major handling problems for an offshore platform operating in the Dutch sector of the southern North Sea,

Transpacific Container Shippers Plan Price Rise

A container shipping organisation urged companies on Wednesday to raise Asia-U.S. freight rates by at least $600 per 40-foot container (FEU) from Jan. 15, corresponding to an increase of 26.

 
 
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