Ingalls Reports Third Quarter Results
Huntington Ingalls Industries (HII), a company that 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, reported third quarter 2013 revenues of $1.64 billion, up 2.6% from the same period last year. Third quarter diluted earnings per share was $1.36, compared to $0.26 in the same period of 2012. Segment operating income in the third quarter was $142 million, compared to $89 million in the same period last year.
Avondale Workers Approve Agreement
Avondale Shipbuilding employees voted to approve the terms of their first union contract with Litton Industries. The company's 1,500 Metal Trades -represented workers approved the agreement by a four-to-one margin. The 45-month agreement, negotiated by the New Orleans Metal Trades Council, provides an immediate three percent wage hike in January as part of an overall nine percent wage hike paid in three increments. Also in the area of wages, the contract sets up a formal skill progression system that will move the majority of employees into higher-paid categories after working 500 hours in any lower classification. Wages under the agreement range from $8.25/hour for semi-skilled new hires to $16/hour at the top of the highest skill level.
