Va Huntington Ingalls Industries News

Virginia Beach, Va. - Huntington Ingalls Industries announced that its subsidiary, AMSEC, has signed an agreement with Hanjin Heavy Industries and Construction Philippines Inc., a subsidiary of HHIC Holdings Co. Ltd., to work together in providing maintenance, repair and logistics services to the U.S. Navy and other customers in the western Pacific region. The agreement with HHIC-PHIL allows AMSEC to benefit from Hanjin's state-of-the art shipyard at Subic Bay, Philippines, and accelerate Hanjin's growth into the maintenance, repair and logistics services, as the U.S. Navy increases focus in the Western Pacific region. "It's great that AMSEC's relationship with HHIC-PHIL has been firmly established," said Harris Leonard, HII vice president and president of AMSEC operations.

Newport News, Va. - Huntington Ingalls Industries announced today that its Newport News Shipbuilding (NNS) division hosted 50 students and faculty from area high schools as part of Heritage High School's Engineering and Technology Magnet Program Seniors Internship and Newport News Public Schools' "Spring Break: Make It Work" job shadowing program. Both programs focus on the benefits of science, technology, engineering and math (STEM) in the workplace. "It is inspiring to see so much enthusiasm and initiative among our young people in Newport News," said John Shifflett, NNS' director of leadership, technical and professional development. "These programs do a great job of helping students connect the dots between what they are learning in the classroom and how it will apply in the workplace.

Newport News, Va. -- Huntington Ingalls Industries reported fourth quarter 2011 sales of $1.74 billion, consistent with the fourth quarter of 2010. The impact of a $10 million non-cash goodwill impairment finalization adjustment resulted in reported net earnings of $69 million for the quarter and $1.39 diluted earnings per share on a GAAP basis. Excluding the goodwill impairment adjustment in the fourth quarter, total operating margin was 6.6 percent, up from 6.0 percent for the same period last year, and diluted earnings per share was $1.19 for the quarter. For the full year 2011, sales were $6.58 billion, down 2.2 percent from 2010.