Newport News Shipbuilding reported net earnings of $20 million, or $.58 per diluted share for the third quarter of 1999. Earnings before interest and taxes (EBIT) for the quarter were $47 million, up nine percent from EBIT of $43 million in the same period last year. "This was another excellent quarter for Newport News. We were able to deliver solid earnings gains, exceed our cash flow target and negotiate a new five-year labor agreement," said William P. Fricks, chairman and CEO. "We also demonstrated our significant capabilities in fleet services with carrier life-cycle support activity in Newport News, San Diego and Seattle. Overall, we see our continued strong performance in 1999 as providing a solid foundation for 2000.