HII CEO warns of reliance on continuing resolutions

Mike Petters, chief executive of Huntington Ingalls Industries, said today the company is concerned that an anticipated continuing resolution this year could last into next year.

"We're starting to rely on continuing resolutions way too much," he said during a morning call with analysts. "The continuing resolution may actually be longer than December."

Huntington Ingalls reported today that sales in its most recent quarter hit $1.7 billion, down about 3 percent from the same three-month period the prior year. Quarterly profit reached $133 million, down nearly 15 percent from the prior year.