HII Earnings Jump

Shipbuilder Huntington Ingalls said today that its profit soared nearly 40 percent in its most recent quarter, hitting $96 million.

Though most contractors have been reporting lower sales -- if stable profits -- Huntington Ingalls saw its quarterly revenue grow. The company said sales for the three-month period hit $1.7 billion, up nearly 5 percent from the same period a year earlier.

The company attributed the boost in its profit to performance improvement and risk retirement.