Huntington Ingalls reports improved sales, profit

Huntington Ingalls Industries said today sales in its most recent quarter reached $2.2 billion, up 10 percent from the same three-month period a year earlier.

The company's quarterly profit reached $212 million, up 231 percent from the prior year. HII noted that the 2017 results included a one-time expense related to tax legislation.

For the full year, Huntington Ingalls said it recorded sales of $8.2 billion, up nearly 10 percent from 2017. The company's 2018 profit reached $836 million, up about 75 percent.

All three of the company's business units recorded improved sales in 2018. HII's technical solutions business saw sales for the year reach $988 million, up nearly 4 percent from 2017.

Huntington Ingalls attributed the boost to increased sales in oil and gas services and "mission driven innovative solutions."

The technical solutions business has announced two recent acquisitions, including Fulcrum IT Services and G2.

Asked during a call today about the business' scale in comparison with other services companies, Mike Petters, Huntington Ingalls' chief executive, said he sees it as more important to be close to customers.

"I don't believe you can be successful just by being big," he told analysts during the morning call.