Huntington Ingalls reports sales, profit boosts

Huntington Ingalls Industries said today sales in its most recent quarter reached $2.1 billion, up 12 percent from the same three-month period a year earlier.

The contractor's quarterly profit hit $229 million, up 54 percent from the prior year.

Huntington Ingalls saw the largest sales increase in its Ingalls Shipbuilding business, which recorded $694 million in quarterly revenue.

The contractor attributed the 17 percent increase to "higher revenues in amphibious assault ships and the Legend-class National Security Cutter (NSC) program, partially offset by lower surface combatant revenues."