Huntington Ingalls reports increased sales, profit

Huntington Ingalls Industries said today sales in its most recent quarter totaled $2.8 billion, up 14% from the same three-month period a year earlier.

The company reported quarterly profit of $249 million, up 67% from the prior year.

For the year, HII said sales totaled $9.4 billion, up 5% over the prior year. Profit in 2020 reached $696 million, up almost 27% from 2019.

During a call with analysts this morning, Mike Petters, HII's chief executive, said 2020 "will be remembered as one of the most challenging business environments we have ever had to navigate."

Asked about the new administration, Petters said the previous Trump administration came "to the conclusion that the Navy needed some priority in terms of budget allocation and resources."

What has been happening in the world lately "probably just reinforces that view," Petters said.