By Rob Curran
Shares of Huntington Ingalls slid premarket after the shipbuilder posted lower fourth-quarter earnings and revenue, amid struggles at a Virginia shipyard.
Shares of Huntington slid 11% to $174.90 in premarket trading.
The Newport News, Va., military contractor said earnings fell to $123 million, or $3.15 a share, from $274 million, or $6.90 a share, a year earlier.
Revenue fell 5.4% to $3 billion. The Newport News Shipbuilding unit saw revenue decline 4.6% to $1.6 billion, amid weakness in aircraft-carrier refueling and services, unfavorable adjustments on a submarine program and aircraft-carrier construction, and lower naval nuclear support activity. Lower aircraft-carrier and naval-nuclear support services also weighed on 2024 revenue at the unit.
For 2025, Huntington forecast ship-building revenue of $8.9 billion to $9.1 billion. The military contractor projected revenue at its mission technologies unit of $2.9 billion to $3.1 billion for the full year.
Huntington estimated it had an order backlog of $48.7 billion at the year end.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
February 06, 2025 08:39 ET (13:39 GMT)
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