US navy shipbuilder Huntington Ingalls beats second-quarter estimates
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A crane moves the lower stern into place on the nuclear-powered aircraft carrier USS John F. Kennedy (CVN 79) at Huntington Ingalls Shipbuilding in Newport News, Virginia, U.S., in this June 22, 2017 handout photo. U.S. Navy/Handout via REUTERS/ File Pho
(Reuters) - Huntington Ingalls on Thursday reported better-than-expected second-quarter results, as heightened global tensions drove up demand for aircraft carriers, amphibious assault ships and submarines.
The Virginia-based company reported a profit of $4.38 per share for the quarter ended June 30, ahead of analysts' estimates of $3.62. Demand for submarines and aircraft carriers is surging, fueled by China's expanding naval footprint and high global tensions.
Huntington Ingalls, the largest U.S. military shipbuilding company, saw a 6% rise in revenue to $2.98 billion, compared with estimates of $2.84 billion, according to LSEG data.
The company reaffirmed its annual outlook but raised its revenue forecast for the Mission Technologies segment, now seeing it at up to $2.8 billion, compared with the previous range of $2.7 billion to $2.75 billion.
(Reporting by Pratyush Thakur in Bengaluru; Editing by Shailesh Kuber)
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