Huntington Ingalls (NYSE: HII) reported Q1 EPS of $1.53, $0.10 worse than the analyst estimate of $1.63. Revenue for the quarter came in at $1.59 billion versus the consensus estimate of $1.61 billion.

"Notwithstanding continued debate surrounding the defense budget and the impact of sequestration, HII has continued to maintain a healthy backlog and strong operating performance at both segments," said Mike Petters, HII's president and chief executive officer. "With the delivery of LHA-6 America in April 2014, HII has reached a significant milestone on its path to 9 plus percent margins in 2015."

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