UPDATE: Huntington Ingalls Q1 Profit Increases 33%

Huntington Ingalls Industries

reported a 33% rise in its first-quarter earnings. Huntington Ingalls' quarterly profit surged to $44 million, or $0.87 per share, from $33 million, or $0.67 per share, in the year-ago period. Excluding one-time items, its adjusted earnings came in at $1.17 per share. Its revenue fell to $1.56 billion. However, analysts were expecting earnings of $0.86 per share on revenue of $1.61 billion. Its operating margin widened to 6.1% from 5.1%. Huntington Ingalls shares closed at $54 yesterday.