OREANDA-NEWS. August 13, 2014. Huntington Ingalls Industries (NYSE:HII) reported second quarter 2014 revenues of USD1.72 billion, up 2.1 percent compared to the same period last year.

Second quarter diluted earnings per share was USD 2.04, compared to diluted earnings per share of USD 1.12 in the same period of 2013. Pension-adjusted diluted earnings per share for the quarter was USD 1.75, compared to USD 1.36 in the same period of 2013.

Segment operating income for the second quarter was USD 163 million, compared to USD 136 million in the same period last year. Total operating income for the quarter was USD 181 million, compared to USD 116 million in the same period last year.

The increase in operating income was primarily attributable to risk retirement at Ingalls on the National Security Cutter (NSC) program and ships delivered under the LPD-17 San Antonio-class (LPD) program, a USD 6 million favorable overhead adjustment at Ingalls resulting from a change in non-income based tax liabilities, as well as the favorable FAS/CAS Adjustment.

New business awards for the quarter were approximately USD 7.0 billion, consisting primarily of the contract for Block IV of the SSN-774 Virginia-class submarine (VCS) program. Total backlog at the end of Q2 2014 was USD 24.2 billion, of which USD 14.4 billion was funded.

On May 30, 2014, HII completed the acquisition of UniversalPegasus International Holdings (UPI). HII reported the post-acquisition results of UPI as part of its newly created Other segment. Revenues of the Other segment were USD 20 million, and Other operating income was less than USD 1 million for the quarter, primarily due to the acquisition of UPI.

"With the acquisition of UniversalPegasus, HII is leveraging its engineering and program management core competencies in the energy market, while remaining focused on our Navy program execution to reach 9-plus percent margins in 2015," said Mike Petters, HII's president and chief executive officer.