Huntington Ingalls Industries Reports Fourth Quarter and 2012 Results; Posts Strong Year-Over-Year Improvement in Segment Performance *Revenues were $1.82 billion for the fourth quarter and $6.71 billion for 2012 *Segment operating margin was 7.7 percent for the fourth quarter and 6.8 percent for 2012 *Total operating margin was 5.8 percent for the fourth quarter and 5.3 percent for 2012 *Diluted earnings per share was $0.98 for the quarter and $2.91 for 2012 *Cash and cash equivalents were $1.1 billion at year-end NEWPORT NEWS, Va., Feb. 27, 2013 (GLOBE NEWSWIRE) -- Huntington Ingalls Industries (NYSE:HII) reported fourth quarter 2012 revenues of $1.82 billion, up 5.1 percent from the same period last year. Segment operating income for the fourth quarter was $140 million, compared to $127 million in the same period last year. Total operating income for the fourth quarter was $106 million, compared to $121 million in the same period last year. Pension-adjusted total operating income for the fourth quarter was $131 million, or 7.2 percent of revenue, compared to $118 million, or 6.8 percent of revenue in the comparable period of 2011, which excludes the $10 million non-cash goodwill impairment finalization adjustment. The increase was primarily attributable to improved segment operating performance at Ingalls. Fourth quarter diluted earnings per share was $0.98, compared to diluted earnings per share of $1.35 in the same period of 2011. Fourth quarter pension-adjusted diluted earnings per share was $1.30, compared to $1.25 in the comparable period of 2011. For the year, revenues were $6.71 billion, an increase of 2.0 percent over 2011. Segment operating income for the year was $457 million, compared to $122 million in 2011. Total operating income for the year was $358 million, compared to $100 million in 2011. Pension-adjusted total operating income for the year was $438 million, or 6.5 percent of revenue, compared to $413 million, or 6.3 percent of revenue in 2011, which excludes the impact of a $290 million non-cash goodwill impairment charge in 2011. Diluted earnings per share was $2.91 in 2012, compared to a loss of $2.05 in 2011. Pension-adjusted diluted earnings per share was $3.95 in 2012 compared to $4.15 in 2011. Cash provided by operating activities in the fourth quarter of 2012 was $373 million, a decrease of $101 million from the same period last year, and for the year was $332 million, a decrease of $196 million from 2011. Cash flows in 2012 were impacted by increased pension contributions. New business awards for 2012 were approximately $6 billion, of which $1 billion was awarded in the fourth quarter, bringing total backlog to $15.5 billion as of Dec. 31, 2012. Significant awards in 2012 included contracts for detail design and construction of LHA-7 Tripoli and LPD-27 (unnamed), planning efforts for the CVN-72 USS Abraham Lincoln refueling and complex overhaul (RCOH), and continued long-lead time procurement and construction preparation for CVN-79 John F. Kennedy. "Since we were spun off as an independent, publicly traded company, we have been focused on execution, retiring risk and driving improved performance and margins at Ingalls Shipbuilding while improving performance and maintaining stability at Newport News Shipbuilding," said Mike Petters, HII's president and chief executive officer. "I am pleased to say that we made significant progress in these areas in 2012 and continue on the path to achieving 9-plus percent operating margins by 2015." Fourth Quarter and 2012 Highlights Three Months Ended Year Ended December 31, December 31, (In millions, except per share 2012 2011 % Change 2012 2011 % Change amounts) Revenues $1,823 $1,735 5.1% $6,708 $6,575 2.0% Total segment 140 127 10.2% 457 122 274.6% operating income Segment operating 7.7% 7.3% 36 bps 6.8% 1.9% 496 bps margin % Adjusted segment 140 117 19.7% 457 412 10.9% operating income^1 Adjusted segment operating margin 7.7% 6.7% 94 bps 6.8% 6.3% 55 bps %^1 Total operating 106 121 (12.4%) 358 100 258.0% income Operating margin % 5.8% 7.0% (116 bps) 5.3% 1.5% 382 bps Pension-adjusted total operating 131 118 11.0% 438 413 6.1% income^2 Pension-adjusted operating margin 7.2% 6.8% 38 bps 6.5% 6.3% 25 bps %^2 Net earnings (loss) 50 67 (25.4%) 146 (100) 246.0% Diluted earnings $0.98 $1.35 (27.4%) $2.91 $(2.05) 242.0% (loss) per share Pension-adjusted diluted earnings $1.30 $1.25 4.0% $3.95 $4.15 (4.8%) per share^2 Weighted average diluted shares 50.8 49.7 50.1 48.8 outstanding ^1Non-GAAP metrics that exclude the impact of the non-cash goodwill impairment in 2011. See Exhibit B for reconciliation. ^2Non-GAAP metrics that exclude the FAS/CAS Adjustment and the non-cash goodwill impairment. See Exhibit B for reconciliation. Fourth quarter 2012 revenues increased $88 million and full year revenues increased $133 million from the comparable periods in 2011. Adjusted segment operating income in the fourth quarter increased $23 million, or 19.7 percent to $140 million. Adjusted segment operating margin for 2012 expanded 55 basis points to 6.8 percent, compared to 6.3 percent in 2011. Operating Segment Results Ingalls Shipbuilding Three Months Year Ended Ended December 31, December 31, (In millions) 2012 2011 % Change 2012 2011 % Change Revenues $ 722 $ 676 6.8% $ 2,840 $ 2,885 (1.6%) Operating income 38 25 52.0% 97 (220) 144.1% (loss) Operating margin % 5.3% 3.7% 156 bps 3.4% nm Adjusted operating 38 15 153.3% 97 70 38.6% income^1 Adjusted operating 5.3% 2.2% 304 bps 3.4% 2.4% 99 bps margin %^1 ^1Non-GAAP metrics that exclude the non-cash goodwill impairment in 2011.See Exhibit B for reconciliation. Ingalls revenues for the fourth quarter increased $46 million, or 6.8 percent from the same period in 2011, driven by an increase in amphibious assault programs. The increase in amphibious assault programs for the fourth quarter was attributable to higher sales on LHA-7 Tripoli, partially offset by lower sales following deliveries of LPD-23 Anchorage in the third quarter of 2012 and LPD-22 USS San Diego in the fourth quarter of 2011. For the full year, Ingalls revenues decreased by $45 million, or 1.6 percent, due to lower sales volume in amphibious assault programs, partially offset by higher sales volume in the Legend-class NSC program. The decrease in amphibious assault program revenues was due to lower sales following the deliveries of LPD-23 Anchorage and LPD-24 Arlington in 2012 and following the delivery of LPD-22 USS San Diego in 2011, partially offset by higher sales volume on LHA-7 Tripoli, LPD-27 (unnamed), LPD-26 John P. Murtha and LPD-25 Somerset. The increase in revenues on the Legend-class NSC program was the result of higher sales volume on the construction of NSC-4 Hamilton and NSC-5 Joshua James and the advance procurement contract on NSC-6 (unnamed), partially offset by lower sales following the delivery of NSC-3 USCGC Stratton in 2011. Surface combatants revenues remained stable for 2012 as higher sales on the DDG-51 Arleigh Burke-class destroyer construction program, driven by higher sales on DDG-114 Ralph Johnson, partially offset by lower sales on DDG-110 USS William P. Lawrence delivered in 2011, and higher sales on the DDG-1000 Zumwalt-class destroyer program, were offset by lower revenues in surface combatants support services. Ingalls operating income for the fourth quarter was $38 million, an increase of $13 million over the same period in 2011. Ingalls adjusted operating income in the fourth quarter increased by $23 million over the same period in 2011. Ingalls operating margin was 5.3 percent for the quarter, an increase of 304 basis points over the same period in 2011 on an adjusted basis. For the year, Ingalls operating income was $97 million, compared to a loss of $220 million in 2011. Ingalls adjusted operating income in 2012 increased by $27 million, or 38.6 percent, over the prior year. The increase in adjusted operating income was primarily the result of improved overall performance and the receipt of $7 million in resolution of a contract dispute with a private party, partially offset by increased workers' compensation expense. Key Ingalls program milestones for the quarter: *Delivered LPD-24 Arlington, the company's eighth amphibious transport dock *Delivered the composite deckhouse for Zumwalt (DDG-1000) *Christened LHA-6 America, the first in a new class of multi-purpose amphibious ships *Awarded a $54 million contract for LPD-17 USS San Antonio class life-cycle engineering and support services Newport News Shipbuilding Three Months Ended Year Ended December 31, December 31, (In millions) 2012 2011 % Change 2012 2011 % Change Revenues $ 1,122 $ 1,078 4.1% $ 3,940 $ 3,766 4.6% Operating income (loss) 102 102 unchg 360 342 5.3% Operating margin % 9.1% 9.5% (37 bps) 9.1% 9.1% 6 bps Newport News revenues for the fourth quarter increased $44 million, or 4.1 percent, from the same period in 2011. For the full year, Newport News revenues increased by $174 million, or 4.6 percent. For both periods, these increases were primarily driven by higher sales volume in aircraft carrier programs and energy and fleet support services, partially offset by lower sales volume in submarine programs. The increase in aircraft carriers was primarily due to higher revenues on the construction contract for CVN-78 Gerald R. Ford, the advance construction contract for CVN-79 John F. Kennedy, the advance planning contract for the CVN-72 USS Abraham Lincoln RCOH, and the favorable resolution of outstanding contract changes on the CVN-65 USS Enterprise extended dry-docking selected restricted availability (EDSRA), partially offset by lower revenues on the execution contract for the CVN-71 USS Theodore Roosevelt RCOH and an engineering contract for CVN-78 Gerald R. Ford. Energy services revenues were higher due to maintenance services at the Kesselring site. Fleet support revenues increased due primarily to increased maintenance work on in-service aircraft carriers. The decrease in submarine program revenues was the result of lower sales volume on the SSN-774 Virginia-class submarine construction program due to the timing of procurement of production materials. Newport News operating income for the fourth quarter was $102 million, unchanged from the same period in 2011. Operating margin for the quarter was 9.1 percent, compared to 9.5 percent in the comparable period in 2011. The reduction was driven primarily by finalization of the non-cash workers' compensation expense in the fourth quarter of 2012. For the year, Newport News operating income was $360 million, or 9.1 percent of revenue, an increase of $18 million over 2011. The increase in operating income was primarily the result of the increased sales volume described above, favorable performance on the execution contract for the CVN-71 USS Theodore Roosevelt RCOH, and the favorable resolution of outstanding contract changes on the CVN-65 USS Enterprise EDSRA, partially offset by higher workers' compensation expense. Key Newport News program milestones for the quarter: *Reached 90 percent structural completion of CVN-78 Gerald R. Ford *Christened and launched SSN-783 Minnesota, the 10^th Virginia-class submarine *Awarded a $143 million contract option, under a previously awarded contract, for work on operational and decommissioning U.S. Navy submarines, conversion submarines, special mission submersibles, submarine support facilities and related programs Additional Information The company recently identified errors in the valuation of one of its post-retirement benefit plans. The errors, which relate to the valuation methodologies associated with the company's monthly spending cap under the plan, impacted the projected accumulated post-retirement benefit obligation in every year since 1999. Corrections to previously issued financial results include decreased net earnings for the three months and year ended Dec. 31, 2011, by $2 million and $6 million, respectively, which have been reflected in this press release. The corrections had no impact on segment operating income or cash flow for any period. The cumulative effects of these errors, which management believes are not material to its previously issued consolidated financial statements, will be corrected in the company's financial statements included in its Annual Report on Form 10-K for the Fiscal Year ended Dec. 31, 2012, that the company will file with the U.S. Securities and Exchange Commission. The Company Huntington Ingalls Industries (HII) designs, builds and maintains nuclear and non-nuclear ships for the U.S. Navy and Coast Guard and provides after-market services for military ships around the globe. For more than a century, HII has built more ships in more ship classes than any other U.S. naval shipbuilder. HII also provides a wide variety of products and services to the commercial energy industry and other government customers, including the Department of Energy. Employing about 37,000 in Virginia, Mississippi, Louisiana and California, its primary business divisions are Newport News Shipbuilding and Ingalls Shipbuilding. For more information, please visit www.huntingtoningalls.com. The Huntington Ingalls Industries, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=9418 Huntington Ingalls Industries will webcast its earnings conference call at 9 a.m. EST on Feb. 27. A live audio broadcast of the conference call and supplemental presentation will be available on the investor relations page of the company's website: www.huntingtoningalls.com. Statements in this release, other than statements of historical fact, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties that could cause our actual results to differ materially from those expressed in these statements. Factors that may cause such differences include: changes in government and customer priorities and requirements (including government budgetary constraints, shifts in defense spending, and changes in customer short-range and long-range plans); our ability to obtain new contracts, estimate our future contract costs and perform our contracts effectively; changes in government regulations and procurement processes and our ability to comply with such requirements; our ability to realize the expected benefits from consolidation of our Ingalls facilities; natural disasters; adverse economic conditions in the United States and globally; risks related to our indebtedness and leverage; and other risk factors discussed in our filings with the U.S. Securities and Exchange Commission. There may be other risks and uncertainties that we are unable to predict at this time or that we currently do not expect to have a material adverse effect on our business, and we undertake no obligations to update any forward-looking statements. You should not place undue reliance on any forward-looking statements that we may make. Exhibit A: Financial Statements HUNTINGTON INGALLS INDUSTRIES, INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME Year Ended December 31 (in millions, except per share amounts) 2012 2011 2010 Sales and service revenues Product sales $5,755 $5,676 $5,798 Service revenues 953 899 925 Total sales and service revenues 6,708 6,575 6,723 Cost of sales and service revenues Cost of product sales 4,827 4,794 5,042 Cost of service revenues 802 777 789 Income (loss) from operating investments, net 18 20 19 General and administrative expenses 739 634 670 Goodwill impairment -- 290 -- Operating income (loss) 358 100 241 Other income (expense) Interest expense (117) (104) (40) Other, net -- -- (2) Earnings (loss) before income taxes 241 (4) 199 Federal income taxes 95 96 68 Net earnings (loss) $146 $(100) $131 Basic earnings (loss) per share $2.96 $(2.05) $2.68 Weighted-average common shares outstanding 49.4 48.8 48.8 Diluted earnings (loss) per share $2.91 $(2.05) $2.68 Weighted-average diluted shares outstanding 50.1 48.8 48.8 Net earnings (loss) from above $146 $(100) $131 Other comprehensive income (loss) Change in unamortized benefit plan costs (605) (538) 4 Tax benefit (expense) on change in unamortized 241 208 9 benefit plan costs Other comprehensive income (loss), net of tax (364) (330) 13 Comprehensive income (loss) $(218) $(430) $144 HUNTINGTON INGALLS INDUSTRIES, INC. CONSOLIDATED STATEMENTS OF FINANCIAL POSITION December 31 ($ in millions) 2012 2011 Assets Current Assets Cash and cash equivalents $1,057 $915 Accounts receivable, net 905 711 Inventoried costs, net 288 380 Deferred income taxes 213 232 Prepaid expenses and other current assets 21 30 Total current assets 2,484 2,268 Property, Plant, and Equipment Land and land improvements 314 305 Buildings and leasehold improvements 1,486 1,431 Machinery and other equipment 1,339 1,258 Capitalized software costs 208 199 3,347 3,193 Accumulated depreciation and amortization (1,313) (1,160) Property, plant, and equipment, net 2,034 2,033 Other Assets Goodwill 881 881 Other purchased intangibles, net of accumulated amortization 548 567 of $391 in 2012 and $372 in 2011 Pension plan assets -- 64 Debt issuance costs 39 48 Long-term deferred tax asset 329 159 Miscellaneous other assets 77 49 Total other assets 1,874 1,768 Total assets $6,392 $6,069 HUNTINGTON INGALLS INDUSTRIES, INC. CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - CONTINUED December 31 ($ in millions, except share amounts) 2012 2011 Liabilities and Stockholders' Equity Current Liabilities Trade accounts payable $ 377 $ 380 Current portion of long-term debt 51 29 Current portion of workers' compensation liabilities 216 201 Current portion of postretirement plan liabilities 166 172 Accrued employees' compensation 235 221 Advance payments and billings in excess of revenues 134 101 Other current liabilities 205 268 Total current liabilities 1,384 1,372 Long-term debt 1,779 1,830 Other postretirement plan liabilities 799 662 Pension plan liabilities 1,301 936 Workers' compensation liabilities 403 361 Other long-term liabilities 59 49 Total liabilities 5,725 5,210 Commitments and Contingencies Stockholders' Equity Common stock, $0.01 par value; 150 million shares authorized; 49.6 million and 48.8 million issued and outstanding as of -- -- December 31, 2012 and 2011, respectively Additional paid-in capital 1,894 1,867 Retained earnings (deficit) -- (146) Treasury Stock (1) -- Accumulated other comprehensive income (loss) (1,226) (862) Total stockholders' equity 667 859 Total liabilities and stockholders' equity $6,392 $6,069 HUNTINGTON INGALLS INDUSTRIES, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS Year Ended December 31 ($ in millions) 2012 2011 2010 Operating Activities Net earnings (loss) $146 $(100) $131 Adjustments to reconcile to net cash provided by (used in) operating activities Depreciation 165 164 160 Amortization of purchased intangibles 19 20 23 Amortization of debt issuance costs 9 6 -- Stock-based compensation 41 42 -- Deferred income taxes 79 23 (21) Goodwill impairment -- 290 -- Change in Accounts receivable (194) 17 (190) Inventoried costs 116 (87) 5 Prepaid expenses and other assets 6 (30) 2 Accounts payable and accruals (14) 50 205 Retiree benefits (43) 132 39 Other non-cash transactions, net 2 1 5 Net cash provided by (used in) operating activities 332 528 359 Investing Activities Additions to property, plant, and equipment (162) (197) (191) Other investing activities, net -- -- 2 Net cash provided by (used in) investing activities (162) (197) (189) Financing Activities Proceeds from issuance of long-term debt -- 1,775 -- Repayment of long-term debt (29) (22) -- Debt issuance costs -- (54) -- Dividends paid (5) -- -- Repurchases of common stock (1) -- -- Proceeds from stock options exercises 7 2 -- Proceeds from issuance of note payable to former -- -- 178 parent Repayment of notes payable to former parent and -- (954) (178) accrued interest Dividend to former parent in connection with spin-off -- (1,429) -- Net transfers from (to) former parent -- 1,266 (170) Net cash provided by (used in) financing activities (28) 584 (170) Change in cash and cash equivalents 142 915 -- Cash and cash equivalents, beginning of period 915 -- -- Cash and cash equivalents, end of period $1,057 $915 $-- Supplemental Cash Flow Disclosure Cash paid for income taxes $28 $46 $-- Cash paid for interest $111 $64 $16 Non-Cash Investing and Financing Activities Capital expenditures accrued in accounts payable $20 $48 $44 Exhibit B: Reconciliations We make reference to "segment operating income," "segment operating margin," "adjusted segment operating income," "adjusted segment operating margin," "pension-adjusted total operating income," "pension-adjusted operating margin," "pension-adjusted net earnings," and "pension-adjusted diluted earnings per share." Segment operating income is defined as operating income before the FAS/CAS Adjustment and deferred state income taxes. Segment operating margin is segment operating income as a percentage of total sales and service revenues. Adjusted segment operating income is defined as segment operating income as adjusted for the impact of the goodwill impairment charge in 2011. Adjusted segment operating margin is defined as adjusted segment operating income as a percentage of segment sales and service revenues. Pension-adjusted total operating income is defined as total operating income adjusted for the impact of the goodwill impairment charge in 2011 and the FAS/CAS Adjustment. Pension-adjusted operating margin is defined as pension-adjusted total operating income as a percentage of total sales and service revenues. Pension-adjusted net earnings is defined as net income adjusted for the impact of the goodwill impairment charge in 2011 and the tax adjusted FAS/CAS Adjustment. Pension-adjusted diluted earnings per share is defined as pension-adjusted net earnings divided by the adjusted weighted-average diluted common shares outstanding. Segment operating income and segment operating margin are two of the key metrics we use to evaluate operating performance because they exclude items that do not affect segment performance. We believe adjusted segment operating income, adjusted segment operating margin, pension-adjusted total operating income, pension-adjusted operating margin, pension-adjusted net earnings and pension-adjusted diluted earnings per share are also useful metrics because they exclude non-operating items that we do not consider indicative of our core operating performance. Therefore, we believe it is appropriate to disclose these measures to help investors analyze our operating performance. However, these measures are not measures of financial performance under GAAP and may not be defined or calculated by other companies in the same manner. Reconciliation of Segment Operating Income and Segment Operating Margin Three Months Ended Year Ended December 31 December 31 $ in millions 2012 2011 2012 2011 Sales and Service Revenues Ingalls $722 $676 $2,840 $2,885 Newport News 1,122 1,078 3,940 3,766 Intersegment eliminations (21) (19) (72) (76) Total sales and service revenues $1,823 $1,735 $6,708 $6,575 Operating Income (Loss) Ingalls $38 $25 $97 $(220) As a percentage of revenues 5.3% 3.7% 3.4% nm Newport News 102 102 360 342 As a percentage of revenues 9.1% 9.5% 9.1% 9.1% Total Segment Operating Income (Loss) 140 127 457 122 As a percentage of revenues 7.7% 7.3% 6.8% 1.9% Non-segment factors affecting operating income FAS/CAS Adjustment (25) (7) (80) (23) Deferred state income taxes (9) 1 (19) 1 Total operating income (loss) $106 $121 $358 $100 Interest expense (29) (29) (117) (104) Federal income taxes (27) (25) (95) (96) Total net earnings (loss) $50 $67 $146 $(100) Reconciliation of Adjusted Segment Operating Income, Adjusted Segment Operating Margin, Pension-adjusted Total Operating Income and Pension-adjusted Operating Margin Three Months Ended Year Ended December 31 December 31 $ in millions 2012 2011 2012 2011 Adjusted Segment Operating Income (Loss) Operating Income (Loss) $106 $121 $358 $100 As a percentage of revenues 5.8% 7.0% 5.3% 1.5% Non-segment factors affecting operating income FAS/CAS Adjustment 25 7 80 23 Deferred state income taxes 9 (1) 19 (1) Total Segment Operating Income (Loss) $140 $127 $457 $122 As a percentage of revenues 7.7% 7.3% 6.8% 1.9% Ingalls $38 $25 $97 $(220) Adjustment for non-cash goodwill -- (10) -- 290 impairment Adjusted Ingalls 38 15 97 70 As a percentage of revenues 5.3% 2.2% 3.4% 2.4% Newport News 102 102 360 342 As a percentage of revenues 9.1% 9.5% 9.1% 9.1% Adjusted Segment Operating Income (Loss) 140 117 457 412 As a percentage of revenues 7.7% 6.7% 6.8% 6.3% Pension-adjusted Total Operating Income (Loss) Operating Income (Loss) $106 $121 $358 $100 As a percentage of revenues 5.8% 7.0% 5.3% 1.5% Adjustment for non-cash goodwill -- (10) -- 290 impairment FAS/CAS Adjustment 25 7 80 23 Pension-adjusted Total Operating Income $131 $118 $438 $413 (Loss) As a percentage of revenues 7.2% 6.8% 6.5% 6.3% Reconciliation of Pension-adjusted Net Earnings and Pension-adjusted Diluted Earnings per Share Three Months Ended Year Ended December 31 December 31 $ in millions 2012 2011 2012 2011 Pension-adjusted Net Earnings (Loss) Net Earnings (Loss) $50 $67 $146 $(100) Adjustment for non-cash -- (10) -- 290 goodwill impairment After-tax FAS/CAS 16 5 52 15 Adjustment^1 Pension-adjusted Net 66 62 198 205 Earnings (Loss) Per Share Amounts Weighted-Average Diluted 50.8 49.7 50.1 48.8 Shares Outstanding Dilutive impact excluded -- -- -- 0.6 due to net loss position Adjusted Weighted-Average Diluted Shares 50.8 49.7 50.1 49.4 Outstanding^2 Pension-adjusted Diluted EPS Diluted earnings (loss) per $0.98 $1.35 $2.91 $(2.05) share Non-cash goodwill -- (0.20) -- 5.94 impairment per share After-tax FAS/CAS 0.32 0.10 1.04 0.31 Adjustment per share Impact of Adjusted Weighted-Average Diluted -- -- -- (0.05) Shares Outstanding Pension-adjusted Diluted $1.30 $1.25 $3.95 $4.15 EPS ^1 Tax effected at 35% federal statutory tax rate. ^2 Adjusted diluted average common shares outstanding is a non-GAAP measure defined as weighted average common shares outstanding plus the dilutive effect of stock options and stock awards. This measure has been provided for consistency and comparability of the 2011 results with earnings per share from 2012. CONTACT: Jerri Fuller Dickseski (Media) email@example.com 757-380-2341 Dwayne Blake (Investors) firstname.lastname@example.org 757-380-2104 company logo
Huntington Ingalls Industries Reports Fourth Quarter and 2012 Results; Posts Strong Year-Over-Year Improvement in Segment
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