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Huntington Shares Rise on Higher Profit: Washington Mover

Aug. 8 (Bloomberg) -- Huntington Ingalls Industries Inc., the U.S. Navy’s sole builder of aircraft carriers, rose the most in four months as higher sales helped second-quarter earnings top estimates.

Huntington, based in Newport News, Virginia, increased 4.1 percent to $40.23 in New York, the biggest one-day gain since March 28. The shares have increased 29 percent this year.

Profit jumped to $1 a share in the quarter that ended June 30 from 80 cents a share in the year-earlier period. Analysts had predicted profit of 69 cents a share, the average of 12 estimates compiled by Bloomberg.

The quarter “reflected the strong execution of our existing contracts and demonstrated the steady progress toward restoring margins,” Chief Executive Officer Mike Petters said in a statement.

Sales advanced to $1.72 billion from $1.56 billion in the year-ago period. The increase was attributed in part to higher sales in amphibious assault ships.

The company was spun off last year from Falls Church, Virginia-based Northrop Grumman Corp.

To contact the reporter on this story: Brendan McGarry in Washington at bmcgarry2@bloomberg.net

To contact the editor responsible for this story: Stephanie Stoughton at sstoughton@bloomberg.net

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