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- Huntington Ingalls reported a better-than-expected quarterly earnings on Thursday, on the back of demand for aircraft carriers, amphibious assault ships and submarines amid high geopolitical tension.Demand for submarines and aircraft carriers is surging, fueled by China's expanding naval footprint and high global tensions, benefiting shipbuilding giants such as Huntington Ingalls.
Huntington reported quarterly diluted earnings of $3.87 per share, beating analysts' average estimate of $3.53, as per LSEG.The company reaffirmed its 2024 shipbuilding revenue target to be between $8.8 billion and $9.1 billion. However, shipyard labor retention remains a stubborn problem. Shipbuilding is also under pressure due to program delays, most notably on General Dynamics and Huntington's Virginia Class submarine program which is being developed for the U.S. Navy.
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