|
|
Article: Newport News, Va., Shipbuilding Company Beats Earnings Estimates.(Knight Ridder/Tribune Business News)
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- October 23, 2000
- Author:
CopyrightCOPYRIGHT 2000 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Oct. 20--Newport News Shipbuilding cruised steadily through the third-quarter earnings season's turbulent seas on Thursday, beating Wall Street profit estimates and ending the day with its highest stock price since spinning off from Tenneco in December 1996.
The yard reported that third-quarter earnings rose 16 percent to 67 cents a share, beating Wall Street estimates by 4 cents a share. The solid quarter was fueled in part by rising construction and engineering revenues, and in part by a steady diet of share repurchasing.
The nation's largest private shipyard had only a slightly better net income in the third quarter than a year ago -- $21 million in ...