Newport News Shipbuilding Inc. said yesterday that its second-quarter earnings more than doubled despite a slight decline in revenue for the period ended June 30.
Newport said its profit was $35 million (95 cents a share) compared with $16 million (45 cents) in the same period last year. Revenue fell to $444 million from $466 million.
The earnings were helped by several factors, including a $25 million pretax gain from a breakup fee paid when Newport News lost out to a competitor in an attempt to acquire rival shipyard Avondale Industries Inc., and some insurance settlements. But Newport's chairman and chief executive, William P. Fricks, said the performance was still admirable, given that it occurred during a period when Newport News was the target of an unsolicited takeover bid from General Dynamics Corp. and also involved in a dispute with its unionized workers.
"Despite the extraordinary events we encountered, most notably merger activity and the labor dispute, we have maintained our focus on key performance initiatives and delivered exceptional results," Fricks said.
Newport News's stock closed the day at $31.62 1/2 a share, up 50 cents in trading on the New York Stock Exchange.
Constellation Energy Group, the holding company for Baltimore Gas and Electric Co., said it earned $68 million (45 cents a share) in the second quarter, up nearly 19 percent from earnings of $57.4 million (39 cents) for the same period a year earlier. The company had revenue of $820 million, compared with $767.6 million in the same quarter in 1998.
For the first six months of 1999, Constellation Energy Group reported earnings of $150.8 million ($1.01), up from earnings of $131.8 million (89 cents) a year before. The company's revenue in the period was $1.75 billion, up from $1.63 billion in the first half of 1998.
Constellation Energy's shares rose 18 3/4 cents, to close at $30.18 3/4 in trading on the New York Stock Exchange.