Huntington Ingalls Industries, the parent company of Newport News Shipbuilding, reported first-quarter 2021 revenues of $2.3 billion, up less than 1 percent from the same period in 2020.

Operating income in the quarter was $147 million and operating margin was 6.5 percent, compared to $215 million and 9.5 percent, respectively, in the first quarter of 2020.

The decreases in operating income and operating margin were primarily the result of a less favorable operating FAS/CAS adjustment, partially offset by stronger segment operating results compared to the prior year, a release stated.

Segment operating income in the quarter was $191 million and segment operating margin was 8.4 percent, compared to $156 million and 6.9 percent, respectively, in the first quarter of 2020. The increases in segment operating income and segment operating margin were primarily the result of higher risk retirement at Ingalls Shipbuilding and improved performance at Technical Solutions.

Net earnin...