Huntington Ingalls Industries’ HII first-quarter 2016 adjusted earnings of $2.87 per share surpassed the Zacks Consensus Estimate of $2.11 by 36%.Reported earnings also surged 60.3% from in the year-ago figure of $1.79. The upside was primarily driven by strong contribution from its Ingalls Shipbuilding division. Total RevenueTotal revenue in the first quarter was $1,763 million, ahead of the Zacks Consensus Estimate of $1,591 million and 12.3% higher than the year-ago figure of $1,570 million.Segment DetailsNewport News Shipbuilding: Segment revenues were $1,153 million, up 8.7% year over year on the back of higher sales of Energy and Submarines, partially offset by lower revenues from Aircraft Carriers. Segment operating income declined 4.3% owing to lower risk retirement on the VCS program, lower volume on the execution contract for the CVN-72 USS Abraham Lincoln RCOH, and weak performance of CVN-78 Gerald R. Ford, partially offset by higher performance of fleet support services.Ingalls Shipbuilding: Segment revenues were $586 million, up 24.9% year over year. The upside was primarily driven by higher revenues from Surface Combatants and Amphibious Assault Ships, partially offset by lower revenues from the Legend-class National Security Cutter (NSC) program. Operating income in the segment increased 82.2% due to higher risk retirement, and improved performance on the LPD and DDG programs.Other: Segment revenues were $24 million, down 40% year over year. The segment incurred an operating loss of $5 million, narrower than the year-ago loss of $10 million.BacklogThe company received new orders worth $1 billion and exited the quarter with a total backlog of $21.3 billion.Financial UpdateCash & cash equivalents as of Mar 31, 2016 were $793 million, down from $894 million as of Dec 31, 2015.Long-term debt as of Mar 31, 2016 was $1,275 million, up from the 2015-end level of $1,273 million.Cash from operating activities in the first quarter was $54 million, compared with $10 million in the year-ago period.Other Defense ReleasesTextron Inc. TXT reported first-quarter 2016 earnings from continuing operations of 55 cents per share, beating the Zacks Consensus Estimate of 53 cents by 3.8%. Earnings also surged 19.6% from 46 cents reported in the year-ago quarter.Lockheed Martin Corp. LMT reported adjusted first-quarter 2016 earnings of $2.58 per share, surpassing the Zacks Consensus Estimate of $2.51 by 2.8%. Earnings, however, fell 5.8% from the year-ago level.General Dynamics Corporation GD announced first-quarter 2016 earnings from continuing operations of $2.34 per share, comfortably surpassing the Zacks Consensus Estimate and higher than the year-ago figure of $2.14 by 9.3%.Zacks RankHuntington Ingalls Industries currently has a Zacks Rank #2 (Buy).Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report GENL DYNAMICS (GD): Free Stock Analysis Report LOCKHEED MARTIN (LMT): Free Stock Analysis Report TEXTRON INC (TXT): Free Stock Analysis Report HUNTINGTON INGL (HII): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research