Huntington Ingalls Industries, Inc.’s HII fourth-quarter 2018 earnings of $4.94 per share surpassed the Zacks Consensus Estimate of $4.45 by 11%. The reported figure also improved a massive 250.4% from $1.41 a year ago on solid revenue growth.For 2018, the company reported earnings of $19.09 per share, which outpaced the Zacks Consensus Estimate of $18.84 by 1.3%. The bottom line also improved a solid 82.5% from $10.46 registered a year ago.Total RevenuesTotal revenues came in at $2.20 billion exceeding the Zacks Consensus Estimate of $2.06 billion by 6.9%. The top line also rose 10.2% from $2 billion registered in the year-ago quarter. The upside can be attributed to higher sales volume at all the three business divisions of the company.In 2018, the company generated revenues of $8.18 billion, which once again outpaced the Zacks Consensus Estimate of $8.03 billion by 1.9% and improved 9.9% from $7.44 billion registered in the prior year.Huntington Ingalls Industries, Inc. Price, Consensus and EPS Surprise Huntington Ingalls Industries, Inc. Price, Consensus and EPS Surprise | Huntington Ingalls Industries, Inc. QuoteSegment DetailsNewport News Shipbuilding: Revenues totaled $1,278 million at this segment, up 12.2% year over year backed by higher revenues in naval nuclear support services and aircraft carriers. Meanwhile, operating income declined 46.2% to $57 million due to poor performance in the VCS program, primarily Delaware (SSN 791) and Montana (SSN 794), and higher risk retirement on the RCOH program during fourth-quarter 2017.Ingalls Shipbuilding: Revenues at this segment came in at $699 million, up 9.6% year over year on account of higher revenues in amphibious assault ships and surface combatants. Also, operating income improved 12% to $84 million driven by higher volumes and higher risk retirement for the DDG and NSC programs.Technical Solutions: Revenues at this segment summed $267 million, up 10.3% year over year. The upside was driven by increased revenues from oil and gas services and mission driven innovative solutions. Operating income totaled $7 million compared with $8 million in the year-ago quarter.BacklogHuntington Ingalls received new orders worth $3.3 billion in the fourth quarter. As a result, the company’s total backlog reached $23 billion as of Dec 31, 2018.Financial UpdateCash and cash equivalents as of Dec 31, 2018, were $240 million, significantly down from $701 million as of Dec 31, 2017.Long-term debt, as of Dec 31, 2018, was $1,283 million compared with the 2017-end level of $1,279 million.Cash from operating activities, at the end of 2018, grossed $914 million compared with $814 million at the end of 2017.Zacks RankHuntington Ingalls has a Zacks Rank #3 (Hold).You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Recent Defense ReleasesSpirit AeroSystems Holdings SPR reported fourth-quarter 2018 adjusted earnings of $1.85 per share, which surpassed the Zacks Consensus Estimate of $1.78 by 4%.Raytheon Company RTN reported fourth-quarter 2018 earnings per share (EPS) of $2.93 from continuing operations, which outpaced the Zacks Consensus Estimate of $2.89 by 1.4%. The bottom-line figure also improved a massive 117% from the year-ago quarter’s figure of $1.35.The Boeing Company BA reported adjusted earnings of $5.48 per share for fourth-quarter 2018, which exceeded the Zacks Consensus Estimate of $4.52 by 21.2%. The bottom line reflected an improvement of 8% from $5.07 registered in the year-ago quarter.Will You Make a Fortune on the Shift to Electric Cars?Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.It's not the one you think.See This Ticker Free >> 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 Huntington Ingalls Industries, Inc. (HII): Free Stock Analysis Report The Boeing Company (BA): Free Stock Analysis Report Spirit Aerosystems Holdings, Inc. (SPR): Free Stock Analysis Report Raytheon Company (RTN): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research