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Shares of Huntington Ingalls Industries (NYSE: HII) climbed more than 13% this past week after the shipbuilder reported progress toward delivering greater sea power to the U.S. military and its allies.

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HII's revenue rose 10.9% year over year to $3.4 billion in the second quarter.

Revenue for the defense contractor's Ingalls Shipbuilding division grew 16.7% to $845 million, fueled by production work on amphibious assault ships.

Additionally, revenue for the company's Newport News Shipbuilding division increased 15.3% to $1.8 billion, driven by work on aircraft carriers and submarines.

HII's profitability also strengthened. Its operating margin improved to 6.1% from 5.3% in the year-ago quarter.

The company's net earnings, in turn, surged 36.8% to $208 million, or $5.27 per share. That crushed Wall Street's estimates, which had called for per-share profits of $3.82, according to Yahoo! Finance.

HII lifted its full-year shipbuilding revenue and operating margin targets to roughly $10.3 billion and 6.25%, respectively, up from prior guidance of $9.8 billion and 6%.

Management also reaffirmed its free cash flow forecast of approximately $550 million.

With conflicts in the Middle East and Ukraine making clear the vital need for both manned and unmanned vessels to defend sea lanes, demand for HII's shipbuilding services should continue to rise in the years ahead.

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Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Why Huntington Ingalls Industries Stock Is Heading Higher was originally published by The Motley Fool