After a series of disconcerting earnings reports from defense majors Lockheed Martin, Northrop Grumman, and RTX Corporation in January, the Q4 earnings report from Huntington Ingalls (NYSE: HII), released on Thursday last week, must have come as a relief.

Q4 revenue at the military shipbuilder surged 13% year over year, hitting a new quarterly record of $3.2 billion -- and accelerating from, and nearly doubling, the company's full-year revenue growth rate of 7%. Earnings per share for the quarter more than doubled, to $6.90, helping to lift full-year earnings 18% to $17.07 per share.

At less than 16 times earnings, with 13% growth and a dividend yield of 2%, Huntington Ingalls stock looks almost perfectly priced for value investors who seek to buy stocks selling around 1.0 in PEG ratio.

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Source Fool.com