Huntington Ingalls Industries Awarded $175 Million U.S. Navy Support Contract
Huntington Ingalls Industries (NYSE:HII) secured a contract from the U.S. Navy worth up to $175 million for maintenance, training, and planning support for aircraft carriers. The indefinite-delivery/indefinite-quantity contract spans a five-year term. HII will provide engineering, maintenance, and operator training for shipboard systems. Work will be conducted in various locations including Virginia, California, Washington, and Japan, supporting the Navy's operational readiness.
- Awarded a $175 million contract to support U.S. Navy aircraft carriers.
- Five-year contract term enhances revenue stability.
- Long-standing partnership with the Navy strengthens operational credibility.
- None.
NEWPORT NEWS, Va., Feb. 01, 2021 (GLOBE NEWSWIRE) -- Huntington Ingalls Industries’ (NYSE:HII) Technical Solutions division was awarded a contract last week to provide maintenance, training and planning support for U.S. Navy aircraft carriers. The indefinite-delivery/indefinite-quantity contract includes a five-year ordering term, with a total potential value of
“We are very pleased the U.S. Navy has entrusted us to support the readiness of one of our nation’s most important power projection platforms,” said Garry Schwartz, president of Technical Solutions’ Defense and Federal Solutions business group. “For nearly four decades, we’ve partnered with the Navy on this critical program, and we look forward to continuing to advance our nation’s fleet sustainment for years to come.”
HII will provide engineering services, maintenance and operator training as well as technical and repair services in support of maintenance and planning for the overhaul, modernization and repair of shipboard elevators, cargo-handling equipment and associated systems installed within U.S. Navy aircraft carriers.
The work, contracted by Naval Sea Systems Command, will be performed onboard U.S. naval aircraft carriers in Norfolk, Virginia; San Diego, California; Bremerton and Everett, Washington; Japan, and other fleet concentration areas to be determined.
Huntington Ingalls Industries is America’s largest military shipbuilding company and a provider of professional services to partners in government and industry. For more than a century, HII’s Newport News and Ingalls shipbuilding divisions in Virginia and Mississippi have built more ships in more ship classes than any other U.S. naval shipbuilder. HII’s Technical Solutions division supports national security missions around the globe with unmanned systems, defense and federal solutions, and nuclear and environmental services. Headquartered in Newport News, Virginia, HII employs more than 42,000 people operating both domestically and internationally. For more information, visit:
- HII on the web: www.huntingtoningalls.com
- HII on Facebook: www.facebook.com/HuntingtonIngallsIndustries
- HII on Twitter: twitter.com/hiindustries
- HII on YouTube: www.youtube.com/huntingtoningalls
- HII on Instagram: www.instagram.com/huntingtoningalls
Statements in this release, other than statements of historical fact, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties that could cause our actual results to differ materially from those expressed in these statements. Factors that may cause such differences include: changes in government and customer priorities and requirements (including government budgetary constraints, shifts in defense spending, and changes in customer short-range and long-range plans); our ability to estimate our future contract costs and perform our contracts effectively; changes in procurement processes and government regulations and our ability to comply with such requirements; our ability to deliver our products and services at an affordable life cycle cost and compete within our markets; natural and environmental disasters and political instability; our ability to execute our strategic plan, including with respect to share repurchases, dividends, capital expenditures and strategic acquisitions; adverse economic conditions in the United States and globally; health epidemics, pandemics and similar outbreaks, including the COVID-19 pandemic; changes in key estimates and assumptions regarding our pension and retiree health care costs; security threats, including cyber security threats, and related disruptions; and other risk factors discussed in our filings with the U.S. Securities and Exchange Commission. There may be other risks and uncertainties that we are unable to predict at this time or that we currently do not expect to have a material adverse effect on our business, and we undertake no obligation to update any forward-looking statements. You should not place undue reliance on any forward-looking statements that we may make. This release also contains non-GAAP financial measures and includes a GAAP reconciliation of these financial measures. Non-GAAP financial measures should not be construed as being more important than comparable GAAP measures.
Contact:
Beci Brenton
Beci.Brenton@hii-co.com
(202) 264-7143
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