Huntington Ingalls Industries Awarded $273 Million U.S. Navy Aircraft Carrier and Surface Ship Maintenance Contract
Huntington Ingalls Industries (NYSE:HII) has secured a five-year contract valued at $273 million to assist the U.S. Navy's carrier engineering maintenance teams and other readiness programs. This collaboration emphasizes the ongoing modernization of the Navy's fleet, vital for national security. The contract's work scope includes maintaining and overhauling various equipment systems and conducting training to improve operational readiness. HII extends its decades-long partnership with the Navy, focusing on efficiency and cost-saving in defense operations.
- Award of a $273 million contract for five years enhances revenue stability.
- Strengthens the long-standing partnership with the U.S. Navy, vital for future contracts.
- Focus on maintenance and training may boost operational efficiency and readiness.
- None.
NEWPORT NEWS, Va., Aug. 10, 2021 (GLOBE NEWSWIRE) -- Huntington Ingalls Industries’ (NYSE:HII) Technical Solutions division announced today that it has been awarded a five-year contract with a total value of
“Continuous modernization and sustainment of our nation’s fleet is essential to our national security,” said Garry Schwartz, president of Technical Solutions’ Defense and Federal Solutions business group. “HII is honored to extend our 40-year partnership with the U.S. Navy in support of these critical defense assets, and to continue leveraging our expertise to maximize efficiency and cost-savings in the future.”
Work performed on the contract will support maintenance and planning for the overhaul and repair of equipment and systems including hull, mechanical and electrical; aviation equipment and systems; command, control, communications, computer and intelligence; and combat support systems. The programs follow a “find, fix and train” philosophy with assessments, maintenance, and training to enhance sailor self-sufficiency and maintenance capabilities while ensuring platforms remain mission capable. Work will be performed within the U.S. and internationally during operational deployments.
A photo accompanying this release is available at: https://newsroom.huntingtoningalls.com/file/tsd-ship-support.
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 approximately 41,000 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
FAQ
What is the value of the new contract awarded to Huntington Ingalls Industries?
How long is the contract awarded to HII for U.S. Navy support?
What services will Huntington Ingalls Industries provide under the new contract?
What is the significance of the contract for Huntington Ingalls Industries' partnership with the U.S. Navy?
What systems will HII's contract work focus on maintaining?
