Huntington Ingalls Industries Awarded Position on $250 Million U.S. Navy Intelligence, Surveillance and Reconnaissance Support Contract

Rhea-AI Summary

Huntington Ingalls Industries (NYSE:HII) has been awarded a task order contract by the Naval Information Warfare Center (NIWC) Pacific’s Intelligence, Surveillance and Reconnaissance (ISR) department. The contract, valued at up to $250 million, includes a three-year base term with a two-year extension option. HII will provide development and engineering services, including data analysis and software development, supporting the Navy’s ISR systems and cybersecurity operations from its San Diego location. This award reinforces HII's commitment to innovative solutions for defense.

Positive

• Awarded a $250 million contract, enhancing revenue potential.
• Reaffirms HII's commitment to military contracts and innovation.

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• None.

NEWPORT NEWS, Va., March 12, 2021 (GLOBE NEWSWIRE) -- Huntington Ingalls Industries (NYSE:HII) Technical Solutions division was one of 11 companies selected to provide development, technical, management and engineering services for Naval Information Warfare Center (NIWC) Pacific’s Intelligence, Surveillance and Reconnaissance (ISR) department. The indefinite-delivery/indefinite-quantity task order contract includes a three-year base term with a two-year extension option. HII will compete for task orders under the contract. The combined value of all potential task orders across the base and option years is $250 million.

“This award reaffirms HII’s commitment to the Navy and NIWC’s ISR mission and the need for innovative and cost-effective solutions,” said Garry Schwartz, president of Technical Solutions’ Defense and Federal Services business group. “From data analysis and software development, to hardware fabrication and communications systems for autonomous vehicles, HII is proud to support the Navy’s increasingly complex and integrated intelligence requirements.”

HII will provide a wide range of technical services in support of NIWC’s ISR systems and activities and corresponding cybersecurity operations, with support based out of San Diego.

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

FAQ

What is the value of the contract awarded to HII?

The contract awarded to HII is valued at up to $250 million.

What services will HII provide under the NIWC contract?

HII will provide development, technical, management and engineering services for the ISR department.

How long is the contract duration for HII with NIWC?

The contract includes a three-year base term with a two-year extension option.

Where will HII support the Navy's ISR systems?

HII will support the Navy's ISR systems from its location in San Diego.

What department of the Navy is HII working with?

HII is working with the Naval Information Warfare Center (NIWC) Pacific’s Intelligence, Surveillance and Reconnaissance (ISR) department.