Huntington Ingalls Industries Wins Planning Yard Contract Worth A Potential $724 Million

Rhea-AI Summary

Huntington Ingalls Industries (NYSE:HII) announced a contract valued at up to $724 million for planning yard services supporting in-service amphibious ships. This contract spans seven years and includes engineering, logistics, material procurement, and technical support for specific ship classes like LPD 17 and LHD 1.

Ingalls Shipbuilding President Kari Wilkinson emphasized their expertise in this area as essential for Navy fleet commitments. The company remains a leading military shipbuilder with over 41,000 employees.

Positive

• Awarded a contract worth up to $724 million, enhancing revenue potential.
• Seven-year contract duration indicates long-term business stability.
• Support for multiple ship classes ensures diversified service offerings.

Negative

• None.

PASCAGOULA, Miss., June 08, 2021 (GLOBE NEWSWIRE) -- Huntington Ingalls Industries (NYSE:HII) announced today that its Ingalls Shipbuilding division has been awarded a contract with a potential total value of $724 million for planning yard services in support of in-service amphibious ships.

“Ingalls has a 40-year history of providing planning yard services to ships in active service,” Ingalls Shipbuilding President Kari Wilkinson said. “We consider this a core competency and a critical part of our mission to support the Navy in meeting fleet commitments around the world.”

Planning yard services provided will be in support of amphibious transport dock (LPD 17), assault (LHD 1 and LHA 6), command (LCC 19), and dock landing (LSD 41/49) classes of ships. The contract includes options over a seven-year period and covers fleet modernization availability planning; engineering, design and logistics support; material procurement; program and configuration data management; and on-site technical support through established homeport and planning yard offices and resources.

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 41,000 people operating both domestically and internationally. For more information, please visit www.huntingtoningalls.com.

• 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:

Teckie Hinkebein
teckie.hinkebein@hii-co.com
(228) 935-1323

 

FAQ

What is the total value of the contract awarded to HII?

HII was awarded a contract with a potential total value of $724 million.

How long is the duration of the contract for planning yard services?

The contract spans a seven-year period.

Which classes of ships are supported by HII's new contract?

The contract supports LPD 17, LHD 1, LHA 6, LCC 19, and LSD 41/49 ship classes.

What services does the contract for HII include?

The contract includes engineering, design and logistics support, material procurement, and technical support.

Who is the president of Ingalls Shipbuilding at HII?

Kari Wilkinson is the president of Ingalls Shipbuilding.