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Huntington Ingalls Industries, Inc. (NYSE: HII) is America's largest military shipbuilding company and a premier provider of engineering, manufacturing, and management services in sectors such as nuclear energy, oil, and gas. With a rich history spanning over a century, HII's Newport News and Ingalls Shipbuilding divisions in Virginia and Mississippi have built more ships in a diverse range of classes than any other U.S. naval shipbuilder. Headquartered in Newport News, Virginia, HII employs approximately 37,000 people, operating both domestically and internationally.
HII operates through three major segments:
- Ingalls Shipbuilding: This division focuses on the construction of non-nuclear-powered ships such as amphibious landing ships and Arleigh Burke-class destroyers.
- Newport News Shipbuilding: The only shipyard in the U.S. capable of building nuclear-powered aircraft carriers, it is also a key subcontractor for Virginia and Columbia-class nuclear submarines.
- Mission Technologies: This segment provides advanced technological solutions including uncrewed sea vessels, IT services, and a host of other specialized services to U.S. government agencies.
HII has also made significant strides in innovation and collaboration, recently hosting an industry and academic event to explore new technologies in shipbuilding. The company is actively involved in fostering innovation through partnerships with entities like 3M, Lincoln Electric, and Fastenal.
Financially, HII reported first-quarter 2024 revenues of $2.8 billion, up 4.9% from the previous year, driven by growth in the Mission Technologies segment. Operating income for the quarter was $154 million with an operating margin of 5.5%. The company has a strong backlog of approximately $48.4 billion as of March 31, 2024.
HII's commitment to technological advancement is evident in its recent strategic collaboration with Amazon Web Services (AWS) to enhance digital shipyard transformation, next-generation sea power capabilities, and warfighter training readiness. This partnership aims to leverage AI, machine learning, and cloud technologies to improve manufacturing quality and operational efficiency.
In addition to its core business, HII is heavily invested in education and community outreach. This includes sponsoring STEM expos to inspire the next generation of shipbuilders and innovators.
HII's dedication to maritime excellence and technological innovation continues to position it as a crucial player in the defense sector, ensuring the U.S. maintains a formidable naval presence globally.
On April 26, 2023, HII's Mission Technologies division announced it received a significant contract worth $995 million to provide Advisory and Assistance Services to the U.S. Air Forces in Europe-Air Forces Africa (USAFE-AFAFRICA). This indefinite delivery, indefinite quantity contract includes a one-year base period and four one-year options. HII will utilize its extensive experience to assist in information analysis, evaluations, and training to enhance regional national security.
According to Andy Green, president of Mission Technologies, this award solidifies HII's commitment to supporting USAFE-AFAFRICA's mission of deterrence and building relationships with allies. HII's capabilities will aid in policy development, decision-making, and operations management throughout the U.S. European Command and U.S. Africa Command.
HII's Newport News Shipbuilding division is set to christen the Massachusetts (SSN 798), the 25th Virginia-class submarine, on May 6. This advanced class of submarines is crucial for enhancing U.S. military capabilities with superior firepower, maneuverability, and stealth.
The ceremony, which is closed to the public but will be livestreamed, emphasizes HII's role as one of the two shipyards capable of building nuclear-powered submarines for the U.S. Navy. Media members can preview the event on May 5 and interact with shipbuilders and Navy leadership. Media attendance requires RSVP by May 3.
HII has secured a $567.6 million subcontract modification from General Dynamics Electric Boat for the Columbia-class ballistic missile submarine project. This modification, awarded on April 4, enables HII's Newport News Shipbuilding division to procure essential materials and commence advance construction for the next five submarines, known as Build II, following the initial two, District of Columbia and Wisconsin.
The Columbia class is the U.S. Navy's top acquisition priority, designed to replace Ohio-class submarines and serve as a critical element of national deterrence. HII's role includes constructing six module sections per submarine, reaffirming its pivotal contribution to U.S. naval capabilities.
On April 11, 2023, HII (NYSE: HII) announced that its Mission Technologies division secured a $1.3 billion task order from the U.S. Africa Command (USAFRICOM) for Personnel Recovery Enterprise Services and Solutions (PRESS). This award comprises a one-year base period with six one-year options. HII will deliver a comprehensive lifesaving network, enhancing evacuation response for personnel in the USAFRICOM area. Since 2021, HII has supported 91 casualty evacuation missions in East Africa. The company's president highlighted their extensive CASEVAC experience, emphasizing their commitment to improving execution efficiency and survival rates for U.S. personnel.
HII (NYSE:HII) will announce its Q1 2023 financial results on May 4, 2023, followed by a conference call at 9 a.m. Eastern Time. This event will be accessible through a live webcast on HII’s website. Key executives, including Chris Kastner (CEO) and Tom Stiehle (CFO), will lead the discussion supported by visual materials available online. As the largest military shipbuilder in the U.S., HII has over 135 years of history and a workforce of 43,000, providing a wide range of defense capabilities such as ships, unmanned systems, and AI solutions. The company aims to support U.S. national security and deliver optimal solutions for peace and freedom globally.
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