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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.
HII (NYSE: HII) has announced a quarterly dividend increase of $0.05, raising the payment to $1.35 per share from the previous $1.30. The dividend will be paid on December 13, 2024, to shareholders of record as of November 29, 2024. This increase represents the company's commitment to delivering shareholder value through consistent dividend payments.
HII (NYSE: HII) has awarded 194 new scholarships and renewed 94 existing ones through its annual scholarship fund for the 2024-2025 school year. The program, in its ninth year, has distributed over $3.6 million across 1,555 scholarships, benefiting more than 700 employees' children. The awards include 30 scholarships for four-year college programs, 20 for two-year degree or vocational programs, and 50 for early childhood school-readiness programs. Individual awards range from $1,500 for two-year programs to $3,000 annually for four-year and early childhood programs. The fund is administered through Scholarship America with an independent selection process based on academic merit and financial need.
HII's Mission Technologies division announced a reorganization from six to four operational groups, effective October 28, 2024. The new structure includes: All-Domain Operations (led by Todd Gentry), Global Security (led by Michael Lempke), Warfare Systems (led by Grant Hagen), and Uncrewed Systems (led by Duane Fotheringham). The division reported strong financial performance with $2.7 billion in revenues for 2023, showing 13% organic growth, and $1.5 billion in revenue for H1 2024, representing a 19% organic growth increase year-over-year.
HII (NYSE: HII) has promoted John Bell to chief technology officer (CTO) for its Mission Technologies division. This appointment aligns the Mission Technologies CTO office with the corporate CTO office, supporting rapid growth, cross-division opportunities, and the adoption of Industry 4.0 capabilities like AI, Big Data, and Robotics.
Bell, with 29 years of experience at HII, previously served as the technical director for Mission Technologies' Live, Virtual, and Constructive (LVC) Solutions business group. He has led R&D in networks, information systems, communications, cybersecurity, and advanced modeling for weapons, sensors, and C5ISR systems. Bell was key in developing LVC enterprise programs including the Navy Continuous Training Environment, Mobility Air Force Distributed Mission Operations, and Joint Staff J7 Joint Training Synthetic.
HII announced that 15 of its employees across three divisions have been recognized at the 2024 annual Women of Color STEM Conference. The awards highlight their contributions to science, technology, engineering, and mathematics (STEM) fields. Recipients were honored in four categories: Special Achievement, Technology Rising Star, Top Women in Finance, and Technology All Star.
Notable awardees include Dr. Sondia Christian from Ingalls Shipbuilding (Special Achievement Award), Janice Hunter from Newport News Shipbuilding (Technology All Star Award), and Pamela Pierce from Newport News Shipbuilding (Top Women in Finance). Additionally, 12 HII employees were recognized as Technology Rising Stars.
HII's CEO, Chris Kastner, expressed pride in the employees' achievements, emphasizing their commitment to excellence in STEM and fostering diversity and innovation. The recognition underscores HII's dedication to developing and recognizing top talent in STEM fields and promoting an inclusive work environment.
HII's Mission Technologies division has been selected to lead one of four new microelectronics projects under the CHIPS and Science Act. The project, awarded in collaboration with the Silicon Crossroads Microelectronics Commons (SCMC) Hub, focuses on developing the first broadband Digital Direct Waveform Synthesizer (DDWS) solution. This highly programmable technology offers high-speed communication links, direct data acquisition, secure storage, and a root-of-trust processing environment.
The DDWS project aims to create a highly integrated, ruggedized, reliable, and low-size, weight, power and cost module for Department of Defense applications, including artificial intelligence and machine learning. HII will lead a team consisting of Purdue University, Marvell Government Solutions, NHanced Semiconductors, the Air Force Research Laboratory, and Naval Surface Warfare Center – Crane Division. The project is expected to advance performance in cognitive radar, electromagnetic warfare, intelligence, surveillance, reconnaissance, and electronic signal intelligence systems.
HII's Mission Technologies division has been awarded a $75 million task order by the U.S. Navy Naval Surface Warfare Center Dahlgren Division Dam Neck Activity. The contract is for systems engineering support for integrated training systems used onboard ships to enhance combat preparedness for sailors.
The HII team will create interfaces between live, virtual and constructive (LVC) networks and combat systems like the Aegis integrated naval weapons system. This will enable sailors to train at their shipboard weapons systems console, replicating combat situations whether the ship is underway or pierside. The team will also conduct modeling and simulation to support testing and readiness exercise performance and assessment.
The work will be performed in Virginia Beach, Va., building on HII's two decades of similar work for the U.S. Navy. This modern approach to military training aims to deliver a strategic advantage for the nation.
HII's Ingalls Shipbuilding division has successfully launched the first LPD Flight II, San Antonio-class amphibious transport dock ship Harrisburg (LPD 30). This marks a significant milestone in the ship's journey towards operational readiness. The Ingalls team moved Harrisburg from land to the company's floating dry dock using translation railcars and completed final prep work for launch.
Ingalls Shipbuilding President Kari Wilkinson emphasized the importance of this launch in supporting national security and fielding capability to U.S. Navy and Marine Corps partners. The launch follows a recent amphibious multi-ship procurement contract for three San Antonio-class ships (LPD 33-35) and a contract modification for the next America-class large-deck amphibious ship (LHA 10). Ingalls currently has two Flight II LPDs under construction, including Harrisburg (LPD 30) and Pittsburgh (LPD 31), with pre-construction activities underway for Philadelphia (LPD 32).
HII's Ingalls Shipbuilding division hosted its second annual Project MFG Maritime Welding Competition, featuring 19 local students from area high schools and career technical programs. The two-hour event tested contestants' welding proficiency, requiring them to follow precise instructions while demonstrating knowledge of welding techniques, safety procedures, and equipment handling.
The competition aimed to highlight the importance of skilled trades in manufacturing and encourage students to pursue careers critical to the nation's industrial base. Winners received prizes and all participants received contingent employment offers from Ingalls. The top two winners were invited to participate in Project MFG's National Maritime Championship in the spring.
First place went to Devin Chanthivong from Alma Bryant High School, who expressed surprise and excitement about his potential future at Ingalls. The event served as a platform for students to showcase their talents and for industry representatives to connect with emerging talent, emphasizing the significance of vocational education in meeting modern workforce demands.
HII's Newport News Shipbuilding (NNS) division is strengthening its partnership with Old Dominion University (ODU) by opening an onsite NNS office in ODU's Engineering Systems building. The collaboration focuses on engineering, business, technology, modeling and simulation, student engagement, and the future of shipbuilding.
This initiative builds upon NNS's role as the lead industry sponsor of the Monarch Accelerator Program to Engineering (MAP-to-E), which aims to increase engineering and engineering technology majors and degrees, particularly from underrepresented communities in Hampton Roads.
The new office allows ODU students to connect directly with NNS for internships, co-ops, full-time employment, professional development, and mentoring opportunities. Currently, over 22% of NNS's engineering workforce are ODU graduates. NNS also sponsors the NNS Scholars program, providing academic scholarships to qualified students in engineering, business, or computer science.
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