Huntington Ingalls Industries, Inc. - HII STOCK NEWS

HII (NYSE: HII) has commenced construction on the Multi-Class Submarine Production Facility at its Newport News Shipbuilding division, aimed at enhancing the production of Columbia- and Virginia-class submarines. This facility is part of a larger $1.9 billion investment by HII between 2016 and 2025, jointly funded with the Navy. The Columbia-class program, crucial for national defense, will replace the Ohio-class submarines. NNS is a primary contractor for these submarines, working alongside General Dynamics Electric Boat. The groundbreaking marks the start of a strategic project to meet the Navy's submarine needs efficiently.

HII (NYSE:HII) reported a fourth quarter 2022 revenue of $2.8 billion, a 5.0% increase from Q4 2021. For the full year, revenues were $10.7 billion, up 12.1% year-over-year, with diluted earnings per share at $14.44, up from $13.50 in 2021. Operating income for Q4 2022 was $105 million, yielding an operating margin of 3.7%. New contract awards in Q4 reached $3.2 billion, increasing total backlog to $47.1 billion. Guidance for FY23 includes shipbuilding revenue between $8.4 and $8.6 billion.

HII (NYSE: HII) will participate in Cowen’s Aerospace/Defense & Industrials Conference on February 15, 2023. The discussion with HII President and CEO Chris Kastner is scheduled for 10:45 a.m. Eastern time and will be available via webcast at ir.hii.com. HII is the largest military shipbuilder in the U.S., focusing on delivering advanced ships and comprehensive defense solutions globally. With a legacy spanning over 135 years, HII serves various domains, providing critical capabilities, including unmanned systems and cyber solutions, supported by a workforce of 43,000.

HII (NYSE: HII) has secured a $21 million recompete contract from the Defense Logistics Agency (DLA) to enhance logistics solutions for defense products and materials. The contract aims to streamline supply chains and increase operational efficiency for military services over five years. Grant Hagen, president of HII's Mission Technologies division, emphasized the importance of addressing supply chain disruptions. This award continues HII's long-standing partnership with the DLA, dating back to the 1990s, showcasing HII's expertise in defense logistics and commitment to improving military support.

HII (NYSE: HII) has declared a quarterly cash dividend of $1.24 per share, payable on March 10, 2023, to shareholders of record by the close of business on February 24, 2023. This decision reflects HII's commitment to returning value to its shareholders.

As the largest military shipbuilder in the U.S., HII has a rich history of over 135 years in advancing national security and delivering critical defense capabilities, including ships, unmanned systems, and advanced technologies. The company is headquartered in Virginia and employs around 43,000 personnel.

HII (NYSE: HII) announced the appointment of Eric Chewning as Executive Vice President of Strategy & Development, effective Jan. 30, 2023. Chewning, a former Defense Department official, brings 20 years of national security experience to enhance HII's strategic initiatives, including identifying growth opportunities and fostering cross-division collaboration. HII, the largest military shipbuilder in the U.S. and a key player in unmanned underwater vehicle production, aims to leverage Chewning's expertise to align its capabilities with U.S. Navy needs and drive technological advancements.

HII (NYSE: HII) recently hosted Chief of Naval Operations Adm. Michael Gilday at its Ingalls Shipbuilding division in Pascagoula, Mississippi, on Jan. 26, 2023. Gilday toured the shipyard and met with leadership, reinforcing HII's commitment to national security. This visit follows his previous visit in March 2020 for the christening of the guided missile destroyer Jack H. Lucas. The shipyard has recently received nearly $1 billion in investments to enhance infrastructure and efficiency. HII, as the largest military shipbuilder, continues to develop advanced naval capabilities while supporting over 1,200 suppliers across the U.S.

HII (NYSE: HII) announces the awarding of $100,000 in grants to 26 STEM initiatives across Mississippi and Alabama. This annual program aims to enhance education in science, technology, engineering, and math. Over the last decade, Ingalls Shipbuilding has contributed more than $1.1 million for teacher training and STEM projects. This year, the grants attracted 85 applications. Ingalls Shipbuilding President Kari Wilkinson emphasized the importance of STEM education for developing future shipbuilders. The next application cycle will open in August 2023, reflecting HII's commitment to supporting local education and fostering innovation in the workforce.

HII announced the promotion of Chris Soong to executive vice president and chief information officer, effective April 1, 2023. He replaces Bharat Amin, who will retire on March 31 after nearly ten years. Soong, previously CIO of HII’s Mission Technologies division, will lead IT governance and establish the company’s digital strategy with a focus on cyber security. With over 25 years in the IT sector and experience from Fortune 500 companies, Soong is well-prepared for the role. His leadership will be crucial in supporting the digital infrastructure aimed at adding value for stakeholders.