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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) 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.
HII (NYSE:HII) is set to release its fourth quarter 2022 financial results on February 9, 2023, at 9 a.m. Eastern time.
The earnings conference call will be led by Chris Kastner, president and CEO, and Tom Stiehle, CFO, and will be accessible via live webcast on HII’s website. Listeners are encouraged to review accompanying materials on the website, where replays will also be available.
HII is a leader in defense, specializing in naval shipbuilding and advanced technologies to enhance national security.
HII (NYSE: HII) has promoted Kimberly Nastasi to vice president of the newly established integrated communications and stakeholder engagement department at Ingalls Shipbuilding. Reporting to President Kari Wilkinson, Nastasi will oversee marketing, communications, special events, community relations, and government affairs. Her previous role involved fostering connections among shipbuilders. With a robust background including leadership roles at the Mississippi Gulf Coast Chamber of Commerce, Nastasi aims to strengthen stakeholder engagement within the shipbuilding community.
HII's Ingalls Shipbuilding division has secured a $10.5 million contract for the modernization planning of the Zumwalt-class guided missile destroyers, USS Zumwalt (DDG 1000) and USS Michael Monsoor (DDG 1001). This contract is part of HII's ongoing investments, totaling nearly $1 billion, in infrastructure and quality enhancements at Ingalls Shipbuilding. The Zumwalt-class destroyers are equipped with advanced warfighting technology and designed for versatile military missions, ensuring the U.S. Navy's operational readiness.
HII's Ingalls Shipbuilding division has commenced the fabrication of the U.S. Navy's latest amphibious assault ship, Fallujah (LHA 9), marking a significant milestone. The shipyard has cut its first 100 tons of steel and is set for ongoing construction. Ingalls has a strong history of building large-deck amphibious assault ships, with 15 delivered to date. Awarded a $2.4 billion contract, Fallujah will feature enhanced aviation capabilities and advanced medical facilities. Ingalls continues to maintain a steady production line for these critical naval assets.
On December 20, 2022, HII (NYSE: HII) announced its collaboration with the Navy to advance unmanned undersea vehicle (UUV) capabilities using the Pharos system from an amphibious ship. Building on a successful June 2022 demonstration of the Proteus UUV, HII has engaged in two new Cooperative Research and Development Agreements (CRADAs) for further enhancements. The Pharos system was tested with the Navy's Snakehead LDUUV, proving its adaptability for the launch and recovery of large unmanned vehicles. This initiative supports the Navy's future fleet vision.
HII's Ingalls Shipbuilding division successfully completed builder’s sea trials for the guided missile destroyer Jack H. Lucas (DDG 125). The ship underwent various tests in the Gulf of Mexico, including hull, mechanical, and electrical assessments, and Flight III events with the SPY-6 arrays. Ingalls Shipbuilding President Kari Wilkinson praised the milestone for keeping the first Flight III ship on schedule. Jack H. Lucas features enhanced capabilities for target detection and ballistic missile defense. Ingalls currently has five destroyers under construction for the U.S. Navy.
On December 15, 2022, HII's Ingalls Shipbuilding division officially began the fabrication of the U.S. Navy's latest Arleigh Burke-class destroyer, Sam Nunn (DDG 133). This milestone marks the transition into the ship's construction phase, with the initial 100 tons of steel already cut. John Fillmore, the DDG 51 program manager, emphasized the pride shipbuilders take in their work and the collaborative efforts with Navy partners. The Sam Nunn will enhance naval capabilities, executing air, surface, and subsurface operations, well-aligned with military strategies.
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