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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 December 12, 2022, HII’s Ingalls Shipbuilding hosted U.S. Marine Corps Commandant Gen. David H. Berger, showcasing their shipbuilding capabilities. The tour included amphibious ships like Bougainville (LHA 8) and Richard M. McCool Jr. (LPD 29). Ingalls has delivered 12 San Antonio-class ships and is constructing three more. Recent investments near $1 billion in infrastructure aim to enhance shipbuilding efficiency, while the facility supports over 700 suppliers across 49 states, solidifying Ingalls as a key player in naval ship production.
HII (NYSE: HII) has appointed Leo Denault, former CEO of Entergy, to its board of directors, effective December 5, 2022. Denault brings over 40 years of experience in the power industry, having held key positions at Entergy and Cinergy. His leadership at Entergy transformed it into a leading utility focusing on clean energy. The addition of Denault is expected to enhance HII's strategic direction, particularly in nuclear and electrical power sectors. HII is recognized for its role in building naval vessels and supporting national security through energy management.
HII’s Ingalls Shipbuilding division has successfully delivered the Lenah Sutcliffe Higbee (DDG 123), an Arleigh Burke-class guided missile destroyer, to the U.S. Navy. This marks the official handover of the ship, which is the 34th destroyer of its class from Ingalls. The ship will be the last Flight IIA destroyer built at Ingalls as the Navy transitions to Flight III models. The Lenah Sutcliffe Higbee is named after a World War I Navy nurse and first female Navy Cross recipient, reflecting her legacy with the motto: Bellatrix illa, meaning "she is a warrior."
On November 19, 2022, HII hosted a keel authentication ceremony for the Virginia-class submarine Arkansas (SSN 800) at its Newport News Shipbuilding division. The submarine is sponsored by the Little Rock Nine, a group of African American students pivotal in U.S. desegregation history. NNS President Jennifer Boykin highlighted the inspirational legacy of the sponsors and the ship's advanced capabilities. The Arkansas will enhance naval warfare with improved firepower and stealth, and follows the successful launches of USS Montana and New Jersey.
HII's Newport News Shipbuilding division is set to host a ceremonial keel authentication for the Virginia-class submarine Arkansas (SSN 800) on November 19, 2022. Media can preview the ceremony on November 18. The event will honor the Little Rock Nine, who are the submarine's sponsors, recognized for their role in desegregation.
The ceremony will be livestreamed, accessible via www.HII.com/SSN800. Arkansas is the 27th in its class, enhancing Navy capabilities with advanced technologies.
HII's Mission Technologies division has secured a $70 million task order contract from the U.S. Air Force. The contract focuses on technical analysis and enhancement recommendations for the Air Force Research Laboratory (AFRL), supporting the Department of Defense’s AI/machine learning and cybersecurity initiatives. The collaboration includes strategic planning, system engineering, data analytics, and cloud technology solutions, continuing HII's support since 2017. This contract was awarded under the Defense Information Analysis Center's multiple-award contract vehicle.
On November 5, HII's Mission Technologies division conducted its annual Global Day of Caring, involving over 300 employees and family members in community service projects across multiple states and South Korea. Activities included food drives, educational support, and clean-up efforts. President Andy Green emphasized the importance of connecting with local communities through service. The initiative underscores HII's commitment to supporting the areas where its workforce lives and works, alongside ongoing community service efforts in the coming weeks.
HII Launches REMUS 620 UUV
On November 7, 2022, HII's Mission Technologies division announced the release of the new REMUS 620 unmanned underwater vehicle (UUV). This medium-class UUV boasts a battery life of up to 110 hours and a range of 275 nautical miles, optimized for a variety of missions including mine countermeasures and surveillance. The REMUS 620 features a modular design for payload integration and advanced autonomy capabilities through HII's Odyssey™ software. With extensive operational versatility, the REMUS 620 can be deployed from various platforms, enhancing naval capabilities worldwide.
HII will host a briefing on Nov. 7, 2022, at 10:30 a.m. ET, led by Duane Fotheringham, president of Mission Technologies’ Unmanned Systems group. The session will present a new design of a medium-sized unmanned underwater vehicle (UUV). This event is exclusive to journalists and details regarding the conference call will be shared upon RSVP. HII is a major defense contractor known for building advanced naval technologies and has a significant workforce of 43,000.
HII reported Q3 2022 revenues of $2.6 billion, a rise of 12.3% year-over-year, primarily due to the Alion acquisition and growth at Newport News Shipbuilding. Net earnings reached $138 million, with diluted EPS at $3.44, down from $3.65 in Q3 2021. The company narrowed FY22 revenue guidance and reaffirmed shipbuilding margin guidance while reducing guidance for Mission Technologies. New contract awards totaled $2.1 billion, increasing backlog to approximately $46.7 billion.
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