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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) announced the successful completion of acceptance trials for its Arleigh Burke-class guided missile destroyer, Lenah Sutcliffe Higbee (DDG 123), at Ingalls Shipbuilding. President Kari Wilkinson emphasized the partnership with the Navy, looking forward to further trials for the upcoming Flight III destroyer. DDG 123 honors Lenah Sutcliffe Higbee, the Navy's first female recipient of the Navy Cross. HII has built 33 destroyers, with five under construction, as it transitions to Flight III models.
HII (NYSE:HII) will release its third quarter 2022 financial results on November 3, 2022, at 9 a.m. Eastern Time. The earnings conference call will be hosted by CEO Chris Kastner and CFO Tom Stiehle, and it will be accessible via live webcast on HII's official website. HII, recognized as America's largest shipbuilder, has over 135 years of history in advancing U.S. national defense. The company employs a diverse workforce of approximately 44,000 professionals and specializes in delivering advanced naval ships and technologies.
HII (NYSE: HII) has elevated Todd Borkey to executive vice president and chief technology officer, effective immediately. Borkey, who previously led HII’s Mission Technologies division, will now direct the company's technology strategy, focusing on research and development to enhance existing products and drive growth. HII is recognized as a leader in transitioning technology for defense missions and manages over $1 billion annually in R&D. Borkey brings extensive experience from previous roles at Alion Science and Technology and Northrop Grumman.
HII (NYSE: HII) has delivered three advanced REMUS 100 unmanned underwater vehicles (UUVs) to the U.K. Royal Navy. These state-of-the-art systems boast enhanced endurance and improved sensors, increasing mission efficiency and data quality. HII's partnership with the U.K. Ministry of Defence spans over 20 years, with the Navy currently operating a mix of REMUS 100s and REMUS 600s for mine countermeasures. Over 600 UUVs have been sold to 30 nations, including several NATO members, establishing HII as a key player in military technology.
On September 9, 2022, HII announced the start of fabrication for the U.S. Navy's newest San Antonio-class amphibious transport dock Pittsburgh (LPD 31). This milestone indicates that the first 100 tons of steel have been cut. HII has successfully delivered 12 San Antonio-class ships to date, with three more, including LPD 31, currently under construction. The LPD Flight II represents the next generation of amphibious ships for the Navy's 21st-century expeditionary force.
HII (NYSE: HII) has secured a $41.6 million contract from the U.S. Navy for combat systems availability work on the Lyndon B. Johnson (DDG 1002) Zumwalt-class destroyer. Ingalls Shipbuilding will manage the installation, activation, and testing of combat systems to ensure operational readiness. The contract encompasses program management, labor, materials, and facilities necessary for this initiative. The DDG 1002 features advanced technologies such as an electric propulsion system and stealth capabilities, enhancing Navy operational effectiveness.
HII (NYSE: HII) held a ceremonial keel-laying for the aircraft carrier Enterprise (CVN 80) on August 27, 2022, at its Newport News Shipbuilding division. U.S. Olympic champions Simone Biles and Katie Ledecky sponsored the ship, marking a significant milestone in its construction. The Enterprise will be the ninth U.S. Navy vessel with this name, incorporating steel from the first nuclear-powered carrier, CVN 65. It is designed as part of the new Gerald R. Ford class, featuring advanced technologies to enhance operational efficiency.
HII (NYSE: HII) announced the authentication of the keel for the Jeremiah Denton (DDG 129), an Arleigh Burke-class guided missile destroyer, on August 16, 2022. The ship honors former U.S. Senator Jeremiah Denton Jr., a Vietnam War hero. Ingalls Shipbuilding President Kari Wilkinson highlighted the importance of Denton's legacy. The destroyer is the third Flight III vessel constructed at Ingalls, featuring enhanced design capabilities for a variety of military operations. The event underscores HII's commitment to national security and shipbuilding excellence.
HII's CEO, Chris Kastner, recently visited Hawaii to reinforce the company's commitment to national security and workforce development. Following nearly $1 billion in contract wins, HII is expanding its Mission Technologies division, which now accounts for a quarter of its revenue and showcases a $26 billion business pipeline. HII builds 70% of Navy ships at Joint Base Pearl Harbor-Hickam and is collaborating with local educational institutions to enhance skills for national defense. The company ranks 11th on Forbes’ list of America’s Best Employers for 2022.
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