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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 Achieves Highest CMMI Rating
On October 27, 2022, HII's Live, Virtual and Constructive (LVC) Solutions business group received a Capability Maturity Model Integration (CMMI) V2.0 Maturity Level 5 (ML5) rating, the highest possible. This recognition highlights HII's commitment to optimizing processes and improving customer service capabilities. LVC Solutions is among only three U.S. organizations with concurrent ML5 ratings for Development and Services. This achievement underscores HII's capability to manage large-scale LVC training programs effectively and efficiently.
JBG SMITH has signed a 11.5-year lease with HII for 36,809 square feet at 2451 Crystal Drive, National Landing. This move strengthens HII's proximity to key clients, particularly the U.S. Navy, and boosts its presence in the national capital region. The lease reflects ongoing growth, with JBG SMITH securing over 1.4 million square feet of new leases since April 2020. This expansion positions both companies amidst a burgeoning hub for defense technology alongside industry leaders like Boeing and Raytheon.
HII (NYSE: HII) has secured a $76.7 million task order from the U.S. Air Force to enhance its electronic warfare and electromagnetic spectrum capabilities. This contract supports critical research, analysis, and technical recommendations aimed at improving warfighter survivability while reducing lifecycle costs. HII's partnership with the USAF, ongoing since 2017, involves collaborators like DCS Corporation and Vanderbilt University. The task order reflects the USAF's trust in HII's expertise in defense technologies.
HII's Newport News Shipbuilding division has broken ground on two homes in partnership with Habitat for Humanity. This marks the first time the shipyard has sponsored two homes simultaneously and the first use of 3D printing technology in such projects in Newport News. The new homes, built on donated land, will be three-bedroom units and part of a broader effort to revitalize the Southeast community. HII's expertise in 3D printing will be employed in construction, enhancing efficiency. This initiative reflects HII's commitment to community engagement and innovative building methods.
HII (NYSE: HII) has announced the creation of Tuple, a joint venture with Markesman Group, aimed at enhancing cybersecurity solutions for the defense sector.
Tuple will operate under the U.S. Small Business Administration's mentor-protégé program, helping small businesses gain government contracts. The partnership combines HII's information warfare experience with Markesman's cyber operations skills to support the Department of Defense's cyber mission.
This initiative emphasizes fast-tracking the development of cyber capabilities critical to national security.
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.
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