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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's Mission Technologies division has secured a $79 million task order under the U.S. Air Force's Training Systems Acquisition III contract. This order focuses on supporting Air Mobility Command's Mobility Air Force Distributed Mission Operations (MAF DMO) for global aircrew training. The contract includes a base period and five one-year options. HII will enhance live, virtual, and constructive (LVC) training capabilities, reinforcing network connectivity and interoperability for Air Force major commands.
HII (NYSE: HII) announced a significant milestone in the construction of the Virginia-class submarine Massachusetts (SSN 798), with the completion of the pressure hull. This accomplishment marks the last major construction step before the submarine's launch. Jason Ward, vice president of Virginia-class submarine construction, emphasized the dedication of shipbuilders to deliver advanced submarines that bolster national security. The Newport News Shipbuilding division continues to invest in its workforce and facilities to deliver critical naval assets. Massachusetts is the 25th Virginia-class submarine.
HII's Newport News Shipbuilding will host the keel-laying ceremony for the Gerald R. Ford-class aircraft carrier Enterprise (CVN 80) on August 27, 2022. The event is not open to the public but will be livestreamed. Olympic gold medalists Simone Biles and Katie Ledecky are sponsors of the ship, with Ledecky attending in person. A media preview day is scheduled for August 26, providing opportunities for interviews with shipbuilding leadership and Navy officials. Enterprise will be the first digitally designed and built aircraft carrier.
HII reported second-quarter 2022 revenues of $2.7 billion, a 19.3% increase from 2021, driven by the acquisition of Alion Science and Technology and growth at Newport News Shipbuilding. Net earnings rose to $178 million or $4.44 per diluted share. Operating income was $191 million with a margin of 7.2%. Segment operating income increased to $225 million with an 8.5% margin. New contracts awarded totaled approximately $2.0 billion, resulting in a backlog of $47.2 billion.
HII (NYSE: HII) has secured a $127 million task order from the Defense Security Cooperation Agency (DSCA) for research, development, test, and evaluation of emerging technologies. This five-year contract aims to enhance system integration through advanced software and hardware capabilities, systems engineering, and analysis. The project is expected to improve efficiencies within the Security Cooperation community, aiding the DSCA in achieving milestone success and cost savings, thereby benefiting all DOD-administered Security Assistance programs.
HII (NYSE:HII) has declared a quarterly cash dividend of $1.18 per share, scheduled for payment on Sept. 9, 2022. Shareholders of record as of Aug. 26, 2022 will be eligible. This dividend reflects HII's ongoing commitment to returning value to its shareholders.
HII, a leader in national defense and technologies, is recognized as America's largest shipbuilder and employs around 44,000 people. The company is involved in delivering advanced naval vessels and technology solutions supporting U.S. national security.
HII (NYSE:HII) announced it has awarded 190 scholarships totaling over $3 million to dependent children of its employees for the 2022-2023 academic year. Over the course of this program, which spans seven years, HII has provided 1,170 scholarships benefiting more than 600 children. The scholarships support various educational pursuits, with amounts ranging from $1,500 for two-year programs to $3,000 for four-year college students. This initiative is part of HII's commitment to education and community support, reinforcing its dedication to employee families and national development.
HII (NYSE: HII) has secured the Decisive Mission Actions and Technology Services task order under a GSA contract, valued at up to $826 million. The contract encompasses technology development, integration, and operational support for the Department of Defense (DoD), with a performance period comprising a one-year base and four optional years. HII aims to enhance U.S. national security and support various military components. This award may boost HII's portfolio in defense technology services.
HII’s Mission Technologies division has secured a $44 million task order from the Department of Defense's Chief Information Officer to conduct spectrum assessments. This contract spans five years and will facilitate advancements in spectrum policy and technical assessments, enhancing military communications and intelligence operations. As a recompete win, this award underscores HII's longstanding collaboration with the DoD, with expertise in managing electromagnetic spectrum operations for over 65 years.
HII (NYSE:HII) announced that its Ingalls Shipbuilding division received a cost-plus-incentive-fee contract to provide engineering and design for the U.S. Navy’s next-generation guided-missile destroyer (DDG(X)) program. This opportunity emphasizes collaboration with Navy and industry partners, ensuring innovative design practices from their experienced engineering team. Ingalls Shipbuilding has previously delivered 33 destroyers and continues to play a crucial role in U.S. naval capabilities.
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