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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 Newport News Shipbuilding division announced leadership changes aimed at optimizing operations and enhancing execution. Jennifer Boykin, president of Newport News Shipbuilding, highlighted the importance of these transformations in meeting Navy expectations for timely and budget-conscious ship deliveries. Key appointments include Matt Needy as vice president and chief transformation officer, and Bryan Caccavale as vice president of Navy programs. These changes support a multi-year modernization initiative to improve shipbuilding efficiency and are part of HII's commitment to advancing U.S. national security.
The Fort Lauderdale (LPD 28), an amphibious transport dock ship, has departed from HII’s Ingalls Shipbuilding division and is headed to its commissioning site in Fort Lauderdale, Florida. Delivered in March, it is the 12th ship of the San Antonio-class and is set to be officially commissioned on July 30. Ingalls Shipbuilding continues to construct additional San Antonio-class vessels, including Richard M. McCool Jr. (LPD 29) and Pittsburgh (LPD 31). These ships are critical to the Navy's expeditionary operations.
HII (NYSE: HII) announced a milestone at its Newport News Shipbuilding division for the aircraft carrier John F. Kennedy (CVN 79). The shipyard has completed the construction of the 1,000th compartment out of 2,615 total spaces, indicating significant progress toward the Navy's delivery scheduled for 2024. More than 9.8 million feet of cable have been installed, enhancing training capabilities for sailors. HII continues to innovate with digital construction processes as it works on other carriers in the Ford class.
HII (NYSE:HII) will announce its second quarter 2022 financial results on Aug. 4, 2022, at 9 a.m. Eastern time. The earnings call will be hosted by President and CEO Chris Kastner and CFO Tom Stiehle, and will be available via webcast on the company’s website. With a workforce of 44,000, HII is recognized as America's largest shipbuilder and delivers critical capabilities in defense technologies. The company has a 135-year history in supporting U.S. national security and focuses on all-domain operations. For more information, visit HII's website.
HII (NYSE: HII) announced plans to hire over 2,000 full-time shipbuilders at its Ingalls Shipbuilding division, contributing to national security efforts. The skilled workforce will work on building amphibious warships, destroyers, and national security cutters. A hiring event is scheduled for July 9, 2022, offering various positions with competitive wages and benefits. The Ingalls facility has undergone recent upgrades to improve worker conditions, including enhanced amenities. HII, recognized as America’s largest shipbuilder, has a 135-year legacy in defense technologies.
HII (NYSE: HII) announces the dedication of its 19th house built with Habitat for Humanity since 2002. The event, held on June 17, 2022, in Newport News, welcomed Mickeia Hunter and her children to their new home. Over 100 shipbuilders contributed 600 volunteer hours for this three-bedroom, 1,200-square-foot house, located on land donated by the Newport News Redevelopment and Housing Authority. The Hunter family will repay a no-interest mortgage, aiding future housing projects for other families.
HII (NYSE:HII) announced a $240 million advance procurement contract from the U.S. Navy for long-lead-time materials and advance construction for amphibious transport dock LPD 32. This marks the 16th ship in the San Antonio-class built at Ingalls Shipbuilding. The funds will support nearly 400 suppliers across 30 states. LPD 32 is part of the Flight II series, designed to replace the older dock landing ships. HII has successfully delivered 12 San Antonio-class ships, with two currently under construction.
HII (NYSE:HII) has successfully demonstrated capabilities for its amphibious warships to launch, operate, and recover large-diameter unmanned underwater vehicles (LDUUV), marking a significant advancement in mission-critical technology. This initiative, part of HII’s internal research and development efforts, showcases the collaboration between HII's Ingalls Shipbuilding and Mission Technologies divisions. The demonstration involved the prototype platform Pharos, enhancing operational flexibility for the U.S. Navy's national security strategies.
HII (NYSE: HII) announced the christening of the Richard M. McCool Jr. amphibious transport dock (LPD 29) in Pascagoula, Mississippi, on June 11, 2022. This vessel honors U.S. Navy Captain Richard M. McCool Jr., a Medal of Honor recipient. The christening ceremony included remarks from Ingalls Shipbuilding President Kari Wilkinson and Under Secretary of the Navy Erik Raven, emphasizing the ship's role in supporting U.S. naval capabilities. The ship, co-sponsored by McCool's granddaughters, is part of HII's commitment to national security and maritime defense.
HII (NYSE: HII) announces the appointment of Jeff Jackson as senior director of talent development in its Mission Technologies division. Reporting to Melanie Anderson, he will enhance talent strategies focused on leadership development, employee engagement, and diversity initiatives. This role aims to align human capital with the strategic objectives of the division, especially following recent acquisitions that enriched HII’s technical expertise. Jackson brings extensive experience from the defense sector and will contribute significantly to shaping the company's culture.
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