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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.
PASCAGOULA, Miss., June 4, 2022 – HII (NYSE: HII) christened the Calhoun (WMSL 759), a Legend-class national security cutter at Ingalls Shipbuilding. Named after Charles L. Calhoun, the first master chief petty officer of the U.S. Coast Guard, this vessel honors his legacy. The ship's christening, marked by the breaking of a wine bottle by his granddaughter, Christina Calhoun Zubowicz, signifies a strong partnership with the U.S. Coast Guard. The Calhoun is the 10th national security cutter, with nine previously delivered and two under construction, expected to enhance national security and operational capabilities.
HII (NYSE:HII) has announced Brandi Smith as the new vice president of the Columbia-class program at Newport News Shipbuilding, effective June 1. She succeeds Charles Southall, who retires after over 35 years. The Columbia-class is the U.S. Navy's top acquisition priority, set to replace the Ohio-class submarines. Smith, who joined HII in 2002, brings extensive experience from various roles within the company, including director of the Columbia-class construction program. HII remains America’s largest shipbuilder, with a workforce of 44,000.
HII (NYSE:HII) will participate in Bernstein's Strategic Decisions Conference on June 2, 2022, with President and CEO Chris Kastner presenting at 3:30 p.m. Eastern time. The event will be available via webcast at ir.hii.com. HII is recognized as America's largest shipbuilder, providing advanced defense and technology solutions. With a 135-year legacy, HII offers capabilities including naval ships, unmanned systems, and analytics. The company employs 44,000 individuals and is committed to U.S. national security.
HII (NYSE:HII) has awarded $100,000 in grants to 25 STEM initiatives in Mississippi and Alabama through its Ingalls Shipbuilding division. This funding is part of a decade-long commitment, totaling over $1.1 million, to support STEM education. Kari Wilkinson, president of Ingalls Shipbuilding, emphasized the importance of STEM for future shipbuilders. Teachers praised the grants for enhancing educational opportunities, including robotics and engineering projects. HII continues to invest in education and workforce development through partnerships and apprenticeship programs.
HII (NYSE:HII) announced plans to hire approximately 5,000 employees in 2022, focusing on skilled trades to support U.S. Navy shipbuilding. The company aims to hire nearly 21,000 over the next decade for aircraft carriers and submarines. Entry-level positions start at $21-plus per hour, with sign-on bonuses available. Newport News Shipbuilding is actively recruiting nationwide and partnering with workforce agencies, emphasizing training and career development for new hires.
HII (NYSE:HII) reported first quarter 2022 revenues of $2.6 billion, a 13.1% increase year-over-year, mainly due to the acquisition of Alion Science and Technology. Net earnings reached $140 million, translating to $3.50 diluted earnings per share, down from $148 million and $3.68 respectively in Q1 2021. Operating income fell to $138 million with a margin of 5.4%. Notably, free cash flow was negative at $126 million. New contract awards amounted to approximately $2.0 billion, with a total backlog of $47.9 billion as of March 31, 2022.
HII hosted U.S. Secretary of Labor Marty Walsh and Rep. Bobby Scott for a tour of The Apprentice School at Newport News Shipbuilding. Funded by HII, the school provides tuition-free apprenticeships in 19 trades. Walsh praised the program as a model for workforce development, emphasizing its role in preparing workers for high-demand jobs. The Apprentice School is accredited and offers associate degrees in various fields through partnerships with local colleges. HII, America's largest shipbuilder, focuses on advancing national security through a strong workforce of 44,000 employees.
HII (NYSE:HII) has declared a quarterly cash dividend of $1.18 per share, scheduled for payment on June 10, 2022. Shareholders on record as of May 27, 2022 will qualify for this dividend. HII, renowned as America’s largest shipbuilder, provides vital defense and technology solutions that support U.S. national security. The company has a 135-year history and a workforce of 44,000 employees, emphasizing its long-standing commitment to delivering advanced capabilities in naval ships, unmanned systems, and AI/ML analytics.
HII (NYSE:HII) has secured two significant contracts from the Naval Air Warfare Center China Lake. The first is an IDIQ contract for aircrew electronic warfare training, valued at $249 million, while the second focuses on tactical integrated threat systems, worth $92 million. Both contracts span five years, allowing HII to bid on various tasks like research, engineering, and cybersecurity for U.S. Navy systems. HII has a strong legacy in aviation training and is recognized for its advanced technology and support in military training missions.
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