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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 launch of the Virginia-class submarine New Jersey (SSN 796) into the James River at its Newport News Shipbuilding division. This 7,800-ton submarine, which is 92% complete, was moved to the submarine pier for final outfitting and testing after being in a floating dry dock. The construction involved approximately 10,000 shipbuilders and suppliers since 2016, contributing to its critical capabilities in maintaining U.S. undersea superiority. HII continues to lead in all-domain defense technologies.
HII (NYSE:HII) announced the promotion of Stephen Fitts to vice president of contracts and pricing at its Ingalls Shipbuilding division, succeeding Eric Crooker. Fitts, who started his career with HII in 2013, previously served as director of contract administration, where he managed a significant backlog of contracts, including U.S. Coast Guard ships and guided missile destroyers. He will oversee contracts, estimating, pricing, and export/import compliance, reporting to Keith Munn.
This leadership change aims to strengthen contract administration and compliance in support of HII's growth in the defense sector.
HII (NYSE:HII) has announced the appointment of Todd Corillo as manager of media relations for its Newport News Shipbuilding division, effective May 9. Corillo, a former Norfolk television anchor, will oversee media communications, focusing on the division's programs and community relations. Brooke Hart, HII's EVP of communications, praised Corillo's media expertise and existing relationships with local media and the Navy. HII, a leader in shipbuilding and defense technology, has a workforce of 44,000 and provides critical capabilities for U.S. national security.
HII (NYSE:HII) has appointed Kimberly Aguillard as manager of media relations, enhancing its corporate communications team. Aguillard will act as the spokesperson for Ingalls Shipbuilding, focusing on community engagement and media relations. She brings extensive experience from her previous role at the Mississippi State Port Authority. HII emphasizes its commitment to national security through innovative defense solutions, backed by a workforce of 44,000 and a legacy of 135 years in shipbuilding. This strategic hire aims to strengthen HII's community ties and communication effectiveness.
HII (NYSE:HII) hosted U.S. Representatives Rob Wittman, Mike Gallagher, and Trent Kelly for a demonstration at Ingalls Shipbuilding, showcasing production capabilities. This visit aligns with the lawmakers' consideration of the National Defense Authorization Act for fiscal year 2023. Ingalls Shipbuilding President Kari Wilkinson emphasized the shipyard’s modernization and commitment to support Navy and Marine Corps needs. Wittman highlighted the importance of maintaining resources for amphibious vessels like Fort Lauderdale and Jack H. Lucas to enhance U.S. naval capabilities.
HII (NYSE: HII) has appointed Henry Choi as vice president of business development for its Mission Technologies division, focusing on cyber, electronic warfare (EW), and space. Choi brings over 30 years of expertise in national security, covering strategic planning and business development. His addition aims to bolster HII's growth in addressing global security threats. Grant Hagen, president of the division, emphasized the importance of having the right talent to enhance mission-critical national security solutions as HII expands its capabilities.
On April 8, 2022, the Frank E. Petersen Jr. (DDG 121), an Arleigh Burke-class guided-missile destroyer, departed from HII’s Ingalls Shipbuilding in Pascagoula, Mississippi. It is set to be commissioned in Charleston, South Carolina, before heading to its homeport in Hawaii. This destroyer, the 33rd built for the U.S. Navy by Ingalls, highlights the shipyard's capabilities despite pandemic challenges. HII continues to advance U.S. national security through innovative shipbuilding and support to the Navy, with five additional destroyers currently under construction.
HII (NYSE:HII) has scheduled its first quarter 2022 financial results release for May 5, 2022, followed by an earnings conference call at 9 a.m. Eastern Time. The call will be accessible via HII’s website, with a replay available for a limited time. HII, based in Newport News, Virginia, is the largest shipbuilder in the U.S. and offers a range of defense and technology solutions. The company employs 44,000 personnel and has a 135-year history in supporting U.S. national security.
HII (NYSE:HII) has launched Odyssey™, a suite of advanced autonomy solutions aimed at transforming vessels into intelligent robotic platforms. Odyssey enhances multi-vehicle collaborative autonomy, health monitoring, and sensor fusion, integrating with various unmanned systems. The technology has been tested for over 6,000 hours on 23 vessel types and supports operations across different domains, including maritime and ground vehicles. Notably, the U.S. Navy selected the REMUS 300 for its next-generation Small Unmanned Underwater Vehicle program.
On April 3, 2022, HII launched the Calhoun (WMSL 759), the latest addition to the Legend-class national security cutter series, at its Ingalls Shipbuilding division. This milestone reflects HII's commitment to enhancing national security through advanced maritime capabilities. President Kari Wilkinson emphasized the cutter's importance in supporting Coast Guard missions, including drug interdiction and disaster relief. With nine Legend-class NSCs previously delivered, Calhoun is set for christening in June 2022 and delivery in early 2023.
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