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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 has completed the post-shakedown availability (PSA) work on the USS Montana (SSN 794), a Virginia-class fast attack submarine, and redelivered it to the U.S. Navy. The PSA included combat systems and electronics upgrades, along with general maintenance. USS Montana, the 21st Virginia-class submarine and 10th delivered by Newport News Shipbuilding, was originally commissioned on June 25, 2022, at Naval Station Norfolk.
HII's Mission Technologies division has secured a $197 million contract to support the U.S. Army Combat Capabilities Development Command's Ground Vehicle Systems Center (GVSC). The five-year task order focuses on researching and developing enhancements for ground combat systems and service lifecycle efforts, particularly in vehicle power and mobility. The scope includes manned and unmanned ground combat vehicles, hybrid, joint light tactical and robotic vehicles. The work will primarily be conducted in Warren, Michigan, under the Department of Defense Information Analysis Center's multiple-award contract vehicle.
HII announced key leadership changes effective January 1, 2025. Kari Wilkinson will become the 21st president of Newport News Shipbuilding (NNS), succeeding retiring Jennifer Boykin. Wilkinson, currently president of Ingalls Shipbuilding, will oversee 26,000 shipbuilders at NNS who build nuclear-powered aircraft carriers and submarines. Brian Blanchette will succeed Wilkinson as president of Ingalls Shipbuilding. Under Wilkinson's leadership, Ingalls secured a $9.6 billion contract for amphibious ships. Boykin will retire after 37 years, leaving a legacy of digital transformation and significant contract achievements, including the first two-ship aircraft carrier procurement in over 30 years.
HII welcomed United Kingdom defense leaders at its Newport News Shipbuilding division, including Madelaine McTernan, chief of defence nuclear at the Ministry of Defence, and U.S. Adm. William Houston. The visit highlighted the renewal of the 1958 Mutual Defence Agreement, strengthening bilateral defense cooperation between the US and UK. Newport News Shipbuilding, as the sole U.S. designer and builder of nuclear-powered aircraft carriers and one of only two shipyards capable of nuclear‐powered submarines, demonstrated its capabilities and expertise in naval nuclear propulsion.
HII's Mission Technologies division has secured a $3 billion LOGIX contract to provide strategic support to the U.S. Department of Defense (DOD) and its mission partners. The contract focuses on delivering logistics services, ISR operations, and next-generation technology aligned with the DOD's Joint All-Domain Command and Control (JADC2) strategy. This builds upon HII's decade-long experience with similar work for the U.S. Navy and Army's Fixed Wing. The contract aims to enhance joint force capabilities and accelerate solution implementation for national security initiatives globally.
HII reported third quarter 2024 results with revenues of $2.7 billion, down 2.4% year-over-year. Net earnings were $101 million with diluted EPS of $2.56, compared to $148 million and $3.70 in Q3 2023. Operating margin decreased to 3.0% from 6.1% last year. The company updated its FY24 outlook, expecting shipbuilding revenue of approximately $8.8B with operating margin between 5.0-6.0%, and free cash flow between $0-$100M. Performance was impacted by labor inefficiencies, supply chain issues, and uncertainty around Navy contract agreements.
HII (NYSE: HII) has announced a quarterly dividend increase of $0.05, raising the payment to $1.35 per share from the previous $1.30. The dividend will be paid on December 13, 2024, to shareholders of record as of November 29, 2024. This increase represents the company's commitment to delivering shareholder value through consistent dividend payments.
HII (NYSE: HII) has awarded 194 new scholarships and renewed 94 existing ones through its annual scholarship fund for the 2024-2025 school year. The program, in its ninth year, has distributed over $3.6 million across 1,555 scholarships, benefiting more than 700 employees' children. The awards include 30 scholarships for four-year college programs, 20 for two-year degree or vocational programs, and 50 for early childhood school-readiness programs. Individual awards range from $1,500 for two-year programs to $3,000 annually for four-year and early childhood programs. The fund is administered through Scholarship America with an independent selection process based on academic merit and financial need.
HII's Mission Technologies division announced a reorganization from six to four operational groups, effective October 28, 2024. The new structure includes: All-Domain Operations (led by Todd Gentry), Global Security (led by Michael Lempke), Warfare Systems (led by Grant Hagen), and Uncrewed Systems (led by Duane Fotheringham). The division reported strong financial performance with $2.7 billion in revenues for 2023, showing 13% organic growth, and $1.5 billion in revenue for H1 2024, representing a 19% organic growth increase year-over-year.
HII (NYSE: HII) has promoted John Bell to chief technology officer (CTO) for its Mission Technologies division. This appointment aligns the Mission Technologies CTO office with the corporate CTO office, supporting rapid growth, cross-division opportunities, and the adoption of Industry 4.0 capabilities like AI, Big Data, and Robotics.
Bell, with 29 years of experience at HII, previously served as the technical director for Mission Technologies' Live, Virtual, and Constructive (LVC) Solutions business group. He has led R&D in networks, information systems, communications, cybersecurity, and advanced modeling for weapons, sensors, and C5ISR systems. Bell was key in developing LVC enterprise programs including the Navy Continuous Training Environment, Mobility Air Force Distributed Mission Operations, and Joint Staff J7 Joint Training Synthetic.
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