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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 has rebranded its Technical Solutions division to Mission Technologies as part of its strategy to enhance national security solutions. The division has expanded globally through strategic acquisitions and organic growth, employing advanced technology capabilities. Key milestones include the selection of REMUS 300 for the U.S. Navy’s small UUV program, and pioneering aircrew training for the U.S. Air Forces in Europe. With over 100 facilities worldwide, Mission Technologies focuses on C5ISR, cyber strategies, unmanned systems, and more, enhancing responsiveness to evolving security threats.
HII (NYSE:HII) has announced that its REMUS 300 unmanned underwater vehicle has been selected as the U.S. Navy's next generation small UUV program. This choice highlights HII's commitment to advancing maritime operations through autonomous systems. The program's initial phase will focus on the production and testing of REMUS 300 units over the next year. This selection follows a rigorous two-year prototyping effort, indicating the vehicle's advanced capabilities and modular design that meet the Navy's evolving needs.
HII (NYSE: HII) has christened the pre-commissioning unit Jack H. Lucas (DDG 125) at its Ingalls Shipbuilding division in Pascagoula, Mississippi. This Flight III destroyer honors Medal of Honor recipient Jack H. Lucas, who displayed remarkable bravery in World War II. The ship features advanced systems, including the Aegis Baseline 10 radar, enhancing its combat capabilities. Ingalls Shipbuilding President Kari Wilkinson expressed pride in supporting U.S. military efforts, while Chief of Naval Operations Adm. Mike Gilday praised the ship as the finest destroyer ever built.
HII's Ingalls Shipbuilding division has officially authenticated the keel of the Ted Stevens (DDG 128), an Arleigh Burke-class guided missile destroyer. Named after former U.S. Senator Ted Stevens, the ship honors his service, including his role as a pilot in WWII. The Ted Stevens is the second Flight III destroyer to be constructed at Ingalls, featuring enhanced capabilities for multi-mission operations, integrating advanced technologies for maritime defense. This marks the 76th ship in the Arleigh Burke class, demonstrating HII's commitment to supporting U.S. national security.
On March 18, 2022, HII (NYSE:HII) announced the delivery of the Fort Lauderdale (LPD 28) to the U.S. Navy, marking the 12th San Antonio-class ship delivered by the company. This amphibious transport dock is vital for the Navy's expeditionary force, supporting various missions, including crisis response and humanitarian assistance. The delivery ceremony took place on March 11, involving shipbuilders and Navy representatives. HII continues to progress with other San Antonio-class ships, including Richard M. McCool Jr (LPD 29) and Harrisburg (LPD 30).
On March 14, 2022, HII delivered the newest Virginia-class submarine, Montana (SSN 794), to the U.S. Navy. Following successful sea trials, Montana becomes the 10th submarine in this class produced by HII’s Newport News Shipbuilding division. This advancement culminates from a partnership with General Dynamics’ Electric Boat, emphasizing safety and quality in construction. Block IV submarines, including Montana, feature design changes aimed at reducing ownership costs and increasing operational efficiency, allowing for longer deployment periods.
HII has appointed Donny Dorsey as vice president of operations at its Ingalls Shipbuilding division, effective immediately. Dorsey, who replaces George Jones ahead of his retirement on April 1, has been with the company since 2000, serving in various roles including ship program manager. Dorsey will oversee manufacturing operations and collaborate with union partners to enhance production strategies. His appointment aims to continue the legacy of strong execution and drive strategic innovation within the division.
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