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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 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.
HII (NYSE:HII) has appointed Xavier Beale as vice president of human resources and trades at its Newport News Shipbuilding division, effective April 1. Beale will oversee human resources administration, employment, labor relations, and recruitment while retaining his prior responsibilities. He succeeds Susan Jacobs, who is now at HII’s Ingalls Shipbuilding division. As part of a strategic plan, the company aims to enhance hiring and retention alongside continuous learning and development. Additionally, Dave Horne has been promoted to senior director of trades, aiding in production trade execution.
HII (NYSE:HII) announced that its Newport News Shipbuilding division has successfully negotiated a new labor contract with United Steelworkers, effective from March 7, 2022, until February 7, 2027. The agreement aims to provide competitive pay and benefits for union employees, ensuring the division remains competitive in the shipbuilding sector. Susan Jacobs, vice president of human resources, emphasized the importance of this agreement in continuing to meet the U.S. Navy's shipbuilding needs.
HII (NYSE:HII) has completed its first contractor-owned, contractor-operated (COCO) air combat training mission with the U.S. Air Force in Europe. This significant event enhances training readiness for U.S. forces in Europe/Africa and was developed over 16 months in collaboration with European governments and regulations. The program offers a cost-effective option for the U.S. government while extending the service life of combat equipment. Partnering with Top Aces, HII provided advanced adversary air training, marking a milestone for contracted air support in the European theater.
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