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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) successfully completed initial sea trials of the Montana (SSN 794), a Virginia-class submarine, last week. The trials involved testing the submarine's systems, including its first submergence and high-speed maneuvers. HII plans to deliver the submarine to the U.S. Navy later this year. The project began in 2015, with the Montana being the 21st Virginia-class submarine built in partnership with General Dynamics’ Electric Boat. The successful trials mark a significant milestone for HII and its partners.
Huntington Ingalls Industries (NYSE:HII) has declared a quarterly cash dividend of $1.18 per share, set for payment on March 11, 2022. Shareholders on record as of the close of business on February 25, 2022 will receive this dividend. With a rich history spanning 135 years, HII specializes in engineering and defense technologies, providing essential capabilities that enhance U.S. national security. The company employs a workforce of approximately 44,000 individuals, delivering advanced naval ships and innovative solutions.
Huntington Ingalls Industries (NYSE:HII) successfully completed sea trials for the Fort Lauderdale (LPD 28), a San Antonio-class amphibious transport dock, as part of the final preparations for delivery this quarter. During the trials, key operations such as anchor handling and running the ship at full power were tested, showcasing effective Navy-industry collaboration. Ingalls Shipbuilding has delivered 11 San Antonio-class ships, with three more under construction, including Fort Lauderdale. The ship honors Fort Lauderdale's ties to the U.S. Navy, dating back to the 1830s.
HII (NYSE:HII) has appointed Frank R. Jimenez to its board of directors as of Jan. 27, 2022. Jimenez, a former General Counsel of the U.S. Navy, brings substantial expertise from his roles in various companies, including Raytheon Technologies. His background includes overseeing a vast legal team, advising on critical issues like litigation and ethics, which positions him to enhance HII's governance. This addition signals HII's commitment to strengthening its leadership and expertise in defense regulations amidst evolving industry challenges.
Huntington Ingalls Industries (NYSE:HII) has appointed Chris Kastner as the new president and CEO, effective March 1, 2022, following a succession plan. Mike Petters transitions to executive vice chairman for a temporary period. Under their leadership, HII boasts a $48 billion shipbuilding backlog and has made technology-oriented acquisitions to enhance capabilities. Kastner, previously COO and CFO, is well-positioned to continue the company's mission in national security, as stated by Chairman Kirk Donald, ensuring continuity in leadership and operations.
On January 25, 2022, Huntington Ingalls Industries (HII) announced the promotion of Karey Malyszko to vice president of Plant Operations at Newport News Shipbuilding. Malyszko, who has over 18 years of nuclear engineering leadership experience, takes over from Dru Branche, who retired in December. She will oversee waterfront support services, facilities, environmental health and safety, and security. Malyszko started at Newport News in 2004 and has held various engineering management roles. HII is a leading global engineering and defense technologies provider with a workforce of 44,000.
Huntington Ingalls Industries (NYSE:HII) will announce its fourth quarter 2021 financial results on February 10, 2022, at 9 a.m. ET. The earnings conference call will be available via webcast on HII’s website. Key executives, including CEO Mike Petters and CFO Tom Stiehle, will present alongside slides to enhance understanding. HII is a leading global provider of engineering and defense technologies with a 135-year legacy in advancing U.S. national security and employing 44,000 professionals. Further details can be found on HII's official website.
Huntington Ingalls Industries’ Ingalls Shipbuilding division has achieved the Aegis light-off milestone for the Navy’s first Flight III Arleigh Burke-class guided missile destroyer Jack H. Lucas (DDG 125). This milestone initiates combat system testing, allowing shipbuilders to prepare for propulsion tests and sea trials. The Flight III upgrade significantly enhances capabilities with new electric plant equipment and combat systems integration. Ingalls Shipbuilding has successfully reached this milestone amidst pandemic challenges, demonstrating teamwork with the Navy and industry partners.
Huntington Ingalls Industries (NYSE: HII) announced the successful launch of the amphibious transport dock Richard M. McCool Jr. (LPD 29), the 13th ship in the San Antonio class, on January 7, 2022. This vessel is designed for U.S. amphibious assault and expeditionary warfare missions for the coming decades. The ship, measuring 684 feet and displacing 25,000 tons, supports Marine operations. Delivery to the U.S. Navy is anticipated later next year, marking a significant milestone for Ingalls Shipbuilding and U.S. national security.
Huntington Ingalls Industries (NYSE:HII) has successfully integrated its autonomy solutions with Sea Machines Robotics' SM300 system, enhancing unmanned systems' mission planning and collaboration capabilities. The demonstration, conducted in the Chesapeake Bay, showcased seamless interaction between HII's technology and Sea Machines' autonomous system on an unmanned surface vessel (USV). This marks a significant advancement in HII's autonomy development, aiming to elevate operational capabilities for diverse maritime platforms. HII's ongoing commitment to autonomy also aligns with its strategic minority investment in Sea Machines, made in July 2020.
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