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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, a leader in engineering and defense technologies, has successfully completed the first planned incremental availability (PIA) for the USS Gerald R. Ford (CVN 78). This significant six-month modernization ensures the carrier is equipped with advanced technologies before its maiden deployment. The Ford is the first of its class to feature revolutionary systems aimed at enhancing the Navy's air capability. Three more Gerald R. Ford-class carriers are under construction, and mid-life overhauls for two Nimitz-class carriers are underway to extend their service life.
HII (NYSE:HII) announced the promotion of Edmond Hughes to executive vice president and chief human resources officer, effective April 1, 2022, replacing retiring William Ermatinger. Hughes, previously vice president of human resources at Ingalls Shipbuilding, will oversee HII's HR strategy, including executive compensation, talent management, and diversity initiatives. Susan Jacobs will take over Hughes' role at Ingalls. This leadership change aims to enhance knowledge sharing within HII and ensure continuity in its HR functions, reinforcing HII's commitment to developing talent and fostering an inclusive workplace.
On February 22, 2022, HII (NYSE:HII) celebrated the achievements of seven employees recognized for their contributions in STEM at the 36th annual Black Engineer of the Year Award STEM Global Competitiveness Conference. Notably, six employees were awarded the Modern Day Technology Leader award for their influence in engineering and technology. Thomasina Wright, director of programs at Newport News Shipbuilding, received the career achievement industry award. This acknowledgment underscores HII's commitment to innovation and its role in enhancing national security.
Huntington Ingalls Industries (HII) reported fourth quarter 2021 revenues of $2.7 billion, a 2.9% decrease from 2020. Operating income fell to $120 million with an operating margin of 4.5%, down from 11.1%. Diluted earnings per share were $2.99, a drop of 51.4% year-over-year. For the full year, revenues rose 1.7% to $9.5 billion, while diluted EPS decreased 21.2% to $13.50. New contract awards totaled approximately $1.0 billion in Q4, contributing to a backlog of $48.5 billion as of year-end.
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.
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