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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) 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.
Huntington Ingalls Industries (NYSE:HII) has promoted Matt Mulherin Jr. to vice president of contracts at Newport News Shipbuilding, effective January 3, 2022. He succeeds Christie Thomas, who has transitioned to corporate vice president of investor relations. Mulherin brings over 17 years of experience in business management and leadership, having held various positions since joining the company in 2004. Under his leadership, he is expected to oversee contracts, pricing, and compliance to support HII's mission in defense technologies.
Huntington Ingalls Industries (NYSE:HII) announced the start of fabrication for the Arleigh Burke-class destroyer George M. Neal (DDG 131) at its Ingalls Shipbuilding division. This marks a significant milestone as HII has delivered 33 similar destroyers to the Navy. The ship honors a Korean War veteran, showcasing the company's commitment to military excellence. Arleigh Burke-class destroyers are versatile vessels capable of multi-mission operations, supporting U.S. military strategies in various combat scenarios.
Huntington Ingalls Industries (NYSE: HII) has appointed Christie Thomas as the new corporate vice president of investor relations, effective January 1. Thomas, who has 15 years of experience at HII and leadership roles in contracts and pricing, will take over from Dwayne Blake. She will serve as the primary liaison between the company and the investment community, focusing on financial results and business strategies. Thomas aims to enhance investor education while ensuring compliance with SEC regulations. HII is the largest military shipbuilding company in the U.S., employing over 44,000 people.
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